Aston Bay Holdings (BAY-V) June 28, '16 is pleased to announce that the Company is currently mobilizing for its 2016 field season at the Storm Property. Drilling and other planned activities are targeted to commence in early July.
The program includes drilling, as well as activities planned to identify additional targets for future exploration programs and to strengthen the understanding of the processes and controls on existing mineralization. Aston Bay will be the Operator of the 2016 program, which is budgeted at approximately CDN$4 million.
“As the Operator of the project, Aston Bay is excited to test high priority targets while advancing additional targets for future drill programs,” commented Aston Bay Executive Vice President of Exploration and COO Thomas Ullrich.
Work to be done as part of the 2016 exploration program includes:
Approximately 2,000 metres (m) of drilling;
Relogging of existing drill core;
Surface mapping and regional soil sampling over a 105 km strike length to develop new targets for future seasons; and
Prospecting to investigate promising contacts and structures.
Further to Aston Bay’s news release dated May 31, 2016, the field season will be funded pursuant to the Company's Option Agreement with BHP Billiton (the “Option Agreement”).
Corporate Updates
Closing of BHP Billiton Option Agreement
The TSX Venture Exchange has approved the Option Agreement with BHP Billiton, which was a key condition precedent to the closing of the Option Agreement. Other routine conditions precedent remain pending and should close in due course.
Commander Property Purchase Agreement Obligations Satisfied
Further to Aston Bay’s News Release dated December 17, 2015, due in part to exploration-related expenditures already accrued during planning of the 2016 field season, Aston Bay will have no additional share issuance obligations under the terms of the Property Purchase Agreement of December 16, 2015 between Aston Bay and Commander Resources Ltd.
Dwight Walker Named Corporate Secretary
Dwight Walker has been appointed Corporate Secretary by the Board of Directors of the Company, effective June 15, 2016.
Qualified Person
The content of this news release and the technical information that forms the basis for this disclosure has been prepared under the supervision of Michael Dufresne, M.Sc., P.Geo., who is the Qualified Person as defined by NI 43-101 and a Director of and Consultant to Aston Bay.
About Aston Bay Holdings
Aston Bay Holdings Ltd. (TSX-V: BAY) is a publicly traded mineral exploration company focused on the 976,066-acre (395,000-hectare) Aston Bay Property located on northwest Somerset Island, Nunavut. The Aston Bay Property hosts the Storm Copper project and has been optioned by BHP Billiton. Historical drilling has confirmed the presence of sediment-hosted copper and zinc mineralization on the property.
On behalf of the Board of Directors,
Benjamin Cox, Chief Executive Officer
Telephone: (360) 262-6969
For further information about Aston Bay Holdings Ltd or this news release, please visit our website at www.astonbayholdings.com .
About BHP Billiton Ltd.
Further information on BHP Billiton can be found at: www.bhpbilliton.com
Source: Aston Bay Holdings Ltd. (TSX Venture:BAY) astonbayholdings.com
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