Mr. Thomas Ullrich reports

ASTON BAY AND AMERICAN WEST METALS ANNOUNCE EXPLORATION PROGRAM AT THE STORM COPPER PROJECT, CANADA

Aston Bay Holdings Ltd. is providing the details of an aggressive exploration program set to commence at the Storm copper project on Somerset Island, Nunavut. The program will be conducted by American West Metals Ltd., which is the operator of the project. American West will be solely responsible for financing the program.

Highlights:

• Field program will commence in March, 2024, focused on resource expansion/definition and exploration;
• Extensive 22,000-metre (m) reverse circulation (RC) and diamond drilling program planned with a focus on:
  • Testing the extensions of the mineralized zones at Storm (National Instrument 43-101 maiden resource anticipated to be released in March-April, 2024);
  • Resource definition of the known high-grade copper (Cu) discoveries at the Thunder (48.6 m at 3.0 per cent copper), Lightning Ridge (30.4 m at 2.2 per cent Cu) and The Gap zones (1.5 m at 4.4 per cent Cu and two m at 2.5 per cent Cu) at Storm;
  • Exploration for new high-grade copper zones along strike and below the existing prospects and copper discoveries;
  • Exploration along the prospective more-than-100-kilometre-long (km) copper belt, including the Blizzard, Tornado and Tempest prospects;
  • High-resolution surface electromagnetic (EM) surveys are planned at the underexplored Blizzard, Tornado and Tempest prospect areas;
  • Permitting road map continuing with environmental, mining and metallurgical studies under way.

"We are excited about this significant exploration program at Storm," stated Thomas Ullrich, chief executive officer of Aston Bay. "Partner American West is fully financed and currently co-ordinating mobilization in order to conduct the 2024 resource expansion and exploration program. Geophysics and 22,000 m of planned drilling will focus on expanding the known areas of near-surface high-grade copper mineralization at several prospects at Storm, as well as continuing to explore for new targets at depth and along strike over the almost 100-kilometre prospective trend for sediment-hosted copper mineralization."

Expansion of mineralized zones

The open zones of the known copper mineralization, recent discoveries of copper mineralization in the Storm area and the largely untested 100 km prospective copper belt highlight the outstanding potential for the discovery and definition of further resources within the project area.

In addition to the potential expansion of the Cyclone zone suggested by the conductivity anomaly at Cyclone North, three immediate opportunities have been defined for the expansion and addition of new zones of mineralization at Storm, including the Thunder and Lightning Ridge, Cyclone North, and The Gap prospects.

All of these prospects contain high-grade copper mineralization (including 48.6 m at 3.0 per cent Cu within drill hole ST23-03 at Thunder) and are characterized by broad zones of late-time EM (electromagnetic) conductivity and more localized, highly conductive bull's-eye-style EM anomalies.

EM anomalies tested to date in the Storm area have a strong correlation with the higher-grade, more-than-2.0-per-cent-copper mineralization.

A recent review and reinterpretation of the historical induced polarization (IP) data have also yielded exciting results and defined numerous targets for the potential discovery of further copper mineralization.

IP is an effective geophysical method for the detection of network textured and vein-hosted sulphides. The IP data have been reassessed using a metal factor algorithm, which filters the raw resistivity and conductivity data to define areas likely containing metallic sulphides (including copper sulphide), as opposed to other potential sources of the IP (clay, iron oxides).

The new imagery highlights a series of extensive IP anomalies that are coincident with the known copper deposits and main structures of the graben fault system (main copper fluid sources).

Of particular interest is a newly defined anomaly located immediately to the south of the Cyclone zone, across the graben fault. The anomaly is interpreted to be at a deeper stratigraphic level (approximately 100 to 200 m depth) to Cyclone and covers an area roughly the same size as the known Cyclone mineralization. This anomaly is located in an area of no drilling and may represent a southern, offset extension of the Cyclone copper mineralization.

Multiple other anomalies have been highlighted in this data set, including strong coincident anomalies with the Corona and Cirrus deposits, and the Thunder, Lightning Ridge and The Gap prospects.

Detailed moving-loop electromagnetics (MLEM) and approximately 12,000 m of drilling have been planned for resource expansion activities in the Storm area. These activities will commence during March/April, 2024.

Exploration program

The recent exploration and resource definition activities suggest that Storm and new copper discoveries are only a small part of a larger sediment-hosted copper mineralized system.

