Wednesday, July 24, 2024
Home Commodities FALCO Announces Completion of First Tranche of Brokered Private Placement

FALCO Announces Completion of First Tranche of Brokered Private Placement

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  • > $2 million in flow-through funds will be utilized this season, with additional funding available.
  • A 5,000 line kilometre airborne electromagnetic and magnetic survey is planned to identify copper exploration targets and delineate regional and asset-scale structures.
  • Geological and structural mapping, exploration, rock and lake sediment sampling, led by Dr Elizabeth Turner, are planned to enhance geophysical targeting.
  • The mineralisation at Epworth is similar in style to mineralisation in the Central African Copper Belt and the Storm Copper Project deposits at Aston Bay.
  • Surface chalcopyrite rocks contain up to 61.2% copper (“Cu”) and 5,600 grams per tonne (“g/t”) silver (“Ag”) in rock samples selected from over 300 historical samples.
  • Recent exploration rock samples have yielded over 37.8% Cu, 27.4% Zn, 1,100 g/t Ag, 3.0 g/t gold (“Au”) and 1700 ppm cobalt (“Co”).
  • Community meetings planned in Kugluktuk
  • Permits granted for early stages of modern drilling

“We can’t wait to get to work on the Epworth Property,” said Aston Bay CEO Thomas Ulrich. “Our recently completed financing raised more than $4.1 million and we have entered into a royalty agreement with our partner American West on the Storm Property that will allocate an additional $3.425 million to Aston Bay.”

“A typical exploration story begins with the discovery of high-grade mineralization at surface, followed by drill targets with geological mapping and geophysics, leading to significant discoveries at depth. The major copper deposits in Central Africa have been discovered this way and that is Epworth’s strategy. We are seeing excellent grades of copper, silver, zinc and cobalt at surface and are excited to begin geophysical and surface work to develop drill targets this season. With drilling permits already in place and funding secured, we are poised to continue our journey towards discoveries in the coming year.”

Bruce McLachlan of Emerald Geological Services, the vendor for the Epworth property, added: “Emerald Geological Services is pleased to be undertaking a 2024 field program in pursuit of significant precious metal discoveries 30 years after the discovery of a chalcopyrite boulder (61.2% copper, 5600 ppm silver) by EGS’ founders.”

Geophysics Program

A 5,000 line kilometre helicopter-based time-domain electromagnetic (TDEM) and magnetic survey is scheduled to commence in July-August 2024, covering most of the Epworth Block. The survey will use magnetic (mag) and electromagnetic (EM) techniques to detect geophysical responses indicative of prospective mineralised zones, as well as characterise subsurface conductivity and magnetic response. This dual approach will utilise proven methodologies similar to those successfully applied at the Company’s Storm Copper Project and will be essential to delineate geological structures and identify potential mineralised targets. High-resolution magnetic and EM datasets acquired through careful survey design and flight parameters will enhance structural understanding and refine exploration targets identified through TDEM, sampling and mapping.

Structural mapping, exploration, rock and lake sediment sampling

A site-wide geological and structural mapping program is planned between July and September. Aston Bay’s Technical Advisor, Dr Elizabeth Turner, will be coordinating the sampling program and carrying out the geological mapping on site.

Community Engagement

Aston Bay looks forward to participating with Emerald Geological Services in ongoing meetings with local hunter and trapper associations and community members in Kugluktuk this season.

Qualified personnel

Michael Dufresne, MSc, GS, GE, is a Qualified Person as defined by National Instrument 43-101 and has reviewed and approved the scientific and technical information in this press release.

About Epworth Property

The Epworth field is located approximately 80 km southeast of the village of Kugluktuk (formerly Coppermine) in the Kitikmeot region of Nunavut, Canada. The field is approximately 70 km from tidal waters to the north. Logistical access is by floatplane and helicopter from Kugluktuk and the city of Yellowknife, 500 km south. Recent fielding has significantly increased the field size, from 15 fields covering 8,320 hectares (Ha) (20,559 acres) to 51 fields covering 71,135 hectares (175,778 acres) with a strike length of approximately 74 km and a lateral extent of 14 km.

Location of epworth property, nunavut, canada.

agreement

Aston Bay has entered into an agreement with Emerald Geological Services which allows Aston Bay to acquire an undivided 80% interest in the property upon the expenditure of a minimum of $3 million in eligible exploration expenditures over a four year period. Please see Aston Bay’s April 24, 2024 news release.

