Aston Bay and American West Metals Announce 13% Copper in Assays at the Cyclone Deposit and a New Copper Discovery at the Storm Project, Nunavut, Canada

TORONTO, September 3, 2024 - Drilling Highlights

• Drilling surpasses 20,000 metres ("m") with 128 Reverse Circulation (RC) drill holes and 14 diamond drill holes now completed in 2024 at Storm and Tempest

• Drilling continues 24/7

• The resource potential of the Cyclone Deposit is further highlighted with exceptional high-grade copper intervals confirmed by assays including:

• Drill hole SR24-057 has intersected:

  • 1.5m @ 13.5% copper ("Cu"), 23g/t silver ("Ag") from 54.9m downhole, and,

  • 3.1m @ 2.0% Cu, 8.0 g/t Ag from 85.3m downhole, and,

  • 1.5m @ 1.8% Cu, 3.0g/t Ag from 109.7m downhole

• Drill hole SR24-035 has intersected:

  • 3.1m @ 3.9% Cu, 10.5g/t Ag from 57.9m downhole, including,

    • 1.5m @ 5.9% Cu, 16.0g/t Ag from 57.9m downhole, and,

• 4.6m @ 1.4% Cu, 5.0g/t Ag from 71.6m downhole, including,

• 1.5m @ 3.1% Cu, 11.0g/t Ag from 71.6m downhole

• Drill hole SR24-031, located outside of the known zone of mineralization, has intersected:

  • 27.4m @ 1.1% Cu, 3.5g/t Ag from 96m downhole, including,

    • 4.6m @ 3.1% Cu, 7.7g/t Ag from 109.7m downhole

Exploration drilling and Moving Loop Electromagnetics (MLEM)

• Drilling of an MLEM anomaly in an untested area south of the Thunder Prospect has intersected strong visual copper sulfides from approximately 181.4m downhole - this new discovery is named 'Squall'

• The deep-searching 400m loop MLEM survey is currently underway at Tornado where it has identified two EM anomalies spatially coincident with outcropping copper

• Drilling of the 1,300m x 500m EM anomaly below the Cirrus Deposit is in progress with the diamond hole planned to a depth of 600m

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.

TORONTO, September 3, 2024 - Aston Bay Holdings Ltd. (TSXV:BAY)(OTCQB:ATBHF) ("Aston Bay" or the "Company") is pleased to provide an update on drilling activities and geophysical surveys at the Storm Copper Project ("Storm" or the "Project") on Somerset Island, Nunavut. The exploration program is being conducted by American West Metals Limited ("American West"), who is the operator of the Project. Aston Bay and American West have formed a 20/80 unincorporated joint venture in respect of the Storm Project property, with Aston Bay maintaining a free carried interest until a decision to mine upon completion of a bankable feasibility study.

Thomas Ullrich, Chief Executive Officer of Aston Bay, commented:

"The outstanding results keep coming in from the exploration program conducted by our partner American West at Storm. The drilling, which has exceeded the planned 20,000m of drilling, continues to expand the known areas of copper mineralization with more RC and diamond drill holes underway.

"In addition, we have made another significant copper discovery, named "Squall," by drilling a blind MLEM geophysical target. This is the second discovery from drilling MLEM anomalies this year. Both discoveries are in the little-explored Southern Graben area where there is no outcropping copper mineralization, spotlighting both the growth potential for a resource at Storm and confirming the effectiveness of MLEM in pointing the way to copper discoveries.

"The diamond drill has just started spinning on a new MLEM target located below the Cirrus deposit. The configuration of this large 1,300m x 500m anomaly suggests a potentially mineralized horizon with feeder faults as predicted by the geological model and as seen elsewhere at Storm. With the positive hit rate drilling EM targets at Storm, we eagerly anticipate seeing this core.

"Exploration activities at the Tornado, Blizzard, and Tempest areas are also yielding very compelling targets, with additional work, including drilling, underway."

OVERVIEW

A total of 128 RC drill holes and 14 diamond drill holes have been completed at Storm and Tempest during 2024, exceeding the planned target of 20,000m (Figure 1). Drilling continues, with further assays expected in batches over the coming weeks.

