Mr. Thomas Ullrich reports

ASTON BAY AND AMERICAN WEST METALS EXPAND THE EXTENSIVE NEAR-SURFACE COPPER MINERALIZATION AT THE STORM COPPER PROJECT, CANADA

Aston Bay Holdings Ltd. has released the latest assay results from the Storm copper project on Somerset Island, Nunavut. The program was conducted by American West Metals Ltd., which is the operator of the project.

"We are encouraged by the remaining reverse circulation drilling results from our summer 2023 program at Storm," stated Thomas Ullrich, chief executive officer of Aston Bay. "The footprint of the near-surface copper mineralization continues to get larger while demonstrating excellent continuity. Mineralization in these previously known zones remains open, and new discoveries of thick, high-grade zones such as Thunder and Lightning Ridge in the near surface that point to the potential to find more. Our partners, American West, are aggressively moving this near-surface mineralization toward a potential low-cost, high-margin DSO production scenario.

"The significance of this work is not limited to the near-surface mineralization alone. Deeper drilling this season has also confirmed the presence of similar copper mineralogy and grade at depth that are spatially associated with geophysical anomalies of significantly larger lateral extent. Although we have not yet encountered the same thicknesses as we see in the near surface, these new deeper intercepts highlight the similarities to the large-scale copper deposits of central Africa. It is exciting to explore a project with such significant scale potential, and we look forward to the 2024 season."

Strong results further highlight resource and expansion potential

A total of 63 drill holes were completed during the 2023 drilling program for 9,756 metres, out of a planned maximum of 10,000 m. Of these drill holes, 56 were drilled using reverse circulation (RC), and seven were diamond drill holes. The drilling was designed to define resources within the known near-surface, high-grade 4100N, 2750N and 2200N copper zones to support a maiden resource and to test key exploration targets and concepts.

The completion of 39 RC drill holes at the 4100N zone during 2023 has confirmed a large volume of mineralization with significant resource potential. The mineralization is flat lying and continuous over a significant lateral extent. The latest assays confirm thick intervals of copper mineralization on the margins of the 4100N zone, giving strong indications that the mineralization remains open laterally in most directions.

The flat-lying geometry, stratabound nature and metal zonation are typical of sediment-hosted copper deposits. The abundance of similar mineralization elsewhere at Storm, both at the surface and at depth, suggests that the 4100N zone could be one element of a much-larger-scale, sediment-hosted copper system. The known mineralization occurs within a predictable horizon, and the grade of the mineralized intervals correlates directly to the density and volume of fractures/structures (i.e. available space) within the host dolomudstones.

Several of the RC drill holes in the latest batch of results (SR23-33, SR23-34, SR23-40 and SR23-54) were drilled in the eastern part of the 4100N zone, in an area of lesser brecciation and sulphide veining. This area is characterized by massive dolomudstones representing a local facies (i.e. textural and compositional) change within the sedimentary unit, resulting in locally less available space for mineralization. Importantly, drilling has confirmed that the copper mineralization reintensifies in more favourable host rock to the east as well as potentially north of this local massive dolomudstone zone.

Expanding the 4100N zone northward -- drill hole SR23-55 details

Exploration RC drill hole SR23-55 was drilled to a down-hole depth of 150.9 m and was designed to test a moderately conductive fixed-loop electromagnetic (FLEM) anomaly to the north of the 4100N zone.

The 2021 FLEM survey highlighted two distinct, late-time anomalies with an apparent strike of approximately 200 m and 500 m, respectively, north of the known copper mineralization at the 4100N zone. A single drill hole was designed to test the southernmost anomaly.

Drill hole SR23-55 intersected a 24.4 m thick interval of breccia and vein copper sulphide mineralization. The mineralized zone contains a stronger sulphide breccia interval of 7.6 m at 1 per cent Cu, which includes 1.5 m at 2 per cent Cu. The greater than 2 per cent copper mineralization is interpreted to be the source of the EM anomalism.

Significantly, an FLEM anomaly located over 300 m to the north of drill hole SR23-55 has a higher conductivity and could represent larger volumes of greater than 2 per cent copper mineralization. This anomaly is yet to be drill tested. These two anomalies cover an area of approximately 16 hectares and have the potential to host significant volumes of additional mineralization.

