Aston Bay and American West Metals Report 22.9m @ 8.5% Cu Intersected at the Storm Project, Nunavut, Canada

Drill results outside of known mineralization confirm the expansion potential

Cyclone resource upgrade and expansion:

• Assays confirm that the resource drilling around and within the Cyclone Deposit has intersected further thick high-grade copper intervals including:

• Drill hole SR24-093 was drilled 75m southof the current known area of mineralization and has intersected:

  • 53.3m @ 3.9% copper (Cu), 12.6 grams per tonne (g/t) silver (Ag) from 86.9m downhole, including,

    • 22.9m @ 8.5% Cu, 17.8g/t Ag from 86.9m downhole, including,

      • 9.1m @ 14.4% Cu, 21.3g/t Ag from 93m downhole

• Drill hole SR24-070 has intersected:

  • 45.7m @ 1.9% Cu, 9.4g/t Ag from 35.1m downhole, including,

    • 27.4m @ 3.1% Cu, 14.6g/t Ag from 35.1m downhole, including,

      • 15.2m @ 4.2% Cu, 16.2g/t Ag from 35.1m downhole

• Drill hole SR24-045 has intersected:

  • 57.9m @ 1% Cu, 4.3g/t Ag from 32m downhole, including,

    • 10.7m @ 3.2% Cu, 16.0g/t Ag from 65.5m downhole

Sealift and 2025 program preparation:

• NEAS cargo ship MV Mitiq has successfully completed the 2024 sealift operation at Storm

• The sealift has delivered large quantities of supplies directly on Somerset Island for the 2025 exploration, resource expansion, and development programs, which is expected to save an estimated $4 Million on the 2025 budget

• Bulk samples containing copper were also transported offsite via the cargo ship, demonstrating the complete logistics chain for the potential direct shipping product mining operation

TORONTO, ON / ACCESSWIRE / September 27, 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"), 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:

"It is exciting to hit such a long interval of high-grade copper outside of the previously known zone of mineralization as we work toward calculation of a maiden resource estimate this fall. This suggests there is more to be found, and it bodes well for additional discoveries and expansion of the known existing mineralization with next year's campaign.

"We congratulate NEAS on the arrival of their cargo ship MV Mitiq into Aston Bay. This sealift is a first for the project that will significantly reduce the cost for both the delineation drilling and exploration diamond drilling programs next year. The successful operation demonstrates that bulk cargo and equipment can be economically transported to the project and that potential products could be delivered to market on the return journey. This will play an important part in future programs and development plans at Storm."

Figure 1: NEAS cargo ship MV Mitiq at anchor in Aston Bay for the Storm Project sealift.

EXCEPTIONAL COPPER INTERSECTIONS CONTINUE AT CYCLONE

Assay results from the latest batch of drill holes have been received and continue to highlight the expansion and upgrade potential of the Cyclone Deposit (Figure 2).

The latest assays have confirmed very thick and high-grade intersections of copper within and outside of the current known mineralization envelope, particularly at the west end and to the south of the deposit. The west end of Cyclone hosts the shallowest and highest-grade copper mineralization within the deposit, considered very favourable for a potential open-pit mining operation in future. The infill drilling also continues to confirm the excellent lateral continuity of the mineralization.

Assays for the remainder of the outstanding drill holes are expected in batches over the coming weeks.

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 SR24-093 DETAILS

SR24-093 was drilled to the southwest of the Cyclone Deposit and to a downhole depth of 150.9m (Figure 3). The drill hole was designed to follow up other strong copper intersections outside of the known mineralization in the southern area including SR24-009 which intersected 15.2m @ 1.4% Cu, including 1.5m @ 6.4% Cu from 109.7m downhole (See August 15, 2024, Aston Bay news release.

Drill hole SR24-093 intersected 53m of strong chalcocite mineralization (53.3m @ 3.9% Cu) from 86.9m downhole with an intensely mineralized zone and semi-massive sulfide zone between 86.9m and 109.7m downhole averaging 8.5% Cu over 22.9m (Table 1).

The mineralized Allen Bay host rock in SR24-093 is displaced downward relative to the Cyclone Deposit south of the large fault that forms the northern boundary of the Central Graben. The faults that define this large block of down-dropped prospective rock within the Central Graben either host or are spatially associated with the majority of the copper mineralization at Storm. The graben block itself, with the prospective Allen Bay stratigraphic horizon covered by the barren overlying Douro formation at the surface, is little explored. These new intercepts highlight the potential for the Central Graben to host significant copper mineralization concealed at depth.

The large 75m step-out from the previous drilling, thickness, and grade of the copper mineralization are promising for the discovery of additional mineralization to the southwest of the Cyclone Deposit and elsewhere in the large but underexplored Central Graben.

Figure 3: N-S geological schematic section view through SR24-093 and SR24-073 showing the recent drill hole locations, recent assays, and the interpreted zones of copper mineralization..

DRILL HOLE SR24-045 and SR24-070 DETAILS

SR24-045 and SR24-070 are located on the same drill section and have intersected intense copper sulfide mineralization on the margins of the known zones of mineralization at Cyclone (Figure 2).

Mineralization in both drill holes consists of zones of intense vein- and fracture-style copper sulfide mineralization with thick intervals over 3% Cu hosted within fractured dolomite of the Allen Bay Formation.

The dominant copper sulfide mineral observed within the drill holes is chalcocite, with minor bornite and chalcopyrite on the margins of the mineralized intervals and within veins. The mineralogy and intensity of copper mineralization is typically characterized by significant lateral continuity within Cyclone.

Figure 4: Geological section view at 464,850E showing the mineralized intervals (>0.2% Cu) for drill holes SR24-011, SR24-15 and SR24-023, and the interpreted zones of copper mineralization.

SEALIFT - DEMONSTRATION OF COMPLETE LOGISTICS CHAIN

The NEAS cargo ship MV Mitiq has recently completed a sealift operation at the Storm Project. The ship anchored in Aston Bay and has delivered large quantities of aviation and diesel fuel, salt for diamond drilling, lumber, heavy machinery, and other supplies in preparation for the 2025 exploration and delineation drilling program.

The sealift is carried out using large, tugboat-guided barges maneuvered onto a suitable beach (Figure 5), and then off-loaded using large wheeled loaders. Materials are hoisted from the ship to the barges (and vice versa) using large cranes. This system eliminates the need for wharves or other port infrastructure to load and unload cargo (Figures 6 & 7).

The sealift has also demonstrated the loading operations and sent bulk samples of RC chips off-site. The mineralized samples will be used for metallurgical purposes and the process has demonstrated the complete logistics chain for a potential mining operation at the Storm Project: it is envisaged that potential copper direct shipping product would be transported to market in sea containers via sealift on empty ships returning to port on the east coast of Canada.

Whereas the sealift has incurred expenses on the 2024 program, the exercise is expected to save approximately $4m on the 2025 program budget.

Figure 5: Photo of the sealift tug and barging operation underway on Aston Bay, Nunavut.

Figure 6: Offloading of cargo at the Storm Project Marine Loading Area (MLA), on the coast of Aston Bay, Nunavut.

Figure 7: Photo of the Storm Project Marine Loading Area (MLA), on the coast of Aston Bay, Nunavut.