Mr. Thomas Ullrich reports

ASTON BAY AND AMERICAN WEST METALS ANNOUNCE MAJOR COPPER DISCOVERY AT THE STORM COPPER PROJECT, CANADA

Aston Bay Holdings Ltd. has released significant copper sulphide mineralization intercepts from the initial two diamond drill holes testing a blind gravity target at the Storm copper project on Somerset Island, Nunavut, Canada. The program, still under way, is being conducted by American West Metals Ltd., which is the project operator since entering an option agreement with Aston Bay in March, 2021.

• Diamond drilling of a large gravity target has intersected thick intervals of copper sulphides.
• The discovery drill holes show similarities to many of the world's major sediment-hosted copper systems, including the deposits of the Kalahari copper belt and Central African copper belt.
• Total of 45.5 metres of visual sulphides intersected in drill hole ST23-01 comprising:
  • 30.5 m of breccia-style visual copper sulphide (dominantly chalcocite) within three zones associated with the shallow copper mineralization of the 4100N zone between 45 m and 86 m downhole, and deeper in the same hole;
  • 15 m of visual breccia and vein-style copper sulphide (dominantly chalcopyrite) between 332 m and 347 m downhole -- the first discovery intersection.
• Diamond drill hole ST23-02 has intersected a second and more impressive discovery zone:
  • 37 m of visual breccia-style copper sulphide (dominantly chalcocite with minor native copper) between 333 m and 370 m downhole.
• The two diamond drill holes are located 680 m apart -- the continuity of the mineralized horizon and the size of the gravity anomaly (greater than five kilometres long and up to one km wide) suggests that drilling has potentially identified a large copper deposit.
• Mineralization was intersected in both holes at the top of a modelled gravity anomaly, highlighting the potential effectiveness of the technique for exploration targeting.
• Gravity targets similar to that intersected by these initial diamond drill holes cover an extensive area at Storm and remain untested by drilling, supporting the potential for a major, regional-scale copper system.
• Diamond drilling continues on high-priority copper targets with first assays expected in the next four weeks.
• Reverse circulation resource definition drilling is also under way on near-surface copper targets with results from the 2750N and 2200N zones expected shortly.

"Discovery of sedimentary hosted copper has been the true goal for all explorers at Storm, including Aston Bay. I'm delighted to report that, finally, the quest has succeeded, and we have definitive proof of a new sediment-hosted copper system," stated Thomas Ullrich, chief executive officer of Aston Bay. "Our geological model has predicted the presence of chalcocite in permeable sedimentary horizons, hidden in the subsurface -- this discovery proves it. The copper is there. Not only have we hit a significant mineralized interval, but presence of chalcocite in the latest hole provides a vector to more copper-rich mineralization within this very large gravity anomaly.

"Both initial drill holes have intersected higher-density copper sulphide mineralization at the top of the modelled density anomaly, and at the same stratigraphic horizon. This confirms the presence of hidden sediment-hosted copper mineralization as predicted and, importantly, demonstrates that we have a potentially effective targeting tool to find it: the ground gravity surveys yield excellent resolution and depth control, proven with success at the drill bit.

"Airborne and ground gravity surveys have revealed anomalies, both blind and those associated with surface copper mineralization, for over 10 km to the west and south of this discovery. This offers tremendous potential for additional discovery. This discovery is analogous to the world-famous copper belts in Africa that contain some of the world's largest and highest grade copper deposits."

Diamond drilling hits thick and extensive copper system

Diamond drill holes ST23-01 and ST23-02 have been completed at the Storm project with both holes intersecting thick intervals of visual copper sulphides. The drill holes were designed to test the outstanding gravity targets that were defined beneath the near-surface mineralization at Storm (see June 9, 2023, Aston Bay news release).

ST23-01 and ST23-02 were completed in key locations below, and to the west of the near-surface, high-grade copper 4100N zone. The drill holes have intersected 15 m and 37 m of visual copper sulphides (respectively) within what is interpreted to be the same mineralized deeper stratigraphic horizon. The copper mineralization consists of chalcocite, chalcopyrite and native copper, and is hosted within a vuggy, organic-rich sequence that has a higher density than the surrounding stratigraphy and is interpreted to be the source of the gravity anomaly. This is the first intersection of the higher-copper content mineral chalcocite (79.8 per cent copper) at this stratigraphic depth. Chalcocite is typical in sediment-hosted copper deposits, including the deposits of the Kalahari copper belt and Central African copper belt, and is an important and high-value copper mineral.

Drill hole ST23-01 was also designed to test the northern margin of the copper mineralization within the 4100N zone. Intersected a total of 30.5 m of breccia and vein-style visual copper sulphides within three distinct zones. The sulphides are very similar to the known high-grade mineralization at the 4100N zone and it remains open to the north.

The distinctive mineralized horizon encountered at depth within ST23-01 and ST23-02 is interpreted to correlate with the stronger copper mineralization intersected in 2022 drill hole ST22-10. The holes are located approximately 680 m apart and approximately 500 m to the north of ST22-10. The large spacing between these drill holes, and scale of the gravity anomalies are strong evidence of a very large, laterally extensive copper system in the Storm project area.

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 is used as an aid in the determination of mineral type and abundance during the geological logging process.