These EM targets and the expansion of the 4100N zone are a priority of the 2024 exploration and drilling program.

Exploration upside -- numerous EM anomalies remain untested

Exploration drilling of high-priority electromagnetic anomalies and key geological features during 2023 has further expanded the footprint of the near-surface, high-grade copper mineralization at Storm.

The recent Lightning Ridge (combined 30.4 m at 2.2 per cent Cu) and Thunder (48.6 m at 3 per cent Cu) discoveries (see Sept. 26, 2023, Aston Bay news release) continue to highlight the effectiveness of EM as a targeting tool and the correlation of EM anomalies with semi-massive and massive copper sulphides.

Two other high-priority EM targets were tested recently during the drilling program. In addition to drill hole SR23-55 described herein, hole SR23-53 targeted an FLEM anomaly in the newly named Hailstone area beneath surficial copper gossans. The drill hole intersected four zones with minor chalcocite veining (less than 0.2 per cent Cu), but is interpreted to have missed the targeted conductor. Although the conductor was modelled with low confidence due to its location on the edge of the survey loop, the presence of copper sulphides is encouraging. Additional EM surveys will be completed to better constrain the target for follow-up drilling.

Five significant, fault-related copper prospects (Thunder, Lightning Ridge, 3500N, 2750N and 2200N) have been identified to date in the area around the southern graben fault. All of these discoveries are located at or close to the surface and have only been tested to a depth of approximately 100 vertical metres.

Drilling has confirmed that high-grade copper sulphides in the southern area are characterized by broad EM anomalies with a localized, stronger EM signature. A number of these local bullseye features remain untested and have the potential to further expand the footprint of high-grade, near-surface copper mineralization within this area. Significantly, the broader EM anomalies may represent a deeper zone of copper mineralization with much-larger lateral extents, which are common features of sediment-hosted copper deposits.

Further exploration along strike of the vast fault network in the area will be designed to test both near-surface and deeper sediment-hosted copper mineralization. Approximately 10 kilometres of prospective structures have been identified in the southern graben area alone. Additional EM and gravity surveys are planned for the start of the 2024 season and will cover the Storm, Tornado, Blizzard and Tempest prospect areas.

Planned program:

• Assays for rock and gossan samples from the Tempest area as well as the fourth deep diamond drill hole are pending and due over the coming weeks.
• Ore sorting, beneficiation and process optimization studies on a range of copper mineralization from the 2750N and 4100N zones are in progress.
• Resource modelling and estimation work for the Storm project are continuing.
• A report on the Storm project summer environmental program is being compiled.
• Logistics and exploration planning for the 2024 exploration program are continuing.

Quality assurance/quality control protocols

The analytical work reported herein was performed by ALS Global, 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 qualified person. Drill core samples were subject to crushing at a minimum of 70 per cent passing two millimetres, followed by pulverizing a 250-gram split to 85 per cent passing 75 micrometres. 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) were analyzed via four-acid digestion and ICP-AES (ALS method Cu-OG62).

Aston Bay Holdings and American West Metals followed industry-standard procedures for the work carried out on the Storm project, incorporating a quality assurance/quality control program. Blank, duplicate and standard samples were inserted into the sample sequence and sent to the laboratory for analysis. No significant quality assurance/quality control 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, 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 and its joint venture partners, American West Metals and its wholly owned subsidiary, Tornado Metals Ltd., have agreed to form a 20/80 unincorporated joint venture and enter into a joint venture agreement in respect of the Storm property, which hosts the Storm copper project and the Seal zinc deposit. Under such agreement, Aston Bay shall have a free carried interest until American West has made a decision to mine upon completion of a bankable feasibility study, meaning American West will be solely responsible for funding the joint venture until such decision is made. After such decision is made, Aston Bay will be diluted in the event it does not elect to contribute its proportionate share and its interest in the Storm property will be converted into a 2-per-cent net smelter return royalty if its interest is diluted to below 10 per cent.

We seek Safe Harbor.