Further assay results from the summer Reverse Circulation (RC) drilling program have returned thick intervals of near-surface, high-grade copper mineralization, including:

• Drill hole SR23-38 (4100N Zone) has intersected:
  • 24.4m @ 1.1% Cu from 48.8m, including,
    • 6.1m @ 2.8% Cu from 54.9m, including,
      • 1.5m @ 8.3% Cu from 54.9m, and,
      • 4.5m @ 1.5% Cu from 67.1m
• Drill hole SR23-41 (4100N Zone) has intersected:
  • 12.2m @ 1.1% Cu from 118.9m, including,
    • 3m @ 4% Cu from 126.5m
• Drill hole SR23-43 (4100N Zone) has intersected:
  • 1.5m @ 1% Cu from 51.8m, and,
  • 1.5m @ 1.6% Cu from 64m, and,
  • 3.1m @ 2.7% Cu from 76.2m, and,
  • 1.5m @ 1% Cu from 80.8m
• High-grade, near-surface copper has now been defined at the 4100N Zone over a strike of more than 1,300m and a width of 400m, with drilling and geophysics supporting the potential to extend mineralization at least 600m farther to the north-east.
• Drilling results continue to demonstrate the strong correlation between geophysical targets and copper mineralisation, with an extensive suite of geophysical targets remaining to be tested.
• The latest assays are part of the 63 drill holes completed at Storm in 2023 that will support the maiden mineral resource estimation at Storm.
• All the known high-grade, near-surface copper zones remain open providing outstanding potential for further drilling to expand the resource.

TORONTO, ON / ACCESSWIRE / November 6, 2023 / Aston Bay Holdings Ltd. (TSXV:BAY)(OTCQB:ATBHF) ("Aston Bay" or the "Company") reports the latest assay results from the Storm Copper Project ("Storm" or the "Project") on Somerset Island, Nunavut. The program was conducted by American West Metals Limited ("American West"), who is the operator of the Project.

"We are encouraged by the remaining reverse circulation drilling results from our summer 2023 program at Storm," stated Thomas Ullrich, CEO of Aston Bay. "The footprint of the near-surface copper mineralization continues to get larger while demonstrating excellent continuity. Mineralization in these previously known zones remains open, and new discoveries of thick, high-grade zones such as Thunder and Lightning Ridge in the near surface that point to the potential to find more. Our partners American West are aggressively moving this near-surface mineralization toward a potential low-cost, high-margin DSO production scenario.

"The significance of this work is not limited to the near-surface mineralization alone. Deeper drilling this season has also confirmed the presence of similar copper mineralogy and grade at depth that are spatially associated with geophysical anomalies of significantly larger lateral extent. Although we have not yet encountered the same thicknesses as we see in the near surface, these new deeper intercepts highlight the similarities to the large-scale copper deposits of Central Africa. It is exciting to explore a project with such significant scale potential and we look forward to the 2024 season."

Figure 1: Reverse Circulation resource delineation drilling in 2023 at the 4100N Zone, Storm, Nunavut.

STRONG RESULTS FURTHER HIGHLIGHT RESOURCE AND EXPANSION POTENTIAL

A total of 63 drill holes were completed during the 2023 drilling program for 9,756m, out of a planned maximum of 10,000m. Of these drill holes, 56 were drilled using reverse circulation (RC), and 7 were diamond drill holes. The drilling was designed to define resources within the known near-surface, high-grade 4100N, 2750N and 2200N copper zones to support a maiden resource and to test key exploration targets and concepts.

The completion of 39 RC drill holes at the 4100N Zone during 2023 has confirmed a large volume of mineralization with significant resource potential. The mineralization is flat-lying and continuous over a significant lateral extent. The latest assays confirm thick intervals of copper mineralization on the margins of the 4100N Zone, giving strong indications that the mineralization remains open laterally in most directions.

The flat-lying geometry, stratabound nature and metal zonation are typical of sediment-hosted copper deposits. The abundance of similar mineralization elsewhere at Storm, both at the surface and at depth, suggests that the 4100N Zone could be one element of a much larger-scale sediment-hosted copper system. The known mineralization occurs within a predictable horizon and the grade of the mineralized intervals correlates directly to the density and volume of fractures/structures (i.e., available space) within the host dolomudstones.

Figure 2: Plan view of the 4100N Zone showing the interpreted footprint (defined by drilling, MLEM and VTEM) for the near-surface copper mineralization and drilling, overlaying regional geology. Stated drill hole intersections are all down hole length, and true width is expected to be 60% to 100% of stated length.