Drill hole ST23-01 details

ST23-01 was drilled to a downhole depth of 416 m and intersected two main zones of visual copper mineralization. The drill hole was designed to test the northern extent of the high-grade 4100N zone, and to test the large gravity anomaly at depth, below the near-surface copper mineralization.

The first zone of copper mineralization encountered within ST23-01 is located near-surface within the 4100N zone and consists of 30.5 m of breccia and fracture-hosted chalcocite and minor chalcopyrite over three major intervals from 45 m downhole. This mineralization is typical of the near-surface copper mineralization at the 4100N zone and indicates that the mineralization remains open to the north.

A second zone of mineralization was intersected at 332 m downhole. The mineralized interval is 15 m thick and consists of mosaic breccia and replacement-style chalcopyrite cement (Figure 4). Minor sphalerite (zinc sulphide) is present within the lower part of the sequence.

The sulphides are hosted within a sequence of organic-rich and vuggy dolomudstone. The mineralized zone has a higher specific gravity than the host stratigraphy, which indicates that the drill hole has likely intersected the interpreted source of gravity anomalism.

The mineralization and stratigraphy within the deeper intercept in ST23-01 are visually very similar but contains more chaclcopyrite than the mineralization encountered within drill hole ST22-10 (see Sept. 28, 2022, Aston Bay news release). Drill hole ST22-10 is located 500 m southwest from ST23-01 and indicates that the stratigraphy is laterally extensive.

Drill hole ST23-02 details

Drill hole ST23-02 was drilled to a downhole depth of 602 m and intersected a continuous 37 m thick zone of visual copper mineralization from 333 m downhole.

The mineralized interval is variably brecciated and fractured with chalcocite as the dominant copper sulphide mineral. The lower section of the interval contains very strong mineralization with 1 to 5 per cent visual sulphide and localized breccias containing up to 30 per cent chalcocite. Rare native copper and sphalerite (zinc sulphide) along with pyrite are present within the lower part of the mineralized sequence.

The copper mineralization is hosted within bioturbated mudstones within a broader interval of fossiliferous carbonates. The geology and mineralization are very similar to drill holes ST23-01 and ST22-10 and located at a similar depth. Mineralization elsewhere at Storm is zoned (chalcocite -- chalcopyrite -- pyrite -- sphalerite/galena), so the presence of chalcocite suggests that drill hole ST23-02 is potentially vectoring to the higher-grade portions of the copper system.

Extensive copper system at Storm

The copper mineralization and geology within drill holes ST23-01, ST23-02 and ST22-10 are highly similar and suggest that the stratigraphy of the mineralized system is laterally very extensive. The geometry of the host package is interpreted to be relatively flat-lying and predictable, with thick sequences of altered sediments comprising dolomudstone and carbonate rocks.

The geology of the mineralized sequence displays all the elements required in the sediment-hosted mineralization process which include permeable carbonate rocks to act as a fluid conduit and host to mineralization, hydrocarbons to reduce metal-bearing fluids and force metal precipitation, a sulphur source from bitumen and sour gas, and a favourable structural setting to act as a plumbing system for metal-bearing fluids.

The metal and minerals show distinct zonation with a large copper-rich core (chalcocite, bornite and covellite) that gives way laterally and vertically to thinner peripheral zones of copper-iron (chalcopyrite), iron (pyrite), zinc (sphalerite) and minor lead (galena).

The Storm area shows clear similarities 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 (DRC, Zambia). These copper deposits typically have metre-scale thicknesses and kilometre-scale strikes of the mineralized zones.

A series of extensive gravity, EM and IP anomalies have been defined underneath the near-surface copper mineralization in the Storm area. The three drill holes completed to date targeted only one of the gravity features, with most of the larger system remaining untested. These gravity targets cover an area of over 7.5 square kilometres, giving significant potential for the Storm area to host a world-class scale copper system.

The regional potential continues outside of the Storm area, with airborne gravity targets (Falcon Survey) that can be traced over 10 km to the east along the graben and into the Tornado/Blizzard prospects, where copper is exposed at the surface.

Planned program

• The diamond drilling continues to test key geophysical and geological copper targets in the Storm area. The third exploration drill hole is under way and is collared approximately 1.7 km south of ST23-02, and one km west of the high-grade 2750N zone. The hole is testing a large gravity anomaly and EM conductor in an area with limited previous drilling. Initial assays for the diamond drilling are expected in the next four weeks.
• The reserve circulation (RC) drilling is continuing in the Storm area with the results from the 2750N and 2200N zones expected shortly. Drilling will also focus on expansion of the 4100N zone and testing several new, near-surface copper targets. Initial assays are expected in the next two to three weeks.
• Sorting, beneficiation and process optimization continues on a range of mineralization styles.
• An environmental baseline survey will begin in mid-August, 2023.

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 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 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 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, who 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.

QA/QC (quality assurance/quality control) protocols

The analytical work reported 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, American West Metals and the QP (qualified person). Reverse circulation drilling was completed by Northspan Explorations Ltd. using a Hornet helicopter-portable drilling rig. The sampling interval for reverse circulation drilling is five feet, with sampling and geological intervals determined visually by geologists with relevant experience. Samples were subject to crushing at a minimum of 70 per cent passing two millimetres, followed by pulverizing of a 250-gram split to 85 per cent 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 (greater than 10 per cent) and were analyzed via four-acid digestion and ICP-AES (ALS method Cu-OG62).

Aston Bay Holdings nd American West Metals 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 and American West Metals 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, 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.