Aston Bay and American West Metals Announce Another Discovery and High-Grade Copper Intervals at the Storm Copper Project, Canada

Another new discovery further expands the copper mineralization footprint at Storm:

• Exploration Reverse Circulation (RC) drill hole SR23-52 has intersected a total of 19m of strong visual copper sulfide mineralization in two zones from 32m downhole, delivering a new discovery in an underexplored area of the Project
• The discovery is interpreted to be fault related and is located between the high-grade 2750N and 2200N Zones, which are located approximately 1km apart
• The new copper zone has been named 'Lightning Ridge'
• Over 10km of prospective structures have been identified in the immediate area with further potential across the Project tenure

Initial assay results from the summer drilling program at the 2750N and 4100N Zones have returned high-grade near-surface high-grade copper intervals including:

• Drill hole SM23-02 (4100N Zone diamond drill QA/QC hole) has intersected (hole length):
  • 46m @ 2.2% Cu from 64m, including,
    • 15.6m @ 4.2% Cu from 65m, including,
      • 0.3m @ 42.8% Cu from 67m
• Drill hole SR23-21 (2750N Zone) has intersected (hole length):
  • 27.4m @ 1.5% Cu from surface, including,
    • 7.6m @ 4% Cu from 7.6m, and,
  • 27.4m @ 1.3% Cu from 30.5m, including,
    • 9.1m @ 2.15% Cu from 33.5m

TORONTO, September 5, 2023 - Aston Bay Holdings Ltd. (TSXV:BAY)(OTCQB:ATBHF) ("Aston Bay" or the "Company") is pleased to report a new near-surface copper discovery as well as excellent drill results that confirm thick, high-grade copper over an expansive and growing footprint at the Storm Copper Project ("Storm" or the "Project") on Somerset Island, Nunavut, Canada. The program is being conducted by American West Metals Limited ("American West"), who are the project operator since entering an option agreement with Aston Bay in March 2021

"Discovery strikes again with another new near-surface copper discovery in the excellent exploration work conducted by our partners American West at Storm" stated Thomas Ullrich, CEO of Aston Bay.

"The new Lightning Ridge discovery comes on the heels of the Thunder Zone discovery earlier this summer. We see the massive black chalcocite at the surface near the ridge edge south of the 2750N Zone and are pleased that the drill has confirmed that the mineralization continues at depth. As well, the drilling revealed a second copper zone that we believe is concealed beneath the scree at the bottom of the gully.

"Both Lightning Ridge and Thunder point to the exploration potential for additional copper mineralization to potentially add to the near-surface delineation program currently underway. The latest results from both the 2750N and 4100N Zones confirm the continuity of the mineralization and include extremely rich zones up to 43% copper (Figure 1). We are well on our way toward a maiden resource for the near-surface mineralization, with these new discoveries already highlighting the potential for expansion.

"Together with the exciting confirmation of sediment hosted copper mineralization at depth earlier this season, Storm is proving to be a compelling growth story for both near-surface development and deeper breakthroughs. We look forward to additional results from this season, and to continued exploration and discovery."

DRILL RESULTS HIGHLIGHT RESOURCE AND EXPLORATION POTENTIAL AT STORM

The first batch of assay results from the summer 2023 resource drilling program have been received which includes all drill holes from the 2750N Zone, and five additional drill holes at the 4100N Zone (assays are still pending for the remainder of the 4100N Zone drilling). The resource drilling has included both Reverse Circulation (RC) and shallow diamond drilling in key areas of the near-surface prospects (Table 1).

The initial assays have defined the highest copper grades to date at the 4100N Zone (Figure 1). The results continue to highlight the resource potential of the 2750N and 4100N Zones with consistent copper grades and good lateral continuity of the known copper mineralization.

A single exploration RC drill hole (Figure 2) has made another discovery of near-surface mineralization in a large, underexplored area between the 2750N, 2200N and Thunder prospects.

The new discovery has been named 'Lightning Ridge' and is located in an area of outcropping massive chalcocite and large-scale faulting.

These latest results highlight the potential for further expansion of the high-grade, near-surface mineralization within the Storm Project area.

Table 1: 2023 Resource and near-surface exploration drill hole details.

Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor 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 sulfides. Portable XRF is used as an aid in the determination of mineral type and abundance during the geological logging process.

