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Aston Bay Signs Definitive Agreement for Strategic Property Surrounding its Buckingham Gold Project in Virginia, USA
TORONTO, ON / ACCESSWIRE / September 6, 2019 / Aston Bay Holdings Ltd. (TSXV:BAY)(OTCQB:ATB...
About this update from Aston Bay Holdings Ltd.
[{"type":"text","content":"Aston Bay Signs Definitive Agreement for Strategic Property Surrounding its Buckingham Gold Project in Virginia, USATORONTO, ON / ACCESSWIRE / September 6, 2019 / Aston Bay Holdings Ltd. (TSXV:BAY)(OTCQB:ATBHF) (“Aston Bay” or the “Company”) is pleased to announce that it has signed the definitive agreement with a North American timber company (“the Lessor”) which grants Aston Bay an exclusive option to lease the mineral rights to 10,985 acres (4,445 hectares) of land located in Central Virginia, USA. This agreement formalizes the Letter of Intent signed between both parties earlier this year (see January 23, 2019 Aston Bay press release). Aston Bay believes these lands are highly prospective for gold and base metals mineralization.Approximately 4,873 acres (1,972 hectares) of the lands included in the agreement surround the Buckingham Gold Property where recent drilling by Aston Bay has intersected significant gold mineralization, including 35.61 g/t Au over 2.03m and 24.73 g/t Au over 3.57m core length. The Buckingham Property and the 4,873 acres of newly acquired land lie within a significant regional gold-in-stream anomaly that is approximately 9.5 miles (15 kilometres) in length defined by placer gold in pan concentrates from 75 stream samples. Only a portion of this trend has received any known modern exploration. Where a third of the anomaly (2.8 miles or 4.5 kilometres in strike length) has been covered with 13 recent soil geochemistry lines, each line yielded one or multiple Au anomalies. “We are excited to formalize this agreement and partner with such a significant landholder,” stated Aston Bay CEO Thomas Ullrich. “This allows us to greatly expand exploration beyond the significant mineralization encountered in drilling and sampled in nearby outcrops on the Buckingham Gold Property, as well as begin exploration on several previously identified gold and base metals targets.”Technical Advisor for the project Don Taylor said, “The successful completion of this agreement will allow thorough testing for the extents of a very significant gold occurrence at Buckingham Gold as well as provide access to other previously identified gold and base metal occurrences in the immediate vicinity.”Under the terms of the agreement, Aston Bay will make an...