On May 27, 2021, Aston Bay Holdings, through its wholly owned subsidiary Blue Ridge Mining Inc., entered into a Letter Agreement with a private landowner for key parcels of land as part of the Company’s exploration for base metals deposits in Campbell and Pittsylvania Counties in Central Virginia, USA. The agreement sets out the terms for an Exploration and Option to Lease Agreement, anticipated to be signed in the coming weeks.
The Mountain Base Metals Project is located on 1,982 acres (802 hectares) of private land with direct access to both highway and rail transportation. Several electromagnetic (EM) and magnetic anomalies have been delineated by historic airborne and ground geophysical surveys on the property, coincident with areas of anomalous copper and zinc in rock chip and soil analyses.
The highest priority target is an airborne EM conductor anomaly 1.4 miles (2.2 kilometres) in strike length, contained entirely within the property and confirmed by well-defined ground EM anomalies. The conductor is also coincident with anomalous surficial rock chip analyses of up to 2,556 ppm Cu and 3,695 ppm Zn. Two historic drill holes targeted the anomaly, yielding 1.12% Zn and 0.74% Pb over a 4.6 metres (m) interval in core in 2013 and 0.82% Zn over a 0.43m core interval in 1999. The conductive anomaly has not been explained by results from the drilling, however, and subsequent geophysical reinterpretations suggest neither drill hole bisected the anomaly. The conductor remains untested, presenting a compelling target for significant base metals mineralization that Aston Bay plans to drill as part of a proposed summer drill program.
The Mountain Base Metals Project sits within a 60-mile (96 kilometre) belt with numerous historic stratabound lead, zinc, copper, barite, iron and manganese occurrences in a metamorphosed section of rift-related sedimentary, volcanic and intrusive rocks highly prospective for volcanogenic massive sulfide (VMS) and sedimentary exhalative (SEDEX) styles of mineralization. Negotiations to partner with landowners of prospective parcels in other portions of the belt are ongoing.