Mr. Thomas Ullrich reports

ASTON BAY SIGNS LOI TO OPTION EPWORTH SEDIMENT HOSTED COPPER-SILVER-ZINC-COBALT PROJECT, NUNAVUT, CANADA

On Feb. 29, 2024, Aston Bay Holdings Ltd. entered into a binding letter agreement with Emerald Geological Services (EGS) pursuant to which it has been granted an option to acquire an undivided 80-per-cent beneficial interest in a property owned by EGS in Nunavut, Canada.

Highlights:

• $3-million total expenditure over four years to acquire an 80-per-cent interest with no yearly minimums;
• Over 74-kilometre-long trend of sediment-hosted stratiform copper, silver, zinc and cobalt mineralization;
• Chalcocite boulders at surface yield up to 61.2 per cent Cu with 5,600 grams per tonne Ag in select grab samples;
• Several polymetallic trends already identified in rock and soil sampling;
• Recent prospecting rock grab samples yielded up to 37.8 per cent Cu, 27.4 per cent Zn, 1,100 g/t Ag, three g/t gold and 1,700 parts per million cobalt;
• Mineralization is similar in style to the mineralization in deposits of the central African copper belt and the Storm copper project;
• Airborne electromagnetic (EM) geophysics and prospecting planned for 2024 season;
• Permitting for drilling is well advanced.

"We are very excited to option the Epworth property," stated Thomas Ullrich, chief executive officer of Aston Bay. "This is an impressive 74-kilometre-long trend of high-grade copper, silver and zinc mineralization with accompanying gold, cobalt and lead. This mineralization is in a style typical of the central African copper belt that boasts several large, high-grade deposits. We have similar mineralization at our Storm project and look to leverage our knowledge and experience gained there to make new discoveries at Epworth."

Bruce MacLachlan from Emerald Geological Services added: "EGS is extremely pleased to partner with Aston Bay in advancing the Epworth property, as we feel that this underexplored sedimentary belt has the potential to host large base metal deposits. We are excited to work with a company that shares our vision and which has already had success in similar geological settings in Nunavut."

Location

The Epworth property is located approximately 80 km southeast of the village of Kugluktuk (formerly Coppermine) in the Kitikmeot region of Nunavut, Canada. The property is approximately 70 km from tidewater to the north. Logistical access is provided by float plane and helicopter from Kugluktuk and the city of Yellowknife 500 km to the south. Recent staking has significantly expanded the size of the property from 15 claims over 8320 hectares (20,559 acres) to now consist of 51 claims covering an area of 71,134.86 hectares (175,778 acres) over a trend approximately 74 km by 14 km in lateral extent.

Geology

The Epworth project is part of a broad platform-type clastic carbonate sequence belonging to the early Proterozoic Coronation supergroup that extends from the north shore of Takijuq Lake to the Coronation gulf for over 130 km. Polymetallic sulphide mineralization occurs as disseminations in the matrix of coarse clastic quartzites or as concordant zones of cherty replacements within permeable dolomite. The mineralization assemblage, stratigraphy, diagenetic evolution and rift-related tectonic setting of the Coronation supergroup compares favourably to the African copper belt that hosts large (greater than 100 million tonnes) high-grade (3 to 4 per cent Cu) sediment-hosted stratiform copper deposits.

History

Noted from the air by a bush pilot in the 1940s, the Epworth project was explored by Noranda Mining and Exploration in the mid-1990s discovering new base metal showings. Prospecting, mapping, geophysics and sparse drilling (only 132 metres in the original claim block, less than 2,000 m total over the newly expanded claims) were conducted over four exploration seasons. The best intercepts yielded 10.4 per cent Cu over 0.9 m, 0.3 per cent Cu over eight m and 18.4 per cent Cu with 302 g/t Ag over 0.3 m in very shallow drilling. The Epworth project has not been drilled since, and no modern geophysical surveys have been conducted.

Recent work

Prospecting programs in the 2020s have defined several trends in conjunction with historic work. Rock grab samples up to 38 per cent Cu, 1,100 g/t Ag, three g/t Au, 27 per cent Zn, 17 per cent lead along with 1,700 ppm Co and other anomalous mineralization define the 2.8 km long Metallic trend. Prospecting and soil sampling have yielded promising new trends and showings such as the new Northeast showing discovered in 2023 yielding up to 19 per cent Pb and 0.8 per cent Cu in rock grab samples.

Aston Bay will provide more comprehensive information on the Epworth property on an updated website in the coming weeks.

Terms of the agreement

Under the terms of the agreement, Aston Bay can earn an 80-per-cent undivided interest in the property by spending a minimum of $3-million on qualifying exploration expenditures over a four-year period. Aston Bay also agreed to make a cash payment of $50,000 to EGS on the business day following the date of the agreement. EGS shall be the operator during the term of the agreement, but the parties shall also establish a technical committee to approve all expenditures. The technical committee will be composed of two members, one appointed by each of Aston Bay and EGS, with Aston Bay to have a casting vote.

The agreement provides for an 80/20 joint venture to be formed between the parties upon Aston Bay earning its interest in the property. The agreement is binding, but it also provides that it will be replaced by a definitive agreement and such agreement will contain the terms of the agreement that will govern the JV. Pursuant to that agreement, EGS will have a carried interest until the JV completes a bankable feasibility study in respect of the property, with EGS's contributions to the JV to be credited against future revenue from the property. After completion of a bankable feasibility study, EGS shall be diluted in the event it does not contribute its proportionate share and its interest will be converted into a 2-per-cent net smelter return if its interest is diluted to below 10 per cent. Aston Bay shall have a right to repurchase 50 per cent of such royalty for $1.5-million during the two-year period after commencement of commercial production from the property.

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.

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 Ltd.

We seek Safe Harbor.