Several of the RC drill holes in the latest batch of results (SR23-33, -34, -40, and -54) were drilled in the eastern part of the 4100N Zone in an area of lesser brecciation and sulfide veining. This area is characterized by massive dolomudstones representing a local facies (i.e., textural and compositional) change within the sedimentary unit resulting in locally less available space for mineralization. Importantly, drilling has confirmed that the copper mineralization re-intensifies in more favourable host rock to the east as well as potentially north of this local massive dolomudstone zone (see SR23-55 description below).

EXPANDING THE 4100N ZONE NORTHWARDS - DRILL HOLE SR23-55 DETAILS

Exploration RC drill hole SR23-55 was drilled to a downhole depth of 150.9m and was designed to test a moderately conductive Fixed Loop Electromagnetic (FLEM) anomaly to the north of the 4100N Zone (Figure 3).

Figure 3: Plan view of the 4100N Zone showing the interpreted mineralized footprint (defined by drilling and EM) and drilling, overlaying FLEM imagery (Late time conductivity - Channel 16. Hotter colours and white indicate higher conductivity). Stated drill hole intersections are all down hole length, and true width is expected to be 90% of stated length.

The 2021 FLEM survey highlighted two distinct, late time anomalies with an apparent strike of approximately 200m and 500m respectively north of the known copper mineralization at the 4100N Zone. A single drill hole was designed to test the southernmost anomaly.

Drill hole SR23-55 intersected a 24.4m thick interval of breccia and vein copper sulfide mineralisation. The mineralized zone contains a stronger sulfide breccia interval of 7.6m @ 1% Cu, which includes 1.5m @ 2% Cu. The >2% copper mineralization is interpreted to be the source of the EM anomalism.

Significantly, a FLEM anomaly located over 300m to the north of drill hole SR23-55 has a higher conductivity and could represent larger volumes of >2% copper mineralisation. This anomaly is yet to be drill tested. These two anomalies cover an area of approximately 16 hectares and have the potential to host significant volumes of additional mineralization.

These EM targets and the expansion of the 4100N Zone are a priority of the 2024 exploration and drilling program.

EXPLORATION UPSIDE - NUMEROUS EM ANOMALIES REMAIN UNTESTED

Exploration drilling of high-priority electromagnetic (EM) anomalies and key geological features during 2023 has further expanded the footprint of the near-surface, high-grade copper mineralization at Storm.

The recent Lightning Ridge (combined 30.4m @ 2.2% Cu) and Thunder (48.6m @ 3% Cu) discoveries (see September 26, 2023, Aston Bay news release) continue to highlight the effectiveness of EM as a targeting tool and the correlation of EM anomalies with semi-massive and massive copper sulfides.

Two other high-priority EM targets were tested recently during the drilling program. In addition to drill hole SR23-55 described above, hole SR23-53 targeted a FLEM anomaly in the newly named Hailstone area beneath surficial copper gossans (Figure 4). The drill hole intersected four zones with minor chalcocite veining (<0.2% Cu) but is interpreted to have missed the targeted conductor. Although the conductor was modeled with low confidence due to its location on the edge of the survey loop, the presence of copper sulfides is encouraging. Additional EM surveys will be completed to better constrain the target for follow-up drilling.

Five significant, fault-related copper prospects (Thunder, Lightning Ridge, 3500N, 2750N and 2200N Zones) have been identified to date in the area around the southern graben fault. All of these discoveries are located at or close to the surface and have only been tested to a depth of approximately 100 vertical metres.

Drilling has confirmed that high-grade copper sulfides in the southern area are characterized by broad EM anomalies with a localized stronger EM signature. A number of these local ‘bullseye' features remain untested and have the potential to further expand the footprint of high-grade near-surface copper mineralization within this area (Figure 4). Significantly, the broader EM anomalies may represent a deeper zone of copper mineralization with much larger lateral extents, which are common features of sediment-hosted copper deposits.

Further exploration along strike of the vast fault network in the area will be designed to test both near-surface and deeper sediment-hosted copper mineralization. Approximately 10km of prospective structures have been identified in the southern graben area alone. Additional EM and gravity surveys are planned for the start of the 2024 season and will cover the Storm, Tornado, Blizzard, and Tempest prospect areas.

Figure 4: Plan view of the southern graben fault area showing the interpreted mineralized footprint (defined by drilling) and drilling, overlaying FLEM imagery (Late time conductivity - Channel 16. Hotter colours and white indicate higher conductivity) and regional geology. Stated drill hole intersections are all down hole length, and true width is expected to be 60% to 90% of stated length.

Table 1: Summary of significant drilling intersections in this report (>0.2% Cu).