LIGHTNING RIDGE COPPER DISCOVERY

Exploration RC drill hole SR23-52 was drilled to a depth of 119m and completed in a largely untested area of significant outcropping chalcocite (Figures 3 and 4). The drill hole was designed to test an untested airborne VTEM target in an area with a single, shallow historical drill hole (ST97-06 2.6m core length @ 6.83% Cu from 35.4m), midway between the high-grade 2750N and 2200N Zones.

The VTEM target was successfully tested and resulted in 44m of visual copper sulfides with a total 19m of strong visual copper sulfides (Table 2). The copper sulfide mineralization consists of dense breccia and vein-hosted chalcocite within two broad zones of mineralization (Figure 5). The upper zone of sulfide is particularly strong and is interpreted to be the source of the VTEM anomaly.

The Lightning Ridge area is located to the south of the 2750N Zone, and across the main E-W gully. Outcropping massive chalcocite is visible on the steep slope near the gully ridge line and in boulders at the base of the scree slope. Its proximity to the gully and the style of mineralization is strongly suggestive that the mineralization is fault-related and steeply dipping, similar to the high-grade 2750N and 2200N Zones.

Five significant, fault-related and widely spaced copper prospects have now been confirmed by drilling in the southern graben area. All of these discoveries are located at, or close to surface and have only been tested to a depth of approximately 100 vertical metres. Further exploration will look to expand the search space deeper, and along the vast fault network in the area.

Over 10km of prospective structures have been identified in the southern graben area alone, highlighting the exploration potential along strike, and at depth below the known copper mineralization (Figure 4). The Storm Graben faults can be also traced for over 6km southeast into the Tornado and Blizzard Prospect areas, where there is widespread copper geochemical anomalism at surface as well as significant untested gravity anomalies.

The Lightning Ridge discovery continues to highlight the effectiveness of EM as a targeting tool and the correlation with strong copper sulfides. Other high-priority EM targets have been tested during this drilling program with assay results pending.

Table 2: Summary geological log for drill hole SR23-52. Mineralization key: cc = chalcocite, py = pyrite, ml = malachite. (5%) = visual estimation of sulfide content.

Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor 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 sulfides. Portable XRF is used as an aid in the determination of mineral type and abundance during the geological logging process.

DRILL HOLE DETAILS - 2750N ZONE

Drill holes SR23-19, SR23-20, SR23-21, SR23-22, SR23-23 and SM23-01 have been successfully completed within the 2750N Zone. The drill holes were planned to infill key areas and to test the margins of the mineralization for the maiden mineral resource estimation.

All five RC delineation holes intersected high-grade copper mineralization (Tables 3 to 8). The drill holes were designed to use only three drill pads to aid the logistics and to speed up the movement times between drilling. The mineralization encountered within the five drill holes is typical of that of the 2750N Zone with chalcocite dominant mineralization in the core and western portion of the deposit, and with chalcopyrite and pyrite present in zones of faulting and toward the eastern margin.

Drill holes SR23-19 and SR23-21 were designed to test the upper, near-surface extensions of the high-grade copper mineralization along key drill sections (Figure 6). SR23-19 intersected an interpreted fault zone along the southern margin of the mineralized trend and confirmed the vertical continuity of the main zone. Drill hole SR23-21 was drilled up dip of 2022 drill hole ST22-05 and has intersected two distinct zones of very strong mineralization, potentially separated by a fault. The presence of faulting along the southern margin and an apparent bifurcation of the mineralization in the southern 2750N Zone may indicate the potential for another parallel zone of mineralization and further prospectivity to the south and east (Figure 6). These two drill holes confirm the extension of the high-grade mineralization to surface.

Drill hole SR23-23 was drilled with an orientation to the east, along strike of the 2750N Zone and has intersected a fault zone with massive pyrite. There is copper mineralization on either side of the fault and this is consistent with the geology observed in 2022 drill hole ST22-03.

Diamond drill hole SM23-01 was completed for resource infill and QAQC purposes. The drill hole was completed along section 466200E and designed to scissor 2022 drill hole ST22-02 (57m @ 2.5% Cu from 8m downhole). SM23-01 intersected several zones of discreet, chalcocite-dominant mineralization with assay grades up to 12.8% Cu.

The recent drill holes further highlight the quality of the mineralization and have confirmed the steep orientation and potential for expansions to the known copper system.

