Aston Bay and American West Metals Expand the Extensive Near-Surface Copper Mineralization at the Storm Copper Project, Canada

Further assay results from the summer Reverse Circulation (RC) drilling program have returned thick intervals of near-surface, high-grade copper mineralization, including:

• Drill hole SR23-38 (4100N Zone) has intersected:
  • 24.4m @ 1.1% Cu from 48.8m, including,
    • 6.1m @ 2.8% Cu from 54.9m, including,
      • 1.5m @ 8.3% Cu from 54.9m, and,
      • 4.5m @ 1.5% Cu from 67.1m
• Drill hole SR23-41 (4100N Zone) has intersected:
  • 12.2m @ 1.1% Cu from 118.9m, including,
    • 3m @ 4% Cu from 126.5m
• Drill hole SR23-43 (4100N Zone) has intersected:
  • 1.5m @ 1% Cu from 51.8m, and,
  • 1.5m @ 1.6% Cu from 64m, and,
  • 3.1m @ 2.7% Cu from 76.2m, and,
  • 1.5m @ 1% Cu from 80.8m
• High-grade, near-surface copper has now been defined at the 4100N Zone over a strike of more than 1,300m and a width of 400m, with drilling and geophysics supporting the potential to extend mineralization at least 600m farther to the north-east.
• Drilling results continue to demonstrate the strong correlation between geophysical targets and copper mineralisation, with an extensive suite of geophysical targets remaining to be tested.
• The latest assays are part of the 63 drill holes completed at Storm in 2023 that will support the maiden mineral resource estimation at Storm.
• All the known high-grade, near-surface copper zones remain open providing outstanding potential for further drilling to expand the resource.

TORONTO, ON / ACCESSWIRE / November 6, 2023 / Aston Bay Holdings Ltd. (TSXV:BAY)(OTCQB:ATBHF) ("Aston Bay" or the "Company") reports the latest assay results from the Storm Copper Project ("Storm" or the "Project") on Somerset Island, Nunavut. The program was conducted by American West Metals Limited ("American West"), who is the operator of the Project.

"We are encouraged by the remaining reverse circulation drilling results from our summer 2023 program at Storm," stated Thomas Ullrich, CEO of Aston Bay. "The footprint of the near-surface copper mineralization continues to get larger while demonstrating excellent continuity. Mineralization in these previously known zones remains open, and new discoveries of thick, high-grade zones such as Thunder and Lightning Ridge in the near surface that point to the potential to find more. Our partners American West are aggressively moving this near-surface mineralization toward a potential low-cost, high-margin DSO production scenario.

"The significance of this work is not limited to the near-surface mineralization alone. Deeper drilling this season has also confirmed the presence of similar copper mineralogy and grade at depth that are spatially associated with geophysical anomalies of significantly larger lateral extent. Although we have not yet encountered the same thicknesses as we see in the near surface, these new deeper intercepts highlight the similarities to the large-scale copper deposits of Central Africa. It is exciting to explore a project with such significant scale potential and we look forward to the 2024 season."

Figure 1: Reverse Circulation resource delineation drilling in 2023 at the 4100N Zone, Storm, Nunavut.

STRONG RESULTS FURTHER HIGHLIGHT RESOURCE AND EXPANSION POTENTIAL

A total of 63 drill holes were completed during the 2023 drilling program for 9,756m, out of a planned maximum of 10,000m. Of these drill holes, 56 were drilled using reverse circulation (RC), and 7 were diamond drill holes. The drilling was designed to define resources within the known near-surface, high-grade 4100N, 2750N and 2200N copper zones to support a maiden resource and to test key exploration targets and concepts.

The completion of 39 RC drill holes at the 4100N Zone during 2023 has confirmed a large volume of mineralization with significant resource potential. The mineralization is flat-lying and continuous over a significant lateral extent. The latest assays confirm thick intervals of copper mineralization on the margins of the 4100N Zone, giving strong indications that the mineralization remains open laterally in most directions.

The flat-lying geometry, stratabound nature and metal zonation are typical of sediment-hosted copper deposits. The abundance of similar mineralization elsewhere at Storm, both at the surface and at depth, suggests that the 4100N Zone could be one element of a much larger-scale sediment-hosted copper system. The known mineralization occurs within a predictable horizon and the grade of the mineralized intervals correlates directly to the density and volume of fractures/structures (i.e., available space) within the host dolomudstones.

Figure 2: Plan view of the 4100N Zone showing the interpreted footprint (defined by drilling, MLEM and VTEM) for the near-surface copper mineralization and drilling, overlaying regional geology. Stated drill hole intersections are all down hole length, and true width is expected to be 60% to 100% of stated length.