Recent results from the Cyclone Deposit have confirmed further intersections of very high-grade copper up to 13.5% Cu both within and outside of the current resource envelope.

Exploration drilling targeting an MLEM anomaly in the Southern Graben area has intersected strong visual copper sulfides at the end of the hole. The new discovery and area have been named 'Squall' and the drill hole is being extended to confirm the full extent of the mineralization.

The deep-searching MLEM survey is currently underway in the Tornado and Blizzard areas and has identified two high-priority EM anomalies located in favourable stratigraphy and spatially coincident with outcropping copper. Previous drilling at Storm has confirmed the strong correlation between EM targets and high-grade copper sulfides, the most recent example being Squall, which makes these compelling targets potentially leading to the discovery of copper within a new and untested area.

Figure 1: Recent and existing drill hole locations and copper deposit outlines, overlain on aerial photography.

EXCEPTIONAL COPPER HITS AT CYCLONE

Assay results from drill holes SR24-026, -027, -031, -033, -035, -037, -039, -055, -057, and -059 have been received and continue to confirm thick, near-surface intervals of copper sulfide mineralization.

The drilling results demonstrate consistent copper grades and highlight the excellent lateral continuity of the high-grade mineralization within Cyclone (Figure 2). Additionally, thick intervals of coherent copper mineralization (>1% Cu) have been intersected outside of the existing known zone of copper mineralization, highlighting the resource potential to the north and south of the deposit.

Drilling has confirmed that a small area in the central-eastern portion of the resource is characterized by a "tight" massive dolomudstone facies with lesser brecciation and sulfide veining.

RC drilling at Cyclone continues with a focus on expanding the potential resource to the west, north, and northeast. Drilling at Storm over the past three seasons has been designed to inform an upcoming maiden mineral resource that is currently being constructed to CIM standards, with the release of the resource anticipated by year's end.

Figure 2: Plan view of the Cyclone Deposit showing the copper mineralized zone outlines and historical and recent drilling, overlain on regional geology.

DRILL HOLE SR24-057 DETAILS

SR24-057 has returned exceptional copper grades in the far-eastern part of Cyclone defining new extensions to mineralization. The drill hole, and others around it, have the potential to significantly bolster the higher-grade resources within the far-eastern end of the Cyclone deposit.

Four zones of strong copper sulfide mineralization hosted within fractured dolomite of the Allen Bay Formation were intercepted in the hole.

The upper 1.5m-thick zone of semi-massive chalcocite yielded 13.5% Cu, potentially extending the upper lode of copper mineralization (Figure 3) to the northeast by approximately 100m.

The lower three zones contain strong (up to 3.7% Cu) vein- and fracture-style chalcocite mineralization with minor chalcopyrite bounded by wide zones of lower grade (<0.2%) copper.

This intensity and character of copper mineralization in SR24-057 is characterized by significant lateral continuity within Cyclone. This, and the spatial relationship to the similarly mineralized drill hole SR24-031 (see below description), is a strong indicator for potential resource growth at what is now the eastern boundary of the deposit.

Figure 3: SW-NE Geological schematic section view through SR24-033 and SR24-057 showing the recent drill hole locations, recent assays, and the interpreted zones of copper mineralization.

DRILL HOLE SR24-031 DETAILS

Drilled to the north-east of the Cyclone Deposit, SR24-031 was designed to test for potential extensions of copper mineralization to the north of Cyclone, between the previously known limit of mineralization and 2023 drill hole SR23-55 (7.6m @ 1.0% Cu from 105.2m downhole, including 1.5m @ 2.0% Cu from 109.7m downhole).

Three zones of copper sulfide mineralization were intersected (Figure 4). A thick interval of mineralization is vertically zoned with a strong chalcocite-dominant inner core (between 96m and 121.9m downhole) with chalcopyrite margins. This zonation of copper minerals is typical of sediment-hosted copper systems. The 27.4m thick main zone of mineralization (averaging 1.1% Cu and 3.4g/t Ag from 96m downhole) contains a 4.6m thick zone of very strong chalcocite veining averaging 3.1% Cu and 7.7g/t Ag from 109.7m downhole.

The drill hole is located within a large and little-tested area to the north of Cyclone. The thickness and mineralogy of the copper mineralization in both SR24-031 and -057 have the potential to add significant resources to the north of the Cyclone Deposit.

