Mr. Thomas Ullrich reports

ASTON BAY AND PARTNER AMERICAN WEST METALS IDENTIFY LARGE SIGNIFICANT COPPER TARGETS AT THE STORM COPPER PROJECT, NUNAVUT

Aston Bay Holdings Ltd. has identified significant gravity anomalies in results from the high-resolution ground gravity geophysical program at the Storm copper project on Somerset Island, Nunavut, Canada. The program was conducted this April and May by American West Metals Ltd., which is the project operator since entering an option agreement with Aston Bay in March, 2021.

"These are spectacular results from the gravity survey conducted at Storm this spring by our partners American West," stated Thomas Ullrich, chief executive officer of Aston Bay. "The anomalies are large, with a strike length of several kilometres, and spatially coincident with the known shallow high-grade copper mineralization. Importantly, the anomalies are relatively shallow, with an upper boundary at about 200 metres depth, well within range of the diamond drill.

"The upper margin of one of the largest gravity anomalies was intersected by drill hole ST22-10 in the 2022 drill campaign. Targeting a conductivity anomaly, the hole ended in 68 metres of sulphide mineralization. Being both dense and electrically chargeable, the sulphide is a plausible cause for both the gravity and conductivity anomalies.

"Further, the dominantly pyrite-chalcopyrite sulphide mineralization in the intercept is the style of mineralization found on the periphery of the high-grade copper zones elsewhere at Storm. Here we have a drill hole intercepting peripheral-style sulphide mineralization on the margin of a very large gravity anomaly -- this is an exciting target for the summer 2023 drill program."

Large and dense bodies defined under known copper mineralization

The gravity survey is interpreted to have effectively defined a series of dense features that are spatially associated with the interpreted graben fault architecture and known copper sulphide mineralization at Storm. These geological features closely adhere to the typical sediment-hosted copper model as seen in the large copper deposits of central and southern Africa and highlight the exceptional exploration potential of the area.

The interpretation has highlighted a series of northwest-southeast-orientated gravity anomalies along the main Storm graben axis, which are discontinuous and/or are offset in places due to a series of north-south-oriented faults. The anomalies appear to have higher densities where they intersect the main graben faults, and form a series of lobes with decreasing density away from the faults.

The northern fault gravity anomaly extends over approximately 4.8 kilometres, is located to the north of the main fault and is broken into two main zones. The easternmost zone is located directly below the 4100N zone, where continuing drilling has defined thick and continuous copper mineralization in the near surface (less than 100 m depth) over one km of strike.

The southern fault gravity anomaly is approximately four km long, lies south of the graben fault, and is bounded by the 3500N, 2750N and 2200N high-grade copper zones.

Large significant targets modelled by 3-D inversion

A 3-D inversion was completed on the gravity data to produce a series of gravity contrast iso-shells, which are designed to highlight the areas with the greatest density contrasts in 3-D. These could represent potential areas of stronger copper mineralization and are high-priority drill targets.

The largest of the 3-D gravity targets is located along the northern fault and directly underneath the 4100N zone. The feature commences at approximately 200 m depth and is approximately 2.3 km long. The gravity feature is coincident with a strong historical induced polarization anomaly on its upper contact. This is a highly significant association and indicates a both dense and electrically chargeable body. The only known dense and chargeable geological feature at depth in the Storm area are sulphides.

Several other gravity targets are also defined by the 3-D inversion along the southern fault. The data indicate that a strong gravity anomaly is located near the surface to the west of the high-grade 2750N copper zone. This location also features strong electromagnetic and IP anomalies associated with known copper mineralization in sparse, shallow historic drilling (five m at 2 per cent Cu and 0.8 m at 20 per cent Cu in drill hole ST00-66).

Drill hole ST22-10 -- the edge of a major copper system?

Exploration drill hole ST22-10 was completed in 2022 targeting a large EM anomaly to the west of, and at a deeper stratigraphic level than, the near-surface high-grade 4100N zone. The EM anomaly is located on the southern edge of a strong airborne gravity anomaly associated with the northern graben fault.

The drill hole intersected a thick sequence of copper and zinc sulphide-bearing mineralization hosted within carbonate sediments before being abandoned due to technical drilling issues. Approximately 68.8 m of chalcopyrite-bearing sulphide mineralization were intersected from 277 m down hole (approximately 230 m vertical depth), remaining open at depth. The sulphide mineralization is interpreted to be stratabound and is hosted within a vuggy, bituminous and fossiliferous unit.

A distinct zonation of metal associations and mineralogy is noted at the 4100N, 2750N and 2200N zones at Storm: a large, copper-rich core (chalcocite, bornite and covellite) gives way laterally and vertically to thinner peripheral zones of copper-iron (chalcopyrite), iron (pyrite), zinc (sphalerite) and minor lead (galena). ST22-10 intersected the peripheral mineralogical assemblage (chalcopyrite, pyrite, sphalerite and galena) suggesting the potential for a nearby larger, more copper-rich core.

The metal associations and zonation of the mineralization suggest that drill hole ST22-10 potentially intersected the edge of a larger copper system.

Additionally, the geology displays all the elements required in the sediment-hosted mineralization forming process: permeable carbonate rocks to act as a fluid conduit and host mineralization, hydrocarbons to reduce metal-bearing fluids and force metal precipitation, sulphur source from bitumen and sour gas, proximity to faults known to be an effective source for plumbing, all within a favourable structural setting.

