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.

Thomas Ullrich, Chief Executive Officer of Aston Bay, commented in press release: “We are pleased to be drilling again at Storm and very excited by the first look at MMT geophysical results. The initial phase of the MMT survey has delineated several extensive conductive anomalies that match our copper mineralization model, highlighting the project’s significant exploration potential. These results are preliminary only, with the fully processed results expected to refine these anomalies and define additional ones in a three-dimensional model to assist in drill targeting later this season. The drilling is also progressing well, with additional resource definition and deeper exploration drilling underway. The first deep hole has intersected copper sulfide mineralization at the same stratigraphic position as the large Cyclone Deposit, as predicted by our geologic model. Although copper is not abundant in this intersection, this style of mineralization is typical of the periphery of Cyclone, suggesting that we may be on the edge of a fault-offset portion of another deposit. We are very pleased to receive support from the Government of Nunavut through the Discover Invest Grow (DIG) program. This funding not only contributes directly to our 2025 exploration efforts at Storm, but also signals strong regional and governmental recognition of the project’s potential. It reinforces the importance of responsible resource development in Nunavut and highlights the critical role of copper in the global energy transition.”

Ongoing Drilling Program Targets Deeper Mineralization

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.

Project Overview

The Storm Project is located on Somerset Island in Nunavut, Canada. The property is subject to an unincorporated joint venture between Aston Bay and American West Metals, with the latter responsible for operational activities. The project hosts multiple zones of copper mineralization, including the Cyclone, Thunder, and Lightning deposits. Exploration in recent years has focused on expanding known resources and identifying deeper targets with the potential for large-scale copper accumulations.

Under the terms of the joint venture, Aston Bay maintains a free carried interest in the project through the exploration and feasibility study phases. Should the project advance to the development stage, Aston Bay would then be required to contribute its share of capital expenditures or dilute its ownership interest.

Highlights from the results are as follows: 

• Cyclone Deeps drilling success: diamond drill hole ST25-02 was drilled adjacent to and below the large near-surface Cyclone Deposit and has intersected approximately 4 7metres (“m”) combined total of visual sediment-hosted copper mineralization of similar style and mineralogy
• Multiple new copper targets identified with geophysics. Phase 1 of the airborne Mobile MagnetoTellurics (MMT) survey has been completed along the Midway-Storm-Tornado corridor with encouraging preliminary results received, including;
  • The initial orientation survey has successfully detected the large, shallow, and flat-lying Cyclone Deposit, confirming the effectiveness of this geophysical technique to detect copper sulfide mineralization at the Storm Project
  • Five additional large and favourably located conductive features have also been identified between an interpreted 0m and 350m depth
  • A series of kilometre-scale conductive anomalies have been identified in the deeper-searching, low-frequency data interpreted to be >350m depth.
  • Approximately 1,320 line-km has been flown to date with detailed data processing, interpretation and 3D modelling in progress
• Reverse-Circulation (RC) drilling progressing rapidly: 12 RC drill holes completed to date, including;
  • 7 holes completed at the Thunder, Lightning Ridge, and Corona Deposits for resource category upgrade purposes
  • 2 holes completed testing shallow resource extensions to the south of the Cyclone Deposit
  • 2 exploration holes completed at The Gap and southern graben areas
  • Logging is underway, and initial observations are expected in the next 1-2 weeks, with assays expected in the next 4-6 weeks
• Government of Nunavut grants $250,000 to support the 2025 drilling