Geology

The Epworth Project is part of a broad platform-type clastic carbonate sequence belonging to the Early Proterozoic Coronation Supergroup that extends over 130 km from the northern shore of Lake Taquijuk to Coronation Bay. Polymetallic sulfide mineralization occurs as dispersals within a matrix of coarse clastic quartzite or as concordant zones of cherty replacement within permeable dolomite. The mineralization assemblage, stratigraphy, diagenetic evolution and rift-related tectonic setting of the Coronation Supergroup are comparable to the African Copper Belt, which hosts large (>100 metric tonnes), high-grade (3-4% Cu) sediment-enclosed stratiform copper deposits.

History and recent work

The Epworth Project was explored by Noranda Mining Exploration in the mid-1990s, when new base metal exposures were discovered. Surface chalcopyrite rocks have yielded up to 61.2% copper (“Cu”) and 5,600 grams per tonne (“g/t”) silver (“Ag”) in selected rock samples. Exploration, mapping, geophysics, and sparse drilling (only 132 metres in the original area) have revealed that the Epworth Project is a highly contaminated area.

The 2020s exploration program, in conjunction with past studies, has defined several trends. Recent rock samples have defined a 2.8 km long “metal trend” with up to 38% Cu, 1100 g/t Ag, 3.0 g/t Au, 27% Zinc (“Zn”), 17% Lead (“Pb”), 1700 ppm Cobalt (“Co”), and other anomalous mineralization. Of the total of over 300 past rock samples, 51 samples returned greater than 1% Cu, 29 samples returned greater than 30 g/t Ag, and 15 samples returned greater than 1% Zn. Exploration and soil sampling has yielded promising new trends and outcrops, including a new northeast outcrop discovered in 2023 with rock samples returning up to 19% Pb and 0.8% Cu.

About Aston Bay Holdings

Aston Bay is a publicly traded mineral exploration company exploring for high quality significant precious metal deposits in Nunavut, Canada, and Virginia, U.S. The company is led by CEO Thomas Ulrich, and exploration in Virginia is led by the company’s advisor, Don Taylor, who is the 2018 Thayer Lindsley Award winner for his discovery of the Taylor lead-zinc-silver deposit in Arizona.

The company is currently exploring the Storm copper and Epworth deposits in Nunavut, and the high-grade Buckingham gold deposit in central Virginia. The company is also in advanced negotiations with other potential high-grade critical metals properties in North America.

The Company and its joint venture partner, American West Metals Limited, and its wholly owned subsidiary, Tornado Metals Ltd. (collectively, the “Western US“) have formed a 20/80 unincorporated joint venture and entered into a joint venture agreement for the Storm Project Assets, which include the Storm Copper Project and the Seal Zinc Deposit. In the unincorporated joint venture, Aston Bay will have a free and unfunded equity interest until American West completes a bankable feasibility study and makes a mining decision, which means that American West will be solely responsible for funding the joint venture until such a decision is made. If Aston Bay does not elect to make a pro rata contribution after such a decision is made, Aston Bay’s interest will be diluted and if its interest in the Storm Project Assets is diluted to less than 10%, its interest will be converted into a 2% net smelter revenue royalty.

For more information, please visit our website: https://astonbayholdings.com/

Statements made in this press release, contracts, option grants, expenditures to be made on assets, management objectives, projections, estimates, expectations or future projections may constitute “forward-looking statements”, which can be identified by the use of the conditional mood or future tense, or verbs such as “believe”, “expect”, “may”, “will”, “should”, “estimate”, “anticipate” and “plan”, and words of similar meaning, including variations and negatives thereof. This press release contains forward-looking statements that reflect Aston Bay’s expectations, estimates and projections about its operations, mining industry and the economic environment in which it operates as of the date of this press release. Statements in this press release that are not supported by historical facts are forward-looking statements and involve risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied by such forward-looking statements. Aston Bay believes that the assumptions contained in the forward-looking statements are reasonable and that undue reliance should not be placed on such statements, which apply only as of the date of writing. Aston Bay disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. The Company seeks safe harbors.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

For further information, please contact:

Thomas Ullrich, Chief Executive Officer
thomas.ullrich@astonbayholdings.com
(416) 456-3516

sauce: Aston Bay Holdings

View Original press release At accesswire.com

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