High-grade copper sulphide mineralization has been found at a stratigraphic level 200 m below the known copper deposits and at numerous other locations along the 100 km strike of the prospective copper belt. Significantly, the same high-grade copper mineral assemblage of chalcocite-bornite-chalcopyrite is present in the new deeper discoveries as in the extensive near-surface mineralization.

Exploration activities during 2024 will be aimed at extending the coverage of drilling and detailed geophysics into these underexplored areas.

The exploration program will first focus below the Storm prospects at depth, and at the Blizzard, Tornado and Tempest prospects. Surface geophysics, including MLEM and gravity, and RC and diamond drilling, will be used to screen and test the highest-priority targets.

Approximately 10,000 m of drilling has been allocated to the exploration work.

Blizzard and Tornado prospects

The Blizzard and Tornado prospects are located approximately five to 10 km along strike to the southeast of Storm. The area shares a geological setting that is interpreted to be identical to that of Storm and contains numerous outcropping copper occurrences with coincident geophysical anomalies.

The Tornado prospect is centred on an area with abundant chalcocite and malachite boulders in frost heaved subcrop and float, within a 3.2 km by 1.5 km geochemical copper anomaly. The large copper anomaly shares the same linear trend as the main structural features of the Storm graben. Most of the anomalous copper samples are located around the interpreted northern graben fault, which is a similar setting to that of the large and laterally extensive Cyclone prospect at Storm.

The Blizzard prospect is defined by a broad, oval-shaped zone of elevated vertical time-domain electromagnetic (VTEM) conductance with approximate dimensions of 4.0 km by 1.5 km. The target is enhanced locally by elevated levels of copper in rock and soil samples.

Both the Tornado and Blizzard prospects also contain a number of strong gravity anomalies (defined using 2015 and 2016 gravity survey data), which share similar features to those defined at Storm during 2023. The gravity anomalies are located in favourable geological locations and are coincident with the soil and rock copper anomalies.

MLEM and drilling will be used to follow up these prospective areas with the aim of defining another Storm-style copper camp along strike of the existing copper resources.

Tempest prospect

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 m, with assays returning copper grades up to 32 per cent Cu.

The geology of the area is interpreted to contain the southern extension of the highly prospective Storm copper belt, overlapping much older Proterozoic rocks to the west. This geological setting and the interpreted 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 samples were collected of gossanous rock outcrop and float, and one was collected from exposed gneiss basement. A number of the gossanous samples yielded highly anomalous base metals with copper grades up to 38.2 per cent Cu and zinc grades 30.8 per cent zinc (Zn).

A ground loupe electromagnetic (TDEM) and magnetic survey was also completed over the Tempest area during August, 2023, to aid with mapping the stratigraphy and to define potential targets for further exploration work.

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.

MLEM and drilling will be used to follow up on these highly prospective areas. The Tempest prospect is located approximately 40 km south of Storm Copper.

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 and 28.7 g/t silver (Ag) from 51.8 m, and 22.3 m* at 23 per cent Zn and 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 more 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 (see the section regarding the agreement with American West for more details).

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 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 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 (Canadian) 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 (NSR) 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-copper 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 RC drill rig, as well as conducting gravity and moving-loop electromagnetic 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.

QA/QC (quality assurance/quality control) protocols

The analytical work reported on 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, American West Metals and the qualified person. Drill core and hand samples were subject to crushing at a minimum of 70 per cent passing two millimetres (mm), 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 (more 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 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 news 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, U.S., and Nunavut, Canada. The company is led by 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 (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, and American West and its wholly owned subsidiary, Tornado Metals, have agreed to form a 20/80 unincorporated joint venture and enter into a joint venture agreement in respect of the Storm project 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 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 Storm project will be converted into a 2-per-cent net smelter return royalty if its interest is diluted to below 10 per cent.

About American West Metals Ltd.

American West is an Australian clean energy mining company focused on growth through the discovery and development of major base metal mineral deposits in Tier 1 jurisdictions of North America. American West's strategy is focused on developing mines that have a low footprint and support the global energy transformation. Its portfolio of copper and zinc projects in Utah and Canada include significant existing resource inventories and high-grade mineralization that can generate robust mining proposals. Core to American West's approach is its commitment to the ethical extraction and processing of minerals and making a meaningful contribution to the communities where its projects are located.

Led by a highly experienced leadership team, American West's strategic initiatives lay the foundation for a sustainable business, which aims to deliver high-multiplier returns on shareholder investment and economic benefits to all stakeholders.

We seek Safe Harbor.