PLANNED PROGRAM

• Assays for rock and gossan samples from the Tempest area as well as the fourth deep diamond drill hole are pending and due over the coming weeks.
• Ore sorting, beneficiation, and process optimization studies on a range of copper mineralization from the 2750N and 4100N Zones are in progress.
• Resource modeling and estimation work for the Storm Project is continuing.
• A report on the Storm Project summer environmental program is being compiled.
• Logistics and exploration planning for the 2024 exploration program is continuing.

Table 2: 2023 drill program details.

About the Storm Copper and Seal Zinc-Silver Projects, Nunavut

The Nunavut property consists of 173 contiguous mining claims covering an area of approximately 219,257 hectares on Somerset Island, Nunavut, Canada. The Storm Project comprises both the Storm Copper Project, a high-grade sediment-hosted copper discovery (intersections including 110m* @ 2.45% Cu from surface and 56.3m* @ 3.07% Cu from 12.2m) as well as the Seal Zinc Deposit (intersections including 14.4m* @ 10.58% Zn, 28.7g/t Ag from 51.8m and 22.3m* @ 23% Zn, 5.1g/t Ag from 101.5m). Additionally, there are numerous underexplored and undrilled targets within the 120-kilometre strike length of the mineralized trend, including the Tornado copper prospect where 10 grab samples yielded >1% Cu up to 32% Cu in gossans. The Nunavut property is now the subject of an 80/20 unincorporated joint venture with American West (see "Agreement with American West" below for more details).

Storm Discovery and Historical Work

High-grade copper mineralization was discovered at Storm in the mid-1990s by Cominco geologists conducting regional zinc exploration around their then-producing Polaris lead-zinc mine. A massive chalcocite boulder found in a tributary of the Aston River in 1996 was traced to impressive surface exposures of broken chalcocite mineralization for hundreds of metres of surface strike length at what became named the 2750N, 2200N, and 3500N zones. Subsequent seasons of prospecting, geophysics and over 9,000 m of drilling into the early 2000s confirmed a significant amount of copper mineralization below the surface exposures as well as making the blind discovery of the 4100N Zone, a large area of copper mineralization with no surface exposure.

Following the merger of Cominco with Teck in 2001 and the closure of the Polaris Mine, the Storm claims were allowed to lapse in 2007. Commander Resources staked the property in 2008 and flew a helicopter-borne VTEM survey in 2011 but conducted no additional drilling. Aston Bay subsequently entered into an earn-in agreement with Commander and consolidated 100% ownership in 2015. Commander retains a 0.875% Gross Overriding Royalty in the area of the original Storm claims.

In 2016 Aston Bay entered into an earn-in agreement with BHP, who conducted a 2,000-station soil sampling program and drilled 1,951m of core in 12 diamond drill holes, yielding up to 16m* @ 3.1% Cu. BHP exited the agreement in 2017 and retains no residual interest in the project. Aston Bay conducted a property-wide airborne gravity gradiometry survey in 2017 and drilled 2,913m in nine core holes in the Storm area in 2018 yielding a best intercept of 1.5m* @ 4.39% Cu and 20.5m* @ 0.56% Cu.

Agreement with American West

As previously disclosed, Aston Bay entered into an Option Agreement dated March 9, 2021 (the "Option Agreement") with American West Metals Limited and its wholly-owned subsidiary, Tornado Metals Ltd. (collectively, "American West") pursuant to which American West was granted an option (the "Option") to earn an 80% undivided interest in the Project by spending a minimum of CAD$10 million on qualifying exploration expenditures ("Expenditures"). The parties amended and restated the Option Agreement as of February 27, 2023 to facilitate American West potentially financing the Expenditures through flow-through shares but did not change the commercial agreement between the parties.

The Expenditures were completed during the 2023 drilling program and American West exercised the Option in accordance with the terms of the Option Agreement, as amended. American West and Aston Bay will form an 80/20 unincorporated joint venture and enter into a joint venture agreement. Under such agreement, Aston Bay shall have a free carried interest until American West has made a decision to mine upon completion of a bankable feasibility study, meaning American West will be solely responsible for funding the joint venture until such decision is made. After such decision is made, Aston Bay will be diluted in the event it does not elect to contribute its proportionate share and its interest in the Project will be converted into a 2% net smelter returns royalty if its interest is diluted to below 10%.

Recent Work

American West completed a fixed loop electromagnetic (FLEM) ground geophysical survey in 2021 that yielded several new subsurface conductive anomalies. A total of 1,534m were drilled in 10 diamond drill holes in the 2022 season, yielding several impressive near-surface intercepts including 41m* @ 4.1% Cu as well as 68m of sulfide mineralization associated with a deeper conductive anomaly.

In April 2022, results of beneficiation studies demonstrated that a mineralized intercept grading 4% Cu from the 4100N area could be upgraded to a 54% Cu direct ship product using standard sorting technology. Further beneficiation studies are ongoing.

