Preliminary results from new diamond drilling and geophysical studies at the Storm Copper Project on Somerset Island, Nunavut, suggest significant large-scale copper potential at depth, according to a joint update released by Aston Bay Holdings Ltd. and American West Metals Limited. The two companies are jointly exploring the area under a previously established 20/80 unincorporated joint venture, with American West acting as the project operator. Aston Bay maintains a free carried interest in the venture until a formal decision to mine is made following the completion of a bankable feasibility study.

The 2025 exploration program commenced with the completion of the first diamond drill hole, designated ST25-02, at the Cyclone Deeps target within the Central Graben zone of the Storm Project. The hole was drilled to a total depth of 440 meters and aimed to test for copper mineralization in the Allen Bay Formation, a stratigraphic unit known to host copper sulfide deposits in the region.

According to geological data, the Allen Bay horizon is located at approximately 280 meters below surface within this section of the Central Graben. The area is characterized by significant faulting, which has lowered the stratigraphic layers and provided favorable structural conditions for mineral deposition.

Drill hole ST25-02 intersected two separate zones of intermittent visual sulfide mineralization. The first zone was encountered between 284 meters and 319 meters, and the second from 368 meters to 380 meters, giving a total of 47 meters of sulfide-bearing intervals.

The mineralization, described as visual sulfide mineralization, was observed within a thick package of fractured dolomudstones. This host rock is part of the Allen Bay Formation and is consistent with lithologies seen in the Cyclone Deposit to the northeast. Within these intervals, mineralization was noted as veinlets and matrix breccias, containing diffuse black iron sulfide and lesser quantities of copper sulfides, including chalcopyrite. Some highly mineralized zones were associated with local fault structures and showed increased concentrations of fine-grained pyrite and dark mineral vein fill between 314.3 m–314.5 m and 371.4 m–371.6 m downhole.

Visual estimates from the drill core samples indicate similarities with previously identified copper-bearing zones at the Cyclone Deposit. These observations are consistent with the geological model that suggests faulting related to the Northern Graben has offset mineralization from the Cyclone area and may continue at depth in the Central Graben region. Laboratory assays for drill hole ST25-02 have not yet been received. Results are expected within four to six weeks.

Geophysical Surveys Support Continuity of Mineralization

In addition to drilling, the 2025 field season has included the collection and analysis of new geophysical data. Although the specifics of the geophysical methods and results have not been detailed in the preliminary report, project geologists and exploration teams interpret the new data as supportive of a large, continuous copper-bearing system in the subsurface.

The visual similarities between the mineralization found in ST25-02 and the known distal parts of the Cyclone Deposit are cited as reinforcing the potential for a more extensive sediment-hosted copper system within the Storm Project area. This type of mineralization style is found in large copper districts globally and often occurs in structural traps such as grabens and fault zones, as is the case at Storm.

The new geophysical data reportedly correlate with known structures and mineralization patterns and have outlined additional areas of interest for follow-up drilling in the current and upcoming field seasons.

The results from ST25-02 build on prior drilling conducted in 2024. In particular, drill hole ST24-01 intercepted 10 meters of copper mineralization grading 1.2% copper from a depth of 311 meters, according to a company release dated September 20, 2024. This earlier result also came from within the Allen Bay Formation and near the interpreted extension of the Cyclone Deposit.

When taken together, these findings support the current geological interpretation that the Cyclone mineralization continues at depth and has been displaced by faulting associated with the Northern Graben. The combination of geological, drilling, and geophysical evidence points to the potential for significant additional copper resources in the area.

Drilling will continue throughout the 2025 season with a focus on delineating the extent of the mineralization at depth and expanding known zones. The receipt of assay data from ST25-02 is expected to provide additional clarity on copper grades and thicknesses encountered in the drill hole.

Geological and geophysical interpretations will be updated as new data become available, and these results will inform the design of further drilling targets. No timeline has been provided for a potential decision to mine, and the project remains in the exploration phase.