Aston Bay Holdings (TSXV: BAY) is expected to experience a rough session on Tuesday following the release of assay results from recent drilling conducted by American West Metals, the operator of the firms Storm Copper Project in Nunavut.
American West revealed on Monday the results of two drill holes conducted on the property, with highlights including:
- SM23-02: 2.2% copper over 46.0 metres from 64 metres depth, including 4.2% copper over 15.6 metres in zone 4100N
- SR23-21: 1.5% copper over 27.4 metres from surface, including 4.0% copper over 7.6 metres in zone 2750N
- SR23-21: 1.3% copper over 27.4 metres from 30.5 metres, including 2.15% copper over 9.1 metres in zone 2750N
The company meanwhile revealed that drill hole SR23-52 intersected 19 metres of “strong visual copper sulphide mineralization in two zones,” which has resulted in a new discovery in an underexplored area. Over 10 kilometres of prospective structures meanwhile are said to have been identified in the immediate area, with further assays from the summer drill program slated to be released over the coming weeks.
READ: Aston Bay Reports 18.5 Metres Of Visual Copper Sulfide In Fourth Hole At Storm Copper Project
Following the results, American West’s equity declined by over 21% in Monday trading, falling 6.5 cents to close at $0.235 per share. It has since recovered a half penny during Tuesday’s session.
The decline notably follows a month wherein the company gained 50% in value.
As for Aston Bay, whom will have a 20% interest in the Storm Copper Project once the earn-in is completed by American West, the company jumped by over 35% in Friday’s session on volume of over 6.89 million.
Aston Bay also had a successful month of August on the market, gaining over 462% as a result of excitement from drill core photos posted by the company in relation to the current drill campaign.
Notably, those results were for holes ST23-01, ST23-02, ST23-03, and ST23-04, the results of which have yet to be released by American West, however they were conducted nearby to the zones drill tested in today’s results.
Information for this briefing was found via Sedar and the sources mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
