What is Aston Bay’s current focus?

Aston Bay's focus is advancing the high-grade Storm copper project in Nunavut toward development with partner American West Metals. The company is free carried for all expenditures at the project until a bankable feasibility study and decision to mine. Aston Bay is also looking to replicate the success of Storm with its Epworth copper project, also located in Nunavut, where surface samples have yielded up to 61% copper with 5,600 g/t silver as well as cobalt, zinc and gold.

What are the key aspects of the Storm copper project?

The Storm copper project consists of two main components: the discovery potential for large, high-grade “Copperbelt-style” deposits and the substantial amount of copper already identified at the surface. Although we have thousands of tons of copper at the surface, it holds no value unless we can efficiently bring it to market. Our partner, American West Metals, understands this and planning is underway to use innovative methods to economically extract, process and ship the high-grade ore, moving away from traditional methods that may not work well in the Arctic environment.

Since partnering with American West Metals, we have significantly advanced the development of the Storm Project. They have worked aggressively and smartly to enhance the project, successfully completing a drill program that has totaled over 22,500 m this year alone. This program has expanded the known zone of mineralization to calculate the maiden resource for the deposit in late 2024  while also making new discoveries.

We anticipate that our CIM-compliant maiden resource estimate will be released in 2024, followed by a PFS in early 2025. This will allow us to begin the permitting process, which we estimate will take about 18-24 months.

How does the cost of exploration in Nunavut compare to other regions?

Managing costs in Nunavut involves adapting to harsh geography and weather. The exploration phase is shortened by limited daylight and weather in winter, but 24-hour daylight boosts efficiency in summer. During exploration helicopters are critical for crew and equipment moves and bad weather can impede work. We are heading into the development phase, however, where trucks will replace helicopters, reducing delays. For example, the nearby Polaris mine operated year-round under similar conditions. Our island location also aids shipping, the cheapest transport method. Recently, we delivered C$4 million in materials via sealift, slashing costs compared to air transport. The flat terrain allows easy access from the coast, simplifying logistics further.

Due to the Arctic’s growing geopolitical significance, do you foresee the Canadian government being more supportive of mining in the region?

I can share that the US government has expressed interest in our strategic location near the Northwest Passage. This area is crucial for North American sovereignty and a source of critical metals, leading to grants from US entities for companies developing critical mineral mines in the region. Canada has contributed to these efforts as well, and we expect their participation to increase. The Nunavut government has also been supportive, recently awarding us grants for drilling. 

Residents of Resolute Bay, though not originally from the area, are familiar with mining due to the nearby Polaris mine, which operated successfully for 20 years. Exemplary reclamation efforts by previous operators have fostered a supportive mining culture. We aim to build on this by engaging local communities and ensuring they benefit from job opportunities tied to our project.

What is Aston Bay’s approach to navigating the current challenging financing market?

Aston Bay has faced significant challenges in financing over the last year. However, we have successfully raised funds, including over C$2 million in October 2023 and an additional C$4 million in April 2024. We are fortunate to partner with American West. Since they are a fellow junior exploration company, our goals and values are aligned. 

What are the anticipated costs and environmental considerations for the Storm project?

The CapEx for the proposed mine is projected to be around C$50 million. We are implementing innovative ore-sorting techniques that are environmentally friendly. The ore-sorting process is dry, which means no water is consumed, and in the jigging process, any water used will be recycled. This approach will result in no effluent and no sulfide tailings, contributing to a small environmental footprint.