Several of the RC drill holes in the latest batch of results (SR23-33, -34, -40, and -54) were drilled in the eastern part of the 4100N Zone in an area of lesser brecciation and sulfide veining. This area is characterized by massive dolomudstones representing a local facies (i.e., textural and compositional) change within the sedimentary unit resulting in locally less available space for mineralization. Importantly, drilling has confirmed that the copper mineralization re-intensifies in more favourable host rock to the east as well as potentially north of this local massive dolomudstone zone (see SR23-55 description below).

EXPANDING THE 4100N ZONE NORTHWARDS - DRILL HOLE SR23-55 DETAILS

Exploration RC drill hole SR23-55 was drilled to a downhole depth of 150.9m and was designed to test a moderately conductive Fixed Loop Electromagnetic (FLEM) anomaly to the north of the 4100N Zone (Figure 3).

Figure 3: Plan view of the 4100N Zone showing the interpreted mineralized footprint (defined by drilling and EM) and drilling, overlaying FLEM imagery (Late time conductivity - Channel 16. Hotter colours and white indicate higher conductivity). Stated drill hole intersections are all down hole length, and true width is expected to be 90% of stated length.

The 2021 FLEM survey highlighted two distinct, late time anomalies with an apparent strike of approximately 200m and 500m respectively north of the known copper mineralization at the 4100N Zone. A single drill hole was designed to test the southernmost anomaly.

Drill hole SR23-55 intersected a 24.4m thick interval of breccia and vein copper sulfide mineralisation. The mineralized zone contains a stronger sulfide breccia interval of 7.6m @ 1% Cu, which includes 1.5m @ 2% Cu. The >2% copper mineralization is interpreted to be the source of the EM anomalism.

Significantly, a FLEM anomaly located over 300m to the north of drill hole SR23-55 has a higher conductivity and could represent larger volumes of >2% copper mineralisation. This anomaly is yet to be drill tested. These two anomalies cover an area of approximately 16 hectares and have the potential to host significant volumes of additional mineralization.

These EM targets and the expansion of the 4100N Zone are a priority of the 2024 exploration and drilling program.

EXPLORATION UPSIDE - NUMEROUS EM ANOMALIES REMAIN UNTESTED

Exploration drilling of high-priority electromagnetic (EM) anomalies and key geological features during 2023 has further expanded the footprint of the near-surface, high-grade copper mineralization at Storm.

The recent Lightning Ridge (combined 30.4m @ 2.2% Cu) and Thunder (48.6m @ 3% Cu) discoveries (see September 26, 2023, Aston Bay news release) continue to highlight the effectiveness of EM as a targeting tool and the correlation of EM anomalies with semi-massive and massive copper sulfides.

Two other high-priority EM targets were tested recently during the drilling program. In addition to drill hole SR23-55 described above, hole SR23-53 targeted a FLEM anomaly in the newly named Hailstone area beneath surficial copper gossans (Figure 4). The drill hole intersected four zones with minor chalcocite veining (<0.2% Cu) but is interpreted to have missed the targeted conductor. Although the conductor was modeled with low confidence due to its location on the edge of the survey loop, the presence of copper sulfides is encouraging. Additional EM surveys will be completed to better constrain the target for follow-up drilling.

Five significant, fault-related copper prospects (Thunder, Lightning Ridge, 3500N, 2750N and 2200N Zones) have been identified to date in the area around the southern graben fault. All of these discoveries are located at or close to the surface and have only been tested to a depth of approximately 100 vertical metres.

Drilling has confirmed that high-grade copper sulfides in the southern area are characterized by broad EM anomalies with a localized stronger EM signature. A number of these local ‘bullseye' features remain untested and have the potential to further expand the footprint of high-grade near-surface copper mineralization within this area (Figure 4). Significantly, the broader EM anomalies may represent a deeper zone of copper mineralization with much larger lateral extents, which are common features of sediment-hosted copper deposits.

Further exploration along strike of the vast fault network in the area will be designed to test both near-surface and deeper sediment-hosted copper mineralization. Approximately 10km of prospective structures have been identified in the southern graben area alone. Additional EM and gravity surveys are planned for the start of the 2024 season and will cover the Storm, Tornado, Blizzard, and Tempest prospect areas.

Figure 4: Plan view of the southern graben fault area showing the interpreted mineralized footprint (defined by drilling) and drilling, overlaying FLEM imagery (Late time conductivity - Channel 16. Hotter colours and white indicate higher conductivity) and regional geology. Stated drill hole intersections are all down hole length, and true width is expected to be 60% to 90% of stated length.