Tables 3 - 8 below summarise the significant intersections in drilling. Intersections are expressed as downhole widths and are interpreted to be approximately 90-100% of true width. A cut-off grade of 0.5% copper is used to define a significant intersection and is based on ore mineralogy, mineralization habit and expected beneficiation and processing performance.

Table 3: Summary of significant drilling intersections for drill hole SR23-19 (>0.5% Cu).

Table 4: Summary of significant drilling intersections for drill hole SR23-20 (>0.5% Cu).

Table 5: Summary of significant drilling intersections for drill hole SR23-21 (>0.5% Cu).

Table 6: Summary of significant drilling intersections for drill hole SR23-22 (>0.5% Cu).

Table 7: Summary of significant drilling intersections for drill hole SR23-23 (>0.5% Cu).

Table 8: Summary of significant drilling intersections for drill hole SM23-01 (>0.5% Cu).

DRILL HOLE DETAILS - 4100N ZONE

Drill holes SR23-28, SR23-29, SR23-30, SR23-31 and SM23-02 were successfully completed within the 4100N Zone (Figure 8). All drill holes have intersected copper sulfide mineralization (Tables 9 to 13) and were designed for resource definition work within, and on the margins of the known mineralization.

Drill hole SR23-31 was completed within the southeastern margin of the 4100N Zone and intersected three zones of high-grade copper mineralization (Figure 8; Table 12). These zones contain a mix of copper sulfide minerals with the higher-grade zones containing chalcocite and bornite as the dominant copper minerals. This is an important resource drill hole that links the strong mineralization in historical drill hole ST99-53 (4.8m core length @ 3.7% Cu from 20.3m and 4.4m core length @ 4.6% Cu from 38.6m) with the main zone of mineralization (Figure 8).

Diamond drill hole SM23-02 was designed to infill and capture QAQC information within the central portion of the 4100N Zone and in an area of strong EM anomalism (Figure 8). The drill hole intersected a very broad interval of 46m @ 2.2% Cu (including 15.6m core length @ 4.2% Cu). The mineralized interval contains bands of rich copper mineralization and includes some of the highest grades obtained from the 4100N Zone to date, with assays of up to 42.8% copper (from 67m downhole). Other bands contain individual grades of 13.2% Cu from 90.3m and 14.6% Cu from 91.4m downhole.

Given SM23-02 was drilled at a fairly shallow angle (-45 degrees), the true thickness of the intersection is interpreted to be approximately 37m (Figure 9). This intersection highlights the strong continuity and grade of the generally flat-lying 4100N Zone and will give very high confidence in the continuity of the resource through the main zone of mineralization.

The other three RC drill holes completed within the 4100N Zone (SR23-28, -29 and -30) were drilled in the eastern part of the 4100N Zone and in an area of less brecciation and sulfide veining (Figure 8). This area is characterized by more massive dolomudstone and with chalcopyrite as the dominant copper sulfide mineral. The area may represent a minor facies change in the sedimentary units which is common within sedimentary mineral systems. Historical drilling has confirmed that the copper mineralization re-intensifies to the east of the massive dolomudstone zone (i.e., STOR-1601D intersected 16m core length @ 3.1% Cu from 93m downhole - Figure 8).

Tables 9 - 13 below summarises the significant intersections in drilling. Intersections are expressed as downhole widths and are interpreted to be approximately 80-100% of true width, and 75-80% for drill hole SM23-02. A cut-off grade of 0.5% copper is used to define a significant intersection and is based on ore mineralogy, mineralization habit and expected beneficiation and processing performance.

Table 9: Summary of significant drilling intersections for drill hole SR23-28 (>0.5% Cu).

Table 10: Summary of significant drilling intersections for drill hole SR23-29 (>0.5% Cu).

Table 11: Summary of significant drilling intersections for drill hole SR23-30 (>0.5% Cu).

Table 12: Summary of significant drilling intersections for drill hole SR23-31 (>0.5% Cu).

Table 13: Summary of significant drilling intersections for drill hole SR23-12 (>0.5% Cu).

