Vancouver, British Columbia – September 10, 2014 – Aston Bay Holdings Ltd. (TSX-V: BAY) (“Aston Bay” or the “Company”) is pleased to announce that it has completed a joint summer exploration program at its Storm Project (“Storm”) in conjunction with a wholly-owned subsidiary of Antofagasta plc (“Antofagasta”). Outcomes from the program include new discoveries of copper-bearing frost heaved subcrop and float that increase the distance over which copper mineralization has been found at surface on the Project.
“We are very pleased to have had Antofagasta contribute technically to this year’s exploration program. The discoveries made are very exciting,” commented Benjamin Cox, Chief Executive Officer of Aston Bay. “The presence of copper-bearing subcrop and float in new areas reaffirms our belief that mineralization on the property may be more extensive than what has been defined to date by drilling.”
The joint exploration program was conducted over a three-week period by technical professionals from Aston Bay, Antofagasta and consulting company APEX Geoscience Ltd. Work completed at Storm included geological mapping in the vicinity of the known mineralization as well as prospecting and soil sampling in areas where little or no mineralization had been previously identified.
Targeting for the prospecting and soil sampling was driven by results from the Versatile Time Domain Electromagnetic (VTEM) survey conducted in 2011 and previous soil sampling programs. Copper-bearing minerals, including malachite and chalcocite, were discovered in frost heaved subcrop and float in several areas where no previous drilling or surface sampling had been conducted. Samples of the copper-bearing material were collected for assay and results will be released once obtained.
The completion of the 2014 summer field program was an important milestone in progressing towards a proposed definitive agreement with Antofagasta, which the parties have agreed to complete by December 1, 2014.
About Aston Bay Holdings
Aston Bay Holdings Ltd. (TSX-V: BAY) is a publicly traded mineral exploration company focused on the 345,033-acre Storm located on northwest Somerset Island, Nunavut. The Storm Property hosts the Storm Copper and Seal Zinc prospects. In June 2014, Aston Bay signed a binding Memorandum of Understanding (the “MOU”) with a wholly-owned subsidiary of Antofagasta plc to cooperatively advance the project. The MOU gives Antofagasta the opportunity to earn up to a 70% total interest in Storm, as well as a path to an eventual proposed joint venture, as described in Aston Bay’s press release of June 18, 2014. Aston Bay holds the right to earn or buy up to a 100% undivided interest in the Storm Property from Commander Resources Ltd. (TSX-V: CMD).
On behalf of the Board of Directors,
Benjamin Cox, Chief Executive Officer
Telephone: (360) 262-6969
For further information about Aston Bay Holdings Ltd. or this news release, please visit our website at www.astonbayholdings.com.
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This news release contains certain statements that may be deemed “forward-looking statements”. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made. Except as required by law, the Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.