BHP Billiton has agreed to spend $40 million over the next nine years to help Aston Bay holdings ltd. develop a copper-zinc project on Nunavut’s Somerset Island, north of Taloyoak.
The two firms have signed a letter of intent. If the project proceeds, BHP will have a 75 per cent interest in the Storm Copper Project. BHP will also give Aston Bay $325,000 in cash.
Drilling and other exploratory work in the past suggests the site may contain a viable copper deposit.