PLANNED PROGRAM

• The field activities for the drilling and exploration program have been suspended for the year due to the Yellowknife fires, which have evacuated the town and placed restrictions on airport access other than for emergency purposes. All samples have been shipped to alternate processing facilities.
• Assays for a number of outstanding drill holes comprising the remaining RC delineation holes and four deep diamond drill holes are still pending and will continue to be received over the coming weeks.
• Beneficiation and process optimization continues on a range of mineralization types from the 2750N and 4100N Zones.
• Resource modeling and estimation work for the Storm Project has commenced and is continuing.
• A report on the Storm Project summer environmental program is being compiled.

Neither TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

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 110m* @ 2.45% Cu from surface and 56.3m* @ 3.07% Cu from 12.2m) as well as the Seal Zinc Deposit (intersections including 14.4m* @ 10.58% Zn, 28.7g/t Ag from 51.8m and 22.3m* @ 23% Zn, 5.1g/t Ag from 101.5m). 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 >1% Cu up to 32% 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 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% ownership in 2015. Commander retains a 0.875% 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 1,951m of core in 12 diamond drill holes, yielding up to 16m* @ 3.1% 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 2,913m in nine core holes in the Storm area in 2018 yielding a best intercept of 1.5m* @ 4.39% Cu and 20.5m* @ 0.56% 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 C$10m will earn 80% 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% ownership, the ownership converts to a 2% Net Smelter Royalty, half of which is purchasable by American West for C$5m at first production. Aston Bay received a cash payment of C$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 1,534m were drilled in 10 diamond drill holes in the 2022 season, yielding several impressive near-surface intercepts including 41m* @ 4.1% Cu as well as 68m of sulfide mineralization associated with a deeper conductive anomaly.

In April 2022 results of beneficiation studies demonstrated that a mineralized intercept grading 4% Cu from the 4100N area could be upgraded to a 54% Cu direct ship product using standard sorting technology. Further beneficiation studies are ongoing.

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 (MLEM) ground geophysical programs. Results from the programs are in process and are released as they come available.

The summer 2023 program planned 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 is planned to test 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% to 100% of core length.

QA/QC 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 Holdings Ltd., American West Metals Limited, and the QP. Drill core samples were subject to crushing at a minimum of 70% passing 2 mm, followed by pulverizing of a 250-gram split to 85% 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 (>10%) and were analyzed via four-acid digestion and ICP-AES (ALS Method Cu-OG62).

Aston Bay Holdings Ltd. and American West Metals Limited 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 Ltd. and American West Metals Limited 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, M.Sc., P.Geol., P.Geo., 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

Aston Bay is a publicly traded mineral exploration company exploring for high-grade copper and gold deposits in Virginia, USA, and Nunavut, Canada. The Company is led by CEO Thomas Ullrich with exploration in Virginia directed by the Company's advisor, 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% 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 Limited.

About American West Metals Limited

AMERICAN WEST METALS LIMITED (ASX:AW1) 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. Our strategy is focused on developing mines that have a low-footprint and support the global energy transformation. Our 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 our approach is our commitment to the ethical extraction and processing of minerals and making a meaningful contribution to the communities where our projects are located.

Led by a highly experienced leadership team, our 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.

For further information on American West, visit: www.americanwestmetals.com.

FORWARD-LOOKING STATEMENTS

Statements made in this news release, including those regarding the Option Agreement, grant of the Option and the expected closing date, American West's interest in the Storm Project and its other acquisitions and plans, plans for the upcoming field season, management objectives, forecasts, estimates, expectations, or predictions of the future may constitute "forward-looking statement", which can be identified by the use of conditional or future tenses or by the use of such verbs as "believe", "expect", "may", "will", "should", "estimate", "anticipate", "project", "plan", and words of similar import, including variations thereof and negative forms. This press release contains forward-looking statements that reflect, as of the date of this press release, Aston Bay's expectations, estimates and projections about its operations, the mining industry and the economic environment in which it operates. Statements in this press release that are not supported by historical fact are forward-looking statements, meaning they involve risk, uncertainty and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Although Aston Bay believes that the assumptions inherent in the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which apply only at the time of writing of this press release. Aston Bay disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except to the extent required by securities legislation.

For more information contact:

Thomas Ullrich, Chief Executive Officer
thomas.ullrich@astonbayholdings.com
(416) 456-3516

Sofia Harquail, IR and Corporate Development
sofia.harquail@astonbayholdings.com
(647) 821-1337

SOURCE: Aston Bay Holdings Ltd.