Aston Bay Holdings Ltd. (TSX.V: BAY) (OTCQB: ATBHF) Starts Exploration Program as Growth Is Forecast for Copper Sector

  • Experts project demand for copper is set to rise in coming years
  • Increased demand from power generation, EVs and electronic devices may push the copper supply deficit to 6.5 million MT
  • “We are excited about this significant exploration program at Storm,” said Aston Bay CEO Thomas Ullrich

In a space projected to see significant growth and demand in the coming decade, Canadian minerals exploration company Aston Bay Holdings (TSX.V: BAY) (OTCQB: ATBHF) is focused on establishing a strong foothold. As an explorer of high-grade copper and gold deposits in North America, the company is beginning an aggressive exploration program focused on immediate resource growth and testing of large-scale copper exploration targets (https://ibn.fm/rQ59y).

“Copper is the third-most-used metal in the world, and experts believe demand for this important commodity is set to rise in the coming years,” reported a recent Investing News Network (“INN”) article (https://ibn.fm/VSznK). “The copper price saw strong gains in the early part of 2023 before sinking through the year’s second and third quarters. However, growth in Q4 allowed it close out the year close to its starting price.”

Long-term projections for the copper space indicate a significant increase in demand for the red metal. “By 2031, McKinsey expects demand from power generation, EVs and electronic devices to push the copper supply deficit to 6.5 million MT,” the INN article noted. “Market participants are particularly interested in copper’s usage in EVs. With many governments looking to eliminate the sale of internal combustion engine vehicles in the next 15 to 20 years, demand for EVs is going to make up an increasing portion of global car sales. Currently, EVs use between 38.5 and 83 kilograms of copper per vehicle. And even with new innovations, which analysts anticipate will reduce the average amount of copper per vehicle to 55 to 65 kilograms, the amount of copper needed across an estimated 40 million EVs by 2030 will still be significant.”

INN further noted that copper needed for constructing utility-scale power generation would add to demand as well. “According to the Copper Development Association, solar installations require about 5.5 MT of copper for every megawatt, while onshore wind turbines require 3.52 MT of copper and offshore wind turbines require 9.56 MT of copper,” the article reports. “In order to meet demand for renewables amid ambitious climate goals, the International Renewable Energy Agency says an average of 1,000 gigawatts will need to be added annually through 2030.”

With that backdrop, the exploration program starting at Aston Bay Holding’s Storm Copper Project comes at an ideal time. The field program, which started last month, includes an extensive 22,000 meters reverse circulation (“RC”) and diamond drilling program focused on several key components, including:

  • testing the extensions of the mineralized zones at Storm
  • resource definition of known high-grade copper (“Cu”) discoveries at several zones at Storm
  • exploring for new high-grade copper zones along strike and below the existing prospects and copper discoveries
  • exploring along the prospective 100-kilometer copper belt including the Blizzard, Tornado and Tempest prospects

In addition, the company noted that high-resolution surface electromagnetic (“EM”) surveys are planned at its underexplored Blizzard, Tornado and Tempest Prospect areas; the company is also continuing work on its permitting roadmap, with environmental, mining and metallurgical studies underway.

“We are excited about this significant exploration program at Storm,” said Aston Bay CEO Thomas Ullrich. “Our partner American West is fully financed and currently coordinating mobilization in order to conduct the 2024 resource expansion and exploration program. Geophysics and 22,000 meters of planned drilling will focus on expanding the known areas of near-surface, high-grade copper mineralization at several prospects at Storm, as well as continuing to explore for new targets at depth and along strike over the almost-100-kilometer prospective trend for sediment-hosted copper mineralization.”

Aston Bay is a publicly traded mineral exploration company exploring for high-grade copper and gold deposits in Virginia state and Nunavut territory in Canada. The company is currently exploring the high-grade Buckingham Gold Vein in central Virginia and is in advanced stages of negotiation on other lands with high-grade copper potential in the area.

For more information, visit the company’s website at https://AstonBayHoldings.com.

NOTE TO INVESTORS: The latest news and updates relating to ATBHF are available in the company’s newsroom at https://ibn.fm/ATBHF

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