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Aston Bay Announces Exploration Agreement for Gold Exploration Property in Virginia, USA
TORONTO, ON / ACCESSWIRE / March 4, 2019 / Aston Bay Holdings Ltd. (TSX-V: BAY; OTCQB: ATBHF...
About this update from Aston Bay Holdings Ltd.
[{"type":"text","content":"Aston Bay Announces Exploration Agreement for Gold Exploration Property in Virginia, USATORONTO, ON / ACCESSWIRE / March 4, 2019 / Aston Bay Holdings Ltd. (TSX-V: BAY; OTCQB: ATBHF) (\"Aston Bay\" or the \"Company\"), through its wholly owned subsidiary Blue Ridge Mining Inc. (\"Blue Ridge\" or \"BRM\"), is pleased to announce the signing of an Exploration and Option to Lease agreement with an independent land and timber company in Buckingham County, Virginia, for a key parcel of land in the Company's pursuit of precious metal deposits.The parcel contains a recent gold discovery located adjacent to the past producing Gold - Pyrite Belt of Central Virginia. The focus of exploration will be an associated gold-in-soil anomaly that extends for a distance of over 900 metres (m) with values up to 0.4 grams/tonne (g/t) Au in soil. Select rock chip grab sampling over a surface strike length of over 150 m yielded values of up to 701 g/t Au (20.4 ounces Au per short ton) in vein quartz. Drilling on the property in 2016 reported significant gold mineralization from quartz veined meta-volcanic rocks, including 15.57 g/t Au over 4.1 m. Historical drill intercepts from the program on the property are summarized below: DHID From (m) To (m) Interval (m) Au g/t Ag g/t WAR16-004 17.5 19.8 2.3 0.65 0.5 WAR16-005 22 26.1 4.1 15.57 4.67 WAR16-006 0 3.0 3.0 0.233 0.1 WAR16-006 45.4 48.5 3.1 11.69 5.68 including 46.5 48.5 2.0 17.4 8.03 WAR16-006 68.6 96.0 27.4 0.4 0.31 * All drill depths and assay intervals are measured-down-the-hole depths and thicknesses; they do not represent true widths. The three holes were completed over a strike distance of 80 meters along the vein outcrop area. The vein has been intercepted to a depth of 40 meters and vein mineralization is open along strike and to depth.Key elements of the agreement for the 80-acre parcel include modest annual payments and a retained 3% NSR royalty in favour of the timber company for any mineral production from the property.These lands are located within the same region of Virginia as Aston Bay's recently acquired Blue Ridge Project, which is located within a copper-lead-zinc-gold-silver mineralized belt, prospective for sedimentary exhalative (SEDEX) and Broken Hill (BHT) type base metal deposits, as well as Virginia pyrite belt and Carolina slate belt gold deposits.\"We are excited to add t...