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The Storm Property is located on the northwest corner of Somerset Island, Nunavut. The property is 345,033.58 acres in size and is host to a large area of carbonate-hosted copper mineralization (see Storm Copper) and a zone of zinc-silver mineralization (see Seal Zinc). The Seal zinc-silver zone sits on tidewater on a peninsula that extends into Aston Bay. The Storm Copper area is located approximately 20 kilometres inland from the Seal zone.

The properties have good access to shipping lanes, and the landscape provides favorable conditions for a road and protected deep-water port.

In December 2015, Aston Bay agreed with the original property vendor and optioner, Commander Resources Ltd, to consolidate ownership of the underlying core landholdings for the Storm Copper property.

Under the terms of the new Consolidation Agreement, Aston Bay will issue 11m shares to Commander for a 100% interest in the core landholdings.

  • Aston will also issue up to an additional 5.5m shares to Commander (to bring Commander’s holdings at the time of issue up to 25% of the Company) upon the earlier of the following:
    • The completion of a total of $6 million of exploration expenditures on the Storm property (including amounts already spent); or alternatively
    • The completion by Aston Bay of another $4 million of fundraising.

The initial 11m shares will be subject to a four-year escrow, to be released in instalments of 25 per cent per year, beginning one year after the closing of the agreement; any additional shares issued will also be released from escrow on the fourth anniversary date.

Commander will retain a 0.875% GOR. Aston Bay has an option to buy the GOR down to 0.4% with a one-time payment.

Storm Copper

The Storm Copper Project is located approximately 20 kilometres from tidewater. The primary economic interest centres on four zones of significant copper mineralization — 2200N, 2750N, 3500N, and 4100N. Each zone was drill confirmed between 1997 and 2001; however, thousands of metres of historic drill core were never sampled. In addition, there are several target zones that have not yet been drill tested.

Storm Copper is a stratabound copper deposit hosted in dolomitic sediments of the Allen Bay Formation. Copper oxide mineralization is present at surface in the form of malachite, azurite and chalcocite. Malachite and azurite, along with primary hypogene chalcocite copper mineralization and the presence of bornite and chalcopyrite, have been identified to at least 100m of depth.

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Most of the historic work on the property was undertaken by Teck Resources Limited, and the property has been explored intermittently since the 1960s. Between 1995-2001, 97 holes (14,171.3 meters) were drilled on the Storm and Seal zones. Highlights from the historic drilling include:

  • 110 metres (m) core length grading 2.45% copper (Cu) from surface at the 2750N Zone
  • 56m core length grading 3.07% Cu from 12.2m depth at the 2750N Zone
  • 49m core length grading 1.79% Cu, starting at surface at the 2200N Zone

These two zones are characterized by outcropping copper mineralization and a strong electromagnetic response. Historic drill results for the 3500N and 4100N Zones are still being compiled and interpreted and will be released to the public when available.

In addition to the historical drill results, a helicopter-based Versatile Time Domain Electromagnetic (VTEM) survey was completed over the property in 2011, totalling 3,970 line kilometers. The results confirmed that the mineralized zones of the Storm deposit can be accurately mapped and modeled with electromagnetic techniques,and the data suggests there remain portions of multiple zones that have not been adequately drill-tested along strike and beneath existing known mineralization.

An additional nine secondary anomalous targets areas were identified through inversion modeling of the VTEM data. These zones do not have characteristics similar to those of the main Storm zones, including the presence of visible copper mineralization, but they do represent areas of surficial or near-surface conductivity and merit further investigation. Aston Bay believes the Storm project holds significant potential, with a goal of testing an additional four to five new zones over the next year. Copper is becoming a rare metal, and high-grade copper with significant intersections is unusual.

Historic Drill Results from Storm Copper’s 2200N and 2750N Zones

2200N and 2750N Storm historic drill

Note: All drill intercepts reported are core length and may not be indicative of true width of mineralization.

See related press release (Sept. 3, 2013): Aston Bay Reports 110 Meters of 2.45% Copper from Historic Drill Results at Storm Copper Project

Seal Zinc

The Seal Zinc Prospect is located at tidewater on Aston Bay and is being investigated as a potential direct-ship project. It is located 20 kilometres west of the Storm copper prospect and located along the same structural trend.

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Historic drilling has confirmed strata-bound zinc and silver mineralization over 450m of strike length and has a true thickness that varies from 10m to approximately 25m. Mineralization remains open along strike and down dip. Highlights of the historical drilling include:

  • 18.8 metres (m) core length grading 10.58% zinc (Zn) and 28.7 g/t silver (Ag) starting from 51m depth.
  • 30.8m core length grading 5.11% Zn and 23.0 g/t Ag starting from 101m depth.

Management is focusing on advancing the Seal prospect to Preliminary Economic Assessment (PEA) level as quickly as possible. A 200 kilogram (kg) sample of mineralized surface rock was collected at Seal Zinc for the purposes of metallurgical testing in 2013.

Historic Drill Results from the Seal Zinc Prospect

Seal Historic drill

Note: All drill intercepts reported are core length and may not be indicative of true width of mineralization.

See related press release (Nov. 12, 2013): Aston Bay Reports 18.8 Metres of 10.58% Zinc & 28.7 g/t Silver from Historic Drill Results at Seal Zinc Prospect

Qualified Person Statement:

Michael Dufresne, M.Sc. P.Geol., Consultant and Chief Geologist of Aston Bay Holdings is the “Qualified Person” as defined by National Instrument 43-101. Mr. Dufresne has supervised the preparation of the technical information contained on this website and materials herein as they relate to the Storm Copper and Seal Zinc projects.

© 2016, Aston Bay Holdings Ltd. All Rights Reserved. Not a solicitation to sell securities. Information herein may contain “forward-looking statements” and is not NI 43-101 compliant.

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