Aston Bay Announces Closing of the Option Agreement with American West Metals Limited for the High-Grade Storm Project

Rhea-AI Summary

Aston Bay Holdings Ltd. (OTCQB:ATBHF) has successfully closed a transaction with American West Metals Limited, granting American West an option to earn 80% interest in Aston Bay's high-grade Storm Copper Project and Seal Zinc Deposit located in Nunavut. Following a $500,000 closing payment, American West is required to spend a minimum of $10 million on exploration over up to nine years. This strategic partnership aligns with Aston Bay's exploration goals in Virginia and Nunavut.

Positive

• Successful closing of a deal with American West Metals, enhancing potential for high-grade mineral exploration.
• Option to earn 80% interest in valuable properties including the Storm Copper Project and Seal Zinc Deposit.

Negative

• None.

TORONTO, ON / ACCESSWIRE / May 3, 2021 / Aston Bay Holdings Ltd. (TSX-V:BAY); (OTCQB:ATBHF) ("Aston Bay" or the "Company") is pleased to announce that it has closed its previously announced transaction with American West Metals Limited ("AWML"), a private Australian company, and Tornado Metals Ltd. ("American West"), a wholly-owned subsidiary of AWML. Pursuant to the option agreement dated March 9, 2021, which was approved by the Company's shareholders at the annual and special meeting held on April 22, 2021, and having made the closing payment of $500,000 to the Company, American West now has an option to earn an 80% interest in Aston Bay's 100% owned property located on western Somerset Island, Nunavut which hosts the high-grade Storm Copper Project and the high-grade Seal Zinc Deposit by spending a minimum of $10 million on qualifying exploration expenditures over a period of up to nine years. For further details, please refer to the Company's press release dated March 9, 2021.

About Aston Bay Holdings

Aston Bay is a publicly traded mineral exploration company exploring for gold and base metal deposits in Virginia, USA, and Nunavut, Canada. The Company is led by CEO Thomas Ullrich with exploration in Virginia directed by the Company's advisor, Don Taylor, the 2018 Thayer Lindsley Award winner for his discovery of the Taylor Pb-Zn-Ag Deposit in Arizona.

The Company has acquired the exclusive rights to an integrated dataset over certain prospective private lands and has signed agreements with timber and land companies which grants the company the option to lease the mineral rights to 11,065 acres of land located in central Virginia. These lands are located within a gold-copper-lead-zinc mineralized belt prospective for Carolina slate belt gold deposits and Virginia gold-pyrite belt deposits, as well as sedimentary VMS, exhalative (SEDEX) and Broken Hill (BHT) type base metal deposits. Don Taylor, who led the predecessor company to Blue Ridge and assembled the dataset, has joined the Company's Advisory Board and will be directing the Company's exploration activities for the Blue Ridge Project. The Company is actively exploring the Buckingham Gold Project in Virginia and is in advanced stages of negotiation on other lands in the area.

The Company is also 100% owner of the property Storm Project, which hosts the Storm Copper Project and the Seal Zinc Deposit and has been optioned to American West Metals Limited.

FOR ADDITIONAL INFORMATION CONTACT:

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

Sofia Harquail, IR and Corporate Development
sofia.harquail@astonbayholdings.com
(647) 821-1337

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

SOURCE: Aston Bay Holdings Ltd.

View source version on accesswire.com:
https://www.accesswire.com/643823/Aston-Bay-Announces-Closing-of-the-Option-Agreement-with-American-West-Metals-Limited-for-the-High-Grade-Storm-Project

FAQ

What is the recent news about Aston Bay Holdings (ATBHF)?

Aston Bay Holdings closed a transaction with American West Metals, granting them an option to earn 80% interest in key mining properties.

How much did American West pay Aston Bay in the recent deal?

American West made a closing payment of $500,000 to Aston Bay Holdings.

What is the minimum exploration expenditure required from American West?

American West is required to spend a minimum of $10 million over up to nine years.

What properties are included in the agreement between Aston Bay and American West?

The agreement includes Aston Bay's Storm Copper Project and Seal Zinc Deposit located in Nunavut.