Mr. Thomas Ullrich reports

ASTON BAY INTERSECTS COPPER MINERALIZATION IN FIRST DRILL HOLES AT STORM COPPER PROJECT, NUNAVUT

Aston Bay Holdings Ltd. has provided an update on drilling and geophysical activities at the Storm copper project on Somerset Island, Nunavut, Canada. This is the second drilling program for American West Metals Ltd., which is the project operator, since entering an option agreement with Aston Bay in March, 2021.

An extensive reverse circulation (RC) drilling program and moving-loop electromagnetic (MLEM) survey are now under way at the 4100N zone. The drilling program will initially aim to define maiden copper resources at the 4100N, 2750N and 2200N zones, and then test key exploration targets. Surface electromagnetic geophysics is under way to highlight enriched zones of mineralization, refine targets for the remaining resource drilling and define new drill targets.

Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factors of principal economic interest. Laboratory assays are required to determine the presence and grade of any contained mineralization within the reported visual intersections of copper sulphides. Portable XRF (X-ray fluorescence) is used as an aid in the determination of mineral type and abundance during the geological logging process.

Highlights:

• Four reverse circulation drill holes completed at the 4100N zone, with all drill holes intersecting thick intervals (core length) of copper sulphide, including:
  • 24.4 metres of strong visual copper sulphides from 48.8 m in SR23-01;
  • 27.4 m of strong visual copper sulphides from 56.4 m in SR23-02;
  • 48.7 m of strong visual copper sulphides from 54.9 m in SR23-03;
  • 30.6 m of strong visual copper sulphides from 50.3 m in SR23-04.
• The 4100N drilling program is designed to define resources where extensive near-surface copper mineralization has been identified previously.
• The first batch of drill samples has been sent to the laboratory for analysis.
• RC drilling continues at Storm, with a further 12 drill holes planned at the 4100N zone to be followed by drilling at other high-grade copper targets.
• A moving-loop electromagnetic survey has commenced at the 4100N zone and has already identified two new strong conductors that are untested.

Thomas Ullrich, chief executive officer of Aston Bay, commented: "We are very pleased with the impressive progress of our partner, American West Metals, in this early exploration program.

"The use of a helicopter-portable RC drill rig has allowed the earliest-ever start to a drill program at Storm, and our partners are well positioned to complete the work required to define maiden copper resources at the 4100N, 2750N and 2200N zones this year. The detailed MLEM program, also under way and already yielding actionable results, is proving to be valuable in refining targets for the resource drilling as well as defining new targets for additional discovery."

Immediate success highlights resource potential

The first four completed drill holes at the 4100N zone have begun to confirm the continuity of the copper zones and highlight the resource potential of the near-surface mineralization. All drill holes have intersected thick intervals of visual sulphides, which have been confirmed to contain copper based on portable XRF analysis.

Over 3,000 m of historical drilling at the 4100N zone have identified widespread copper sulphide mineralization over an area of approximately 32 hectares. This mineralization is a focus for resource drilling due to its shallow nature and potential to provide a significant resource base as the basis for an initial low-cost, open-pit mining operation.

Drill hole details

Drill holes SR23-01, SR23-02, SR23-03 and SR23-04 have intersected thick intervals of copper sulphide mineralization, hosted within dolomite of the Allen Bay formation.

The mineralization encountered within the drilling to date comprises zones of strong sulphides hosted within a broad mineralized package of what is interpreted to be mostly vein- and fracture-style mineralization. The mineralized horizons are interpreted to be relatively flat lying and hosted within a porous, laterally extensive carbonate layer.

The dominant copper sulphide mineral observed within the drill holes to date is chalcocite, with minor bornite and chalcopyrite on the margins of the mineralized intervals and within veins. Minor native copper and copper oxides (mostly malachite and cuprite) are also present.

Chalcocite is an important ore mineral due to its high copper content (79.8 per cent copper) and outstanding metallurgical properties.

The Allen Bay host unit is present throughout the Storm project area and comprises massive to thinly bedded dolomicrites.

Intersections are expressed as down-hole widths and are interpreted to be close to true widths. Visual estimates of sulphide type, quantity and habit should not be considered a substitute for laboratory assays. Portable XRF analysis has been used to confirm the nature of the sulphide intercepts. Laboratory assays are required to determine the widths and grade of mineralization as reported in preliminary geological logging.

Moving-loop electromagnetics

A moving loop electromagnetic survey is under way in parallel with the drilling to follow up on 11 shallow, high-priority EM conductors that were identified by the fixed-loop electromagnetic survey completed by the company during the 2021 field season.

Four out of a total of 15 survey lines have been completed to date within the western part of the 4100N zone.

Two strong, untested MLEM conductors have been identified, and both conductors are located close to historical copper intersections (including 25.5 m (core length) at 1.9 per cent Cu from 78.8 m in ST00-62).

Conductor 1 has been modelled as 30 m by 100 m with a 65-degree northerly dip at 70 m to 80 m depth and with a conductance of 600 to 900 siemens. Conductor 2 is 75 m by 25 m with a shallow south dip at approximately 60 m to 70 m depth and with a conductance of 600 to 900 siemens.

These new EM data outline zones of potentially more massive copper sulphide mineralization within the 4100N zone. Historical conductors that have been tested with drilling are known to be associated with high-grade copper sulphides.

The planned drilling will be refined to test these new conductors as part of the resource definition drilling. MLEM surveys will also be completed at the 2750N and 2200N zones.

Planned program

Drilling at the 4100N zone will be followed by resource definition at the 2200N and 2750N zones, where drilling during 2023 intersected high-grade copper sulphides close to surface, including 41 m (core length) at 4.18 per cent Cu from 38 m down hole (ST22-05).

The first batch of samples has been sent to the laboratory, with results expected within two months.

Once the resource definition programs are complete, new areas for exploration will include the Blizzard, Tornado and Tempest prospects. The Tempest prospect is located approximately 40 kilometres south of the Storm deposits, and it contains a large (greater-than-250-metre-long) copper gossan exposed at surface, with assays up to 32 per cent Cu. Its location and distance from Storm highlight the extensive nature of the prospective copper mineralization within the project area.

Diamond drilling will be used to test the high-priority exploration targets and is expected to commence after the completion of the resource drilling.

Sorting and beneficiation testwork for a potential direct-shipping product operation are continuing, with results to follow shortly.

Qualified person

Michael Dufresne, MSc, PGeol, PGeo, a qualified person as defined by National Instrument 43-101, has reviewed and approved the scientific and technical information in this press release.

About Aston Bay Holdings Ltd.

Aston Bay is a publicly traded mineral exploration company exploring for high-grade copper and gold deposits in Virginia, United States, and Nunavut, Canada. The company is led by chief executive officer Thomas Ullrich, with exploration in Virginia directed by the company's adviser, Don Taylor, the 2018 Thayer Lindsley Award winner for his discovery of the Taylor lead-zinc-silver 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 is the 100-per-cent owner of the Storm property, which hosts the Storm copper project and the Seal zinc deposit and has been optioned to American West Metals.

We seek Safe Harbor.