Aston Bay and American West Metals Report 42.7m @ 3.1% copper from the surface at the Storm Project, Nunavut, Canada

Thick and high-grade copper intersections from the surface at Chinook

Chinook Deposit delineation drilling:

• Drilling at the Chinook Deposit has intersected thick, high-grade, near-surface copper intervals (interpreted as close to true width), including:

• Drill hole SR24-068:

  • 42.7m @ 3.1% Cu, 4.0 g/t Ag from the surface, including,

    • 1.5m @ 7.1% Cu, 60 g/t Ag from 25.9m downhole

• Drill hole SR24-080:

  • 35.1m @ 2.7% Cu, 5.8 g/t Ag from 22.9m downhole, including,

    • 9.2m @ 7.3% Cu, 15.3 g/t Ag from 27.4m downhole, and,

    • 3.1m @ 3.9% Cu, 5.5 g/t Ag from 38.1m downhole

• Drill hole SR24-081:

  • 29m @ 2.6% Cu, 4.3 g/t Ag from the surface, including,

    • 3.1m @ 11.1% Cu, 1.5 g/t Ag from 1.5m downhole, and,

    • 4.6m @ 4.8% Cu, 5.7 g/t Ag from 21.6m downhole

Cyclone Deposit delineation drilling:

• Drilling around and within the Cyclone Deposit continues to intersect thick, high-grade copper intervals (interpreted as close to true width), including:

• Drill hole SR24-117 has intersected:

  • 16.8m @ 1% Cu, 4.0 g/t Ag from 15.2m downhole, and

  • 33.5m @ 1.5% Cu, 8.5 g/t Ag from 35.1m downhole, including,

    • 3.1m @ 6.9% Cu, 23.0 g/t Ag from 54.9m downhole

• Assays for the remaining Cyclone drill holes are expected in the next 2-4 weeks

TORONTO, ON / ACCESSWIRE / October 17, 2024 / Aston Bay Holdings Ltd. (TSXV:BAY)(OTCQB:ATBHF) ("Aston Bay" or the "Company") is pleased to provide an update on drilling activities 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"), the Project operator. Aston Bay and American West have formed a 20/80 unincorporated joint venture with respect to the Storm Project property, with Aston Bay maintaining a free carried interest until a decision to mine is made upon completion of a bankable feasibility study.

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

"Storm continues to deliver impressive results from the delineation drilling program conducted by our partners American West. Long intercepts of high-grade copper mineralization from the surface bode well for potential development at the project. We look forward to more drill results in the coming weeks as we work toward calculating the maiden resource for Storm."

Figure 1: Storm Project team geologists Rachel Borg and Jordan Mathieu review the drill core from metallurgical drill hole SM24-02 (see Table 1 for details).

EXCEPTIONAL COPPER INTERSECTIONS FROM THE SURFACE AT CHINOOK

Assay results from drilling at the Chinook Deposit confirm thick and high-grade intersections of copper from the surface and highlight the near-surface, high-grade potential of the deposit (Figure 2). The drill program was designed to inform an upcoming maiden mineral resource estimate for the Storm Project that is currently being constructed to CIM standards.

The shallow, up-dip drilling has intersected outstanding intervals of copper and has increased the thickness of the known mineralization along several drill sections. Drilling on the margins of Chinook has also highlighted its expansion potential, with the deposit remaining open down dip and along strike.

The thick intervals and high grades of the outcropping and near-surface copper mineralization at Chinook support potential open-pit mining of the deposit, reinforcing the development opportunity that Chinook presents as a potential starter mining pit at Storm. Detailed studies continue on a range of mining and development scenarios for the Storm project.

Figure 2: Plan view of the Chinook Deposit showing the interpreted copper mineralized zone and historical and recent drilling, overlying regional geology.

Figure 3: Photo of the Chinook copper deposit area looking north, across the gully from the Lightning Ridge Prospect. The extensive rust-coloured staining indicates an outcropping of copper sulfide. Also visible in the photo are a diamond drilling rig (left, middle) and several white bulk bags used for transporting drill samples.

DRILL HOLE SR24-068 DETAILS

SR24-068 was drilled in the up-dip portion of the Chinook Deposit to a downhole depth of 79.2m (Figure 4), intersecting 43m of intense chalcocite and bornite mineralization from the surface (Table 1). The interval is consistently mineralized with several discrete zones of more intense mineralization grading up to 7.1% Cu (from 25.9m downhole).

The mineralization within the Chinook Deposit is steeply dipping and hosted within the Allen Bay Formation. The geometry and fractured nature of the mineralization within the deposit suggest that it is fault-related. With the immediate Chinook area only being explored to approximately 120m vertical depth, there is outstanding potential to extend the deposit at depth and along strike.

The Chinook Deposit represents one of seven discoveries in the Southern Graben area to date, and there is strong potential for further discoveries within the extensive fault network that delineates the graben.

Figure 4: N-S geological schematic section view through SR24-068 showing the recent drill hole locations, recently received assays and the previous interpretation of the copper mineralized zone (to be updated).

THICK INTERVALS OF COPPER CONTINUE AT CYCLONE

The potential of the Cyclone Deposit is highlighted by the thick and high-grade nature of copper mineralization in these new results, both within and outside the interpreted copper mineralized zone (Figure 5).

Within the mineralized zone, these new drill results from the southeast of the deposit demonstrate the intense copper mineralization that is typically found close to the Northern Graben Fault, a critical structural control on mineralization.

Recent drilling has also hit significant copper mineralization outside of the interpreted zone of copper mineralization at Cyclone. Previous geological interpretations truncated the zone along the Northern Graben Fault (Figure 5). Recent drilling to the southwest of the deposit (see September 27, 2024, Aston Bay news release) confirms that the Cyclone mineralization continues across this structure and is located at depth within the down-faulted stratigraphy of the Central Graben, outside of the previously interpreted mineralized body. With only minimal drilling in this newly identified zone to the southeast, this area remains a highly prospective target for future growth (Figure 6).

Figure 5: Plan view of the Cyclone Deposit showing the interpreted copper mineralized zone and historical and recent drilling overlying regional geology.

DRILL HOLE SR24-117 DETAILS

SR24-117 was drilled in the southeast portion of the Cyclone Deposit to a downhole depth of 100.7m (Table 4) proximal to the Northern Graben Fault.

The mineralization in SR24-117 contains two main zones (16.8m @ 1% Cu, 4.0 g/t Ag from 15.2m and 33.5m @ 1.5% Cu, 8.5 g/t Ag from 35.1m) of intense vein- and fracture-style copper sulfide mineralization, dominantly chalcocite, hosted within fractured dolomite of the Allen Bay Formation.

Copper-rich chalcocite mineralization is usually characterized by significant lateral continuity within Cyclone. Given the proximity to the Northern Graben Fault, it is interpreted that the mineralization is highly likely to continue to the south across the fault, where the extension to the Cyclone mineralization could be located slightly deeper within the Central Graben (Figure 6).

Figure 6: Geological section view at 465,400E showing the interpreted mineralized intervals (>0.2% Cu) for drill hole SR24-117, and the previous interpretation of the copper mineralized zone (to be updated).

PLANNED PROGRAM

• On-site drilling activities have concluded for 2024 with substantial news flow expected to continue, including the laboratory assays for the remaining drill holes over the next month and the results of several ongoing studies throughout Q4 2024 and early 2025.

• A maiden mineral resource estimate for the Storm Project is currently being constructed to CIM standards for anticipated Q4 2024 release.

• ESG, mining, engineering, metallurgical, and economic studies are continuing with Ausenco and Sacre-Davey Engineering.