Mr. Thomas Ullrich reports

ASTON BAY AND AMERICAN WEST METALS CONFIRM HIGH GRADE COPPER AND ZINC MINERALIZATION AT THE TEMPEST PROSPECT, STORM COPPER PROJECT, CANADA

Aston Bay Holdings Ltd. has released the assay results from reconnaissance sampling and new geophysical surveys from the Tempest prospect, located within the Storm copper project on Somerset Island, Nunavut. The program was conducted by American West Metals Ltd., which is the operator of the project.

"It is encouraging to confirm copper and zinc mineralization from surface samples at Tempest, as this opens a new area for further exploration at Storm," stated Thomas Ullrich, chief executive officer of Aston Bay.

"Gossans are zones of surface-weathered metal mineralization, and the chalcocite and sphalerite in these zones are associated with EM geophysical anomalies over a four-kilometre-long trend. The magnetic signature here suggests that the older underlying basement rocks are close to the surface -- that contact between the metamorphic basement and sedimentary rocks is a favourable zone of permeability to potentially host mineralization, while the basement rocks themselves can be a source of metal as well."

Copper and zinc mineralization confirm outstanding exploration opportunity

The Tempest prospect is located approximately 40 kilometres south of the known copper discoveries at Storm. The area was discovered through historical rock and soil sampling which defined copper gossans over 250 metres, with assays returning copper grades up to 32 per cent Cu from historic select grab samples.

The geology of the area is interpreted to contain the southern extension of the highly prospective Storm sediment-hosted copper horizon, overlapping much older Proterozoic rocks that outcrop to the west. This geological setting and the unconformity between two main geological terranes are interpreted to be highly prospective for base metal mineralization.

A small reconnaissance sampling and field mapping program during the 2023 field season was aimed at expanding the understanding of the area. The mapping revealed a series of gossans that are significantly more extensive than originally defined. The gossans have now been traced over four km of strike to the north and south of the original Tempest prospect, significantly upgrading the exploration potential of the area.

Seven select grab samples were taken of gossanous rock outcrop and float, and one was taken from exposed gneiss basement. Several gossanous samples contain highly anomalous base metals with copper grades up to 38.2 per cent Cu (chalcocite-mineralized dolostone with heavy malachite weathering rind Y010804) and zinc grades up to 30.8 per cent Zn (sphalerite-mineralized dolostone with rusty-coloured weathering Y010801).

The gossan samples at Tempest differ in composition from those typically found at Storm with higher abundances of zinc, lead and gold. The Storm gossans generally contain only copper plus/minus silver, with only trace abundances of zinc and lead. This may indicate that the gossans at Tempest are derived from a different style or combination of styles of mineralization.

Ground geophysics -- numerous EM anomalies identified

A ground Loupe time-domain electromagnetic (TDEM) survey and magnetic survey were completed over the Tempest area during August, 2023, to aid with mapping the stratigraphy and to define potential targets for further exploration work. Approximately nine square km was covered during the survey.

Loupe TDEM is a man-portable, rapid and inexpensive system developed by Loupe Geophysics used to assess the conductivity of an area, particularly where there is significant outcrop and little to no weathering. The system is designed to measure electrical conductivity in the near surface (generally between 20 and 30 m depth) at high resolutions.

The TDEM survey has defined a series of conductive anomalies that lie along the strike of the stratigraphy and are coincident with the copper/zinc gossans in a number of areas. The conductors are localized and modelling of the data estimates that they are potentially steeply dipping. The relatively short strike length of the conductive features is positive and suggests that the anomalies may not be related to conductive stratigraphic horizons such as black shales, graphite or iron sulphides.

A ground magnetic sensor was also used during the survey over the northern and southern areas of Tempest to supplement the existing airborne magnetic data.

The results of the TDEM are still being assessed but are highly encouraging with multiple anomalies and gossans untested. Follow-up surveys will include high-powered moving-loop EM (MLEM).