Figure 4: Geological schematic section view at 465,400E showing the recent drill hole assays and the interpreted zones of copper mineralization.

Table 1: Summary of recent significant drilling intersections at the Cyclone Deposit (>0.2% Cu).

SQUALL - NEW COPPER DISCOVERY

The recent EM surveys in the Storm area identified over 10 new, near-surface targets with a 200m loop survey (designed to screen from 0-200m depth) and a further five new deeper targets identified with the 400m loop survey (screening >200m depth).

The first of these anomalies to be drill tested during 2024 resulted in the discovery of the Gap Prospect and was shown to be related to high-grade copper sulfides (8m @ 5.3% Cu from 39m downhole in drill hole SR24-03).

DRILL HOLE SR24-108 DETAILS

RC drill hole SR24-108 was designed to test high-priority EM anomaly A3, which is visible in the data from both the 200m and 400m loop EM surveys (Figure 5). The coincident data suggested that the target may be located at a depth that crossed the designed detection ranges of the two surveys.

Drilling achieved the maximum achievable depth of 182.9m downhole, limited by available drill rods. The drill hole is interpreted to have hit the eastern edge of the anomaly and intersected strong visual copper sulfides in the last sampling interval of the hole (181.4 - 182.9m). The presence of copper has been confirmed with spot readings by portable XRF.

The interval contains strong visual chalcocite hosted within dense breccias and veins, typical of the copper deposits at Storm. The copper sulfides have been locally weathered to malachite and the host unit appears to be oxidizedoxidized.

Additional drill rods have been sourced to extend the drill hole to test the full extent of the mineralized interval. The new discovery has been named "Squall.'

Figure 5: 400m loop MLEM image (CH20BZ) overlain on drilling and the geological and structural interpretation of the Storm area. The MLEM anomalies discussed in this report are labeled A1- A5.

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.

Table 2: Summary geological log for drill hole SR24-108. Drill hole was terminated at 182.9m due to availability of drill rods.

Mineralization key for Table 2: cc = chalcocite, chpy = chalcopyrite, br = bornite, py = pyrite, Cu = native copper, ct = cuprite, ml = malachite, sph = sphalerite, ga = galena. (5%) = visual estimation of sulfide content

CIRRUS AND GAP DRILLING

Diamond drilling also continues on the largest of the southern EM anomalies, located at depth below the Cirrus Deposit and Gap Prospect (Anomaly A1 on Figure 5; see Figure 6 for interpreted cross section). The 1,300m x 500m flat-lying target is bounded by a series of large, steeply dipping EM plates (approx. 350m to top, conductance ~40-60 siemens, moderate ~40°-60° south-southwest dip, striking east-southeast) at its the northern edge where the anomaly is truncated at the Southern Graben Fault.

The sub-vertical conductors are interpreted to represent faults, potentially the plumbing system responsible for moving mineralizing fluids, that intersect the large, flat-lying conductance anomaly representing a permeable horizon. Both the faults and the flat horizon may now be mineralized by sulfides, causing the EM response. Similar EM anomalies drilled at Storm have been confirmed as copper sulfides, making this large anomaly a compelling drill target.

Figure 6: 3D ortho-section view (looking NW) showing MLEM imagery, modeled conductors and drill hole ST24-03, currently underway, with planned drill hole trace (CH20Z MLEM image - hotter colours indicate higher conductivity).

TORNADO - MLEM HIGHLIGHTS NEW CONDUCTORS

The MLEM surveys are currently underway in the Tornado and Blizzard areas, which are located approximately 10km along strike to the east of Storm. The geological setting is interpreted to be identical to that of Storm and contains numerous outcropping copper occurrences.

A number of EM anomalies have been identified in the preliminary data, some of which are coincident with geochemical copper anomalies and copper gossans at surface (Figure 7).

The fly RC drill rig has moved down to the area and once the final modeling and interpretation of the EM data is complete, will test the new high-priority EM targets. The drilling will also initially test a number of key geological features to gain a better understanding of the stratigraphy of the area and to aid in the interpretation of the MLEM data.