These key features are similar to many of the world's major sediment-hosted copper systems, including the deposits of the Kalahari copper belt (Botswana) and Central African copper belt (Democratic Republic of the Congo, Zambia).

The three-dimensional interpretation of the 2023 gravity data suggests that drill hole ST22-10 was drilled just to the south of, and likely intercepted the margin of, the large anomaly below and to the west of the 4100N zone.

Both the metal zonation and geophysical modelling suggest the intersection of the periphery of a potentially larger mineralized zone. As such, the large gravity anomaly below the 4100N zone and to the northwest of ST22-10 is a key target for the discovery of additional copper sulphides.

Diamond drilling will test this and other highly prospective exploration targets that sit at 200 m to 500 m below the surface.

Game-changing targeting tool

The 2023 high-resolution ground gravity survey was designed to follow up historical airborne and limited ground gravity surveys. The prior surveys had identified a series of broad density anomalies that lay adjacent to the large graben faults -- interpreted to be conduits for copper-forming fluids -- and below known near-surface copper sulphide mineralization.

Given the high contrast in density between copper sulphide mineralization and the mostly homogenous dolomite sedimentary host rocks at Storm, this geophysical technique was expected to be an effective targeting tool.

The new survey has provided high-quality data and a significant increase in the understanding of the Storm graben area. The survey included a total of 2,657 gravity stations, with an approximate station spacing of 150 m by 50 m (east-west and north-south, respectively). Topographic surveying was performed simultaneously with gravity data acquisition, and terrain corrections were applied to the data.

Planned program:

• Drilling at the 4100N zone will continue in the summer field program, with a focus on the expansion of the mineralized footprint. This program will be followed by resource definition drilling at the 2200N and 2750N zones -- drilling here intersected high-grade copper sulphides close to surface including 41 m at 4.18 per cent Cu from 38 m (ST22-05), 110 m at 2.45 per cent Cu from surface (ST97-08) and 56.3 m at 3.07 per cent Cu from 12.2 m (ST99-19).
• Processing and interpretation of the moving-loop EM (MLEM) data collected during the spring program are almost complete.
• Diamond drilling will be scheduled to test new high-priority exploration targets identified from the gravity survey.
• Sorting and beneficiation test work for a potential direct shipping product operation is continuing with results to follow shortly.
• An environmental baseline survey is scheduled to begin this summer at Storm.

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 110 m at 2.45 per cent Cu from surface and 56.3 m at 3.07 per cent Cu from 12.2 m) as well as the Seal zinc deposit (intersections including 14.4 m at 10.58 per cent Zn, 28.7 g/t Ag from 51.8 m and 22.3 m at 23 per cent Zn, 5.1 g/t Ag from 101.5 m). 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 greater than 1 per cent Cu up to 32 per cent Cu in gossans.

Storm discovery and historic work

High-grade copper mineralization was discovered at Storm in the mid-1990s by Cominco geologists conducting regional zinc exploration around its 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 at the surface for hundreds of metres 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 restaked the property in 2008 and flew a helicopter-borne VTEM (versatile time-domain electromagnetic) survey in 2011 but conducted no additional drilling. Aston Bay subsequently entered into an earn-in agreement with Commander and consolidated 100-per-cent ownership in 2015. Commander retains a 0.875-per-cent gross overriding royalty in the area of the original Storm claims.

In 2016 Aston Bay entered into an earn-in agreement with BHP, which conducted a 2,000-station soil sampling program and drilled 1,951 m of core in 12 diamond drill holes, yielding up to 16 m at 3.1 per cent Cu. BHP exited the agreement in 2017. Aston Bay conducted a property-wide airborne gravity gradiometry survey in 2017 and drilled 2,913 m in nine core holes in the Storm area in 2018, yielding a best intercept of 1.5 m at 4.39 per cent Cu and 20.5 m at 0.56 per cent Cu.

Agreement with American West Metals

An earn-in agreement for the Storm and Seal properties was signed with American West Metals in March, 2021. Under the terms of the agreement, an expenditure of $10-million will earn 80-per-cent ownership of the property for American West. Aston Bay is carried for all expenditures to the completion of a feasibility study and production decision. If Aston Bay chooses not to participate and is diluted below 10-per-cent ownership, the ownership converts to a 2-per-cent net smelter royalty, half of which is purchasable by American West for $5-million at first production. Aston Bay received a cash payment of $500,000 on signing.

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 1,534 m were drilled in 10 diamond drill holes in the 2022 season, yielding several impressive near-surface intercepts, including 41 m at 4.1 per cent Cu as well as 68 m of sulphide mineralization associated with a deeper conductive anomaly.

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

In April, 2023, American West embarked on a spring delineation drilling program using a helicopter-portable reverse circulation (RC) drill rig as well as gravity and moving-loop electromagnetic (MLEM) ground geophysical programs. Results from the programs are in process and are released as they come available.

A summer 2023 program plans further delineation drilling of the near-surface high-grade copper zones to advance them toward maiden resource reports by late 2023. Diamond drilling is planned to test new high-priority gravity targets and environmental baseline studies will be initiated.

Qualified person

Michael Dufresne, MSc, PGeol, PGeo, 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 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 CEO Mr. 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 100-per-cent owner of the Storm project property, which hosts the Storm copper project and the Seal zinc deposit and has been optioned to American West Metals.

We seek Safe Harbor.