In April 2023, American West embarked on a spring delineation drilling program using a helicopter-portable RC drill rig as well as conducting gravity and moving loop electromagnetic (MLEM) ground geophysical programs.

The summer 2023 program conducted further delineation drilling of the near-surface high-grade copper zones to advance them toward maiden resource estimates by late 2023 or early 2024. Diamond drilling tested new high-priority gravity targets and environmental baseline studies will be initiated.

*Stated drill hole intersections are all core length, and true width is expected to be 60% to 100% of core length.

QA/QC Protocols

The analytical work reported on herein was performed by ALS Global ("ALS"), Vancouver Canada. ALS is an ISO-IEC 17025:2017 and ISO 9001:2015 accredited geoanalytical laboratory and is independent of Aston Bay Holdings Ltd., American West Metals Limited, and the QP. Drill core samples were subject to crushing at a minimum of 70% passing 2 mm, followed by pulverizing of a 250-gram split to 85% passing 75 microns. Samples were subject to 33 element geochemistry by four-acid digestion and inductively coupled plasma atomic emission spectroscopy (ICP-AES) to determine concentrations of copper, silver, lead, zinc, and other elements (ALS Method ME-ICP61a). Overlimit values for copper (>10%) and were analyzed via four-acid digestion and ICP-AES (ALS Method Cu-OG62).

Aston Bay Holdings Ltd. and American West Metals Limited followed industry standard procedures for the work carried out on the Storm Project, incorporating a quality assurance/quality control (QA/QC) program. Blank, duplicate, and standard samples were inserted into the sample sequence and sent to the laboratory for analysis. No significant QA/QC issues were detected during review of the data. Aston Bay Holdings Ltd. and American West Metals Limited are not aware of any drilling, sampling, recovery, or other factors that could materially affect the accuracy or reliability of the data referred to herein.

Qualified Person

Michael Dufresne, M.Sc., P.Geol., P.Geo., is a qualified person as defined by National Instrument 43-101 and has reviewed and approved the scientific and technical information in this press release.

About Aston Bay Holdings

Aston Bay is a publicly traded mineral exploration company exploring for high-grade copper and gold 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 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.

The Company and its joint venture partners, American West Metals Limited and its wholly-owned subsidiary, Tornado Metals Ltd. (collectively, "American West") have agreed to form a 20/80 unincorporated joint venture and enter into a joint venture agreement in respect of the Storm Project property, which hosts the Storm Copper Project and the Seal Zinc Deposit. Under such agreement, Aston Bay shall have a free carried interest until American West has made a decision to mine upon completion of a bankable feasibility study, meaning American West will be solely responsible for funding the joint venture until such decision is made. After such decision is made, Aston Bay will be diluted in the event it does not elect to contribute its proportionate share and its interest in the Storm Project property will be converted into a 2% net smelter returns royalty if its interest is diluted to below 10%.

About American West Metals Limited

AMERICAN WEST METALS LIMITED (ASX: AW1) is an Australian clean energy mining company focused on growth through the discovery and development of major base metal mineral deposits in Tier 1 jurisdictions of North America. Our strategy is focused on developing mines that have a low-footprint and support the global energy transformation. Our portfolio of copper and zinc projects in Utah and Canada include significant existing resource inventories and high-grade mineralization that can generate robust mining proposals. Core to our approach is our commitment to the ethical extraction and processing of minerals and making a meaningful contribution to the communities where our projects are located.

Led by a highly experienced leadership team, our strategic initiatives lay the foundation for a sustainable business which aims to deliver high-multiplier returns on shareholder investment and economic benefits to all stakeholders.

For further information on American West, visit: www.americanwestmetals.com.

FORWARD-LOOKING STATEMENTS

Statements made in this news release, including those regarding entering into the joint venture and each party's interest in the Project pursuant to the agreement in respect of the joint venture, management objectives, forecasts, estimates, expectations, or predictions of the future may constitute "forward-looking statement", which can be identified by the use of conditional or future tenses or by the use of such verbs as "believe", "expect", "may", "will", "should", "estimate", "anticipate", "project", "plan", and words of similar import, including variations thereof and negative forms. This press release contains forward-looking statements that reflect, as of the date of this press release, Aston Bay's expectations, estimates and projections about its operations, the mining industry and the economic environment in which it operates. Statements in this press release that are not supported by historical fact are forward-looking statements, meaning they involve risk, uncertainty and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Although Aston Bay believes that the assumptions inherent in the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which apply only at the time of writing of this press release. Aston Bay disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except to the extent required by securities legislation.

For more information contact:

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

SOURCE: Aston Bay Holdings Ltd.