Geological setting and base metal potential

While the geological understanding of the Tempest area is continuing to evolve with ongoing continuing exploration, the current interpretation of the geological and geophysical data of the southern Storm project area indicates the presence of both the extensive Storm sediment-hosted copper horizon as well as Proterozoic-aged basement rocks. Both of these units are highly prospective for base metals, while the contact is a favourable zone of permeability for transport of metal-bearing fluids and metal mineralization.

The magnetics of the Tempest area are characterized by strong linear, north-south-orientated magnetic features that are interpreted to represent uplifted (horst) blocks of the Proterozoic basement rocks. The basement rocks in this area are close to surface (outcropping locally), covered by a thin veneer (less than 200 m) of the same sedimentary basin stratigraphy as at Storm. In contrast, the depth-to-basement modelling of the magnetic data indicates an over 2,000 m thick sequence of sedimentary rock in the Storm area. The Proterozoic rocks at Tempest are interpreted to be bounded by steeply dipping horst and graben faults with significant vertical displacement.

The proximity of the two terranes in the Tempest area marks a major structural and tectonic boundary. The unconformable contact between the two geological terranes is highly prospective, with the basement rocks being an important potential source of metals, with the contact being a zone of high permeability for mineralizing fluids.

The metal association of the Tempest gossans and geological setting indicates that the area has the potential for a unique mix of Storm and Seal-style mineralization (that is, a spatially close association of the prospective zinc and copper stratigraphic horizons), as well as volcanogenic massive sulphide (VMS) and SEDEX-style (sedimentary exhalative) base metal deposits in the older, underlying Proterozoic basement rocks. The potential discovery of VMS-style base metal mineralization in the Proterozoic rocks at Tempest would be the first of its type within the project area, and confirm the prospectivity of the Proterozoic basement.

Planned program:

• Ore sorting, beneficiation and flow sheet development are in progress on a range of mineralization styles from the 2750N and 4100N zones.
• Resource modelling and estimation work on the Storm copper mineralization is continuing. Given the success of the resource drilling during 2023, and outstanding exploration discoveries yet to be drilled out and expanded, extra time has been required to assess a number of potential mining and development scenarios.
• A report on the Storm project summer environmental program is being compiled.
• Logistics and exploration planning for the 2024 exploration program is continuing.

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 grams per tonne 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. The Nunavut property is now the subject of an 80/20 unincorporated joint venture with American West.

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 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 for hundreds of metres of surface 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 staked the property in 2008 and flew a helicopter-borne VTEM (versatile time-domain EM) 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 and retains no residual interest in the project. 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

As previously disclosed, Aston Bay entered into an option agreement dated March 9, 2021, with American West and its wholly owned subsidiary, Tornado Metals Ltd., pursuant to which American West was granted an option to earn an 80-per-cent undivided interest in the project by spending a minimum of $10-million on qualifying exploration expenditures. The parties amended and restated the option agreement as of Feb. 27, 2023, to facilitate American West potentially financing the expenditures through flow-through shares but did not change the commercial agreement between the parties.

The expenditures were completed during the 2023 drilling program and American West exercised the option in accordance with the terms of the option agreement, as amended. American West and Aston Bay will form an 80/20 unincorporated joint venture and enter into a joint venture agreement. 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 financing 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 project will be converted into a 2-per-cent net smelter return royalty if its interest is diluted to below 10 per cent.

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 drill rig as well as conducting gravity and moving-loop electromagnetic (MLEM) ground geophysical programs.

The summer 2023 program conducted further delineation drilling of the near-surface high-grade copper zones to advance them toward maiden resource estimates by late 2023 or early 2024. Diamond drilling tested new high-priority gravity targets and environmental baseline studies will be initiated.

*Stated drill hole intersections are all core length, and true width is expected to be 60 per cent to 100 per cent of core length.

Quality assurance/quality control protocols

The analytical work reported on 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, American West and the qualified person. Drill core and hand 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 and American West 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 and American West 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 Pb-Zn-Ag 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.

We seek Safe Harbor.