Mr. Thomas Ullrich reports

ASTON BAY ANNOUNCES INITIAL ASSAYS CONFIRMING THICK INTERVALS OF COPPER MINERALIZATION AT THE STORM COPPER PROJECT, NUNAVUT

Aston Bay Holdings Ltd. has released initial assay results that confirm thick intervals of copper mineralization from the continuing delineation drilling program 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.

"Impressive results continue to come in from the ongoing exploration conducted by our partner, American West Metals, at Storm," stated Thomas Ullrich, chief executive officer of Aston Bay.

Mr. Ullrich added: "These assay results from the first reverse circulation drill hole of the season confirm the presence of significant copper mineralization, exceeding the initial visual estimates. This increases our confidence in both the core logging and our assumptions on the continuity of the mineralization at the 4100N zone.

"We look forward to continuing good news from the results of the ongoing drilling, as well as from the interpretation of the recently completed geophysical programs now being processed."

Assay results have been received for drill hole SR23-01, the first hole of the current program, and confirm the presence of thick intervals of near-surface copper sulphides. The assays indicate that the mineralized intervals in SR23-01 have exceeded the company's visual estimations (see May 9, 2023, press release).

The drilling program continues to intersect significant lengths of visual copper sulphide mineralization within the central and western portions of the known mineralized zone at the 4100N zone. Due to continuing success and an expansion of the mineralized footprint, further drill holes have been added to the 4100N zone program.

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.

Assays confirm grade and thickness of copper mineralization

The assay results from drill hole SR23-01 have been received and confirm the intersection of thick intervals of near-surface copper sulphides.

The assayed intervals of SR23-01 closely match and exceed the intervals that were identified visually, validating the classification of strong visual copper sulphides (estimated to be greater than 1 per cent copper) during the logging process.

Drill hole SR23-01 details

SR23-01 was drilled to a down-hole depth of 137.2 m and was the first drill hole completed in the 2023 drill program. The drill hole forms part of a program that is designed to determine the resource potential of the near-surface 4100N zone.

The drill hole is located in the central portion of the 4100N zone and was designed to test the continuation of the mineralization between two historical drill holes, ST97-13 and ST00-63.

SR23-01 intersected three zones of vein-style and fracture-style copper sulphide mineralization interpreted to be near horizontal and hosted within fractured dolomite.

The sulphide abundance and grade of the mineralized intervals within SR23-01 are very similar to that of the historical drill holes along Section 465000E. This demonstrates good lateral continuity of the mineralized zones and is a positive outcome for the resource potential at the 4100N zone.

An attached table summarizes the significant intersections from drill hole SR23-01. Intersections are expressed as down-hole widths and are interpreted to be approximately 90 per cent of true width. A cut-off grade of 0.5 per cent copper is used to define a significant intersection and is based on sulphide mineralogy, mineralization habit and expected beneficiation performance.

Drilling success continues

Eight 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. Each drill hole to date within the current program (17 drill holes) has 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 considers that there is an outstanding opportunity to define a significant near-surface resource base that could support an initial low-cost, open-pit mining operation.

Recently completed drill hole details

The latest drill holes (SR23-10, SR23-11, SR23-12, SR23-13, SR23-14, SR23-15, SR23-16 and SR23-17) have continued to intersect thick intervals of copper sulphide mineralization within the central and western parts of the 4100N zone.

The mineralization is visually similar to the previous drill holes completed in the current program and is characterized by thick zones of strong copper sulphide mineralization within a broad mineralized package of vein-style, fracture-style and disseminated-style mineralization. The mineralized horizons are relatively flat lying, laterally extensive in nature, and remain open along and across strike.

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

The copper mineralization is hosted within distinctive horizons of the Allen Bay formation, which comprises massive to thinly bedded dolomicrites.

Drill hole SR23-16 has intersected copper-sulphide-mineralized rocks of the Allen Bay formation, which are cut by a large fault in the lower portion of the drill hole. The interpreted fault consists of clay and fractured dolomudstone and is evident in the geophysical data as a north-south-orientated feature. The mineralized copper horizons are continuous on either side of the fault.

Drill hole visual logs

Intersections are expressed as down-hole lengths 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.

Planned program:

• Drilling at the 4100N zone continues, with further drill holes added to the initial program to follow up open areas and to expand the mineralized footprint. This program will be followed by resource definition drilling at the 2200N and 2750N zones, where the 2022 drill program 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.
• A third batch of drill samples has been sent to the laboratory, with results expected within four to five weeks.
• Processing and interpretation of the moving-loop electromagnetics and gravity geophysical survey data are continuing. Diamond drilling will be used to test new high-priority exploration targets identified from these surveys; the core drilling 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.
• Environmental baseline surveys will begin in the Storm area during the third quarter of 2023.

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.

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