Mr. Thomas Ullrich reports

ASTON BAY INTERSECTS ADDITIONAL COPPER MINERALIZATION 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.

The reverse circulation drilling program is continuing at the 4100N zone, with a focus on defining a maiden copper resource for the near-surface copper mineralization within the Storm project. The moving-loop electromagnetic survey will be completed shortly at the 4100N zone, with several new conductors identified and being assessed for drilling. The MLEM survey will then commence at the Tempest prospect, an underexplored copper prospect approximately 40 kilometres south of Storm. The ground gravity survey has been completed, with final processing of data under way, with diamond drilling scheduled to test the deeper sedimentary-hosted copper system.

Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor 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.

"This is impressive progress by our partner, American West Metals, in this ambitious exploration program," stated Thomas Ullrich, chief executive officer of Aston Bay.

Mr. Ullrich added: "Drilling is progressing quickly, with all drill holes intersecting significant lengths of copper sulphide mineralization, as noted in the visual logs. The conductive anomaly at the 4100N zone is proving to be an excellent predictor of sulphide mineralization. We look forward to the continued drilling that will further test this conductor, as well as additional results from the ongoing geophysical program at the 4100N zone and at the untested Tempest prospect to the south."

Resource potential grows with drilling success

Five additional drill holes have been completed at the 4100N zone and continue to highlight the significant resource potential of the near-surface mineralization at Storm. All nine drill holes completed to date within the current program have intersected thick intervals of visual sulphides, which have been confirmed to contain copper based on portable XRF analysis.

The mineralized footprint at the 4100N zone has been shown by historical drilling to extend over an area of approximately 32 hectares. The company believes there is an outstanding opportunity to define a significant near-surface resource base that could support an initial low-cost, open-pit mining operation.

Drill hole details

The latest drill holes (SR23-05, SR23-06, SR23-07, SR23-08 and SR23-09) have continued to intersect thick intervals of copper sulphide mineralization, hosted within dolomite of the Allen Bay formation.

The mineralization is similar in its appearance to the first four drill holes completed in the current program and comprises zones of strong sulphides hosted within a broad mineralized package of what is interpreted to be mostly vein-style and fracture-style mineralization. The mineralized horizons continue to be relatively flat lying and laterally extensive in nature.

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

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

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 electromagnetic survey

The moving-loop electromagnetic survey is almost complete at the 4100N zone, which was planned to follow up on 11 shallow, high-priority EM conductors that were identified by the fixed-loop electromagnetic (FLEM) survey completed by the company during the 2021 field season.

A total of seven survey lines have been completed across the 4100N zone.

Seven strong MLEM conductors have been identified to date, with processing of the data continuing. These anomalies may change based on further interpretation and modelling with the additional data, and details of the anomalies will be fully reported once modelling is complete.

The preliminary data show a distinctive and strong conductive trend being highlighted within the 4100N zone. Very-high-grade copper sulphides have been encountered within drill holes that have intersected this conductive trend, including two m (core length) at 14 per cent copper from 52.4 m in drill hole ST99-56.

Further drilling is being planned to delineate additional high-grade mineralization within this highly conductive zone.

Ground gravity survey

A high-resolution ground gravity survey has been completed over the Storm area, with 2,657 stations collected at 50-metre-spaced intervals, along 150-metre-spaced, north-south-orientated lines.

The survey is designed to identify deeper targets that may represent accumulations of dense copper sulphides associated with the emerging sediment-hosted copper system. The recent discovery in drill hole ST22-10 (see Sept. 28, 2022, Aston Bay news release) suggests that the known near-surface copper prospects at Storm may be related to a large, sediment-hosted-style copper system at depth.

Gravity data are being processed, with a view to generating new drill targets. Diamond drilling is planned to follow up on targets and to test high-priority areas of the interpreted large, sediment-hosted copper system.

Planned program

Drilling at the 4100N zone will be followed by resource definition at the 2200N and 2750N zone, 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 (ST22-05) down hole.

The second batch of samples has been sent to the laboratory, with results expected within five to eight weeks.

The MLEM program is set to commence at the Tempest prospect. The Tempest prospect is located approximately 40 kilometres south of the Storm deposits, and it contains a large (greater than 250 m long) copper gossan exposed at surface, with assays of up to 32 per cent Cu. Its location and distance from Storm highlight the extensive nature of the prospective copper horizon 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.