Figure 7: MLEM image (CH18BZ) of the Tornado and Blizzard 400m loop survey overlaying geology and interpreted major faults. Hotter colours indicate higher conductivity.

PLANNED PROGRAM

• RC drilling is continuing in the Storm area with the track-mounted drill rig on resource development and high-priority geophysical targets.

• The fly RC drill rig has moved to the Tornado and Blizzard copper prospects.

• Diamond drilling is in progress on deep exploration targets in the Storm area, with ST24-03 underway.

• Additional assays for the ongoing drill program are expected within the next 2 to 4 weeks.

• Deep-looking EM surveys are underway in the Tornado and Blizzard copper prospect areas.

• The environmental monitoring, archaeology, and survey activities for the 2024 program have been completed, with final reports expected in the coming months.

Details of the delineation drilling and exploration drill holes for the 2024 program are available at https://astonbayholdings.com/news/2024-storm-drill-hole-details/.

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 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* @ 2.5% Cu from surface and 56.3* @ 3.1% Cu from 12.2m as well as the Seal Zinc Deposit (intersections including 14.4m* @ 10.6% Zn, 28.7g/t Ag from 51.8m and 22.3m* @ 23.0% 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. The Nunavut property is now the subject of an 80/20 unincorporated joint venture with American West (see "Agreement with American West" below 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% ownership in 2015. Commander retained a 0.875% Gross Overriding Royalty in the area of the original Storm claims which was purchased by Taurus Mining Royalty Fund L.P. in January 2024.

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* @ 4.4% Cu and 20.5m* @ 0.6% Cu.

Agreement with American West

On March 9, 2021, Aston Bay entered into an option agreement with American West Metals Limited (American West), and its wholly owned Canadian subsidiary Tornado Metals Ltd., pursuant to which American West was granted an option to earn an 80% undivided interest in the Project by spending a minimum of CAD$10 million on qualifying exploration expenditures. The parties amended and restated the Option Agreement as of February 27, 2023, to facilitate American West directly earning an interest in the Project alongside its Canadian subsidiary without any change to the overall commercial agreement between the parties. The expenditures were completed during 2023, and American West exercised the option. American West and Aston Bay have formed an 80/20 unincorporated joint venture.

Under the joint venture, 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 Project will be converted into a 2% net smelter returns royalty if its interest is diluted to below 10%.

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 and metallurgical 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.

The summer 2023 program conducted further delineation drilling of the near-surface high-grade copper zones to advance them toward maiden resource estimates in 2024. Deep diamond drilling during 2023 discovered high-grade copper sulfides up to 2.7% Cu at approximately 300m vertical depth (ST23-02), suggesting the potential for discovery of large-scale copper targets at depth.

Diamond drilling of new high-priority deep MLEM targets, RC delineation drilling for resource development and additional geophysical surveys are now underway in the 2024 program. Metallurgical studies and environmental baseline studies are ongoing, with bulk sampling for prefeasibility-level processing planned for summer 2024.

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

About Aston Bay Holdings

Aston Bay is a publicly traded mineral exploration company exploring for high-grade critical and precious metal deposits in Nunavut, Canada and Virginia, USA.

The Company is currently exploring the Storm Copper Property and Cu-Ag-Zn-Co Epworth Property in Nunavut, and the high-grade Buckingham Gold Vein in central Virginia. The company is also in advanced stages of negotiation on other lands with high-grade critical metals potential in North America

The Company and its joint venture partners, American West Metals Limited and its wholly-owned subsidiary, Tornado Metals Ltd. (collectively, "American West") have formed a 20/80 unincorporated joint venture in respect of the Storm Project property, which hosts the Storm Copper Project and the Seal Zinc Deposit. Under the unincorporated joint venture, 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 Project property will be converted into a 2% net smelter returns royalty if its interest is diluted to below 10%.

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. The company's strategy is focused on developing mines that have a low-footprint and support the global energy transformation. AW1's 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 AW1's approach is a 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, AW1'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.

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

FORWARD-LOOKING STATEMENTS

Statements made in this news release, including those regarding entering into the joint venture and each party's interest in the Project pursuant to the agreement in respect of the joint venture, 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.

Neither TSX Venture Exchange nor its regulation services provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

For more information contact:

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

SOURCE: Aston Bay Holdings Ltd.