Aston Bay Announces Initial Assays Confirming Thick Intervals of Copper Mineralization at the Storm Copper Project, Nunavut

• Assays have been received for drill hole SR23-01, confirming a total of 28.9m of high-grade copper mineralization, comprising:
  • 15.2m* @ 1.2% Cu, including 4.6m @ 2.8% Cu from 54.9m, and;
  • 7.6m* @ 1.2% Cu, including 3.1m @ 2.4% Cu from 79.3m, and;
  • 6.1m* @ 1.1% Cu, including 3.1m @ 1.4% Cu from 120.4m (*downhole length)
• Another eight Reverse Circulation (RC) drill holes have been completed at the 4100N Zone with all drill holes intersecting thick intervals of strong visual copper sulfide mineralization
• The recent drilling at the 4100N Zone has defined strong near-surface copper mineralization over 850m x 300m and remains open along strike
• RC drilling continues at Storm with further drill holes added to the resource definition program at the 4100N Zone
• All current drill samples have been sent to the laboratory for analysis

TORONTO, ON / ACCESSWIRE / May 23, 2023 / Aston Bay Holdings Ltd. (TSXV:BAY)(OTCQB:ATBHF) ("Aston Bay" or the "Company") reports initial assay results confirm thick intervals of copper mineralization from its ongoing delineation drilling program at the Storm Copper Project ("Storm" or the "Project") on Somerset Island, Nunavut, Canada. This is the second drilling program for American West Metals Limited ("American West"), who are the project operator, since entering an option agreement with Aston Bay in March 2021.

"Impressive results continue to come in from the ongoing exploration conducted by our partner American West Metals at Storm," stated Thomas Ullrich, CEO of Aston Bay.

"These assay results from the first reverse circulation drill hole of the season confirm the presence of significant copper mineralization, exceeding the initial visual estimates. This increases our confidence in both the core logging and our assumptions on the continuity of the mineralization at the 4100N Zone.

"We look forward to continuing good news from the results of the ongoing drilling, as well as from the interpretation of the recently completed geophysical programs now being processed."

Assay results have been received for drill hole SR23-01, the first hole of the current program, and confirm the presence of thick intervals of near-surface copper sulfides. The assays indicate that the mineralized intervals in SR23-01 have exceeded our visual estimations as reported in the Company's May 9^th, 2023, press release.

The drilling program is ongoing and continues to intersect significant lengths of visual copper sulfide mineralization within the central and western portion of the known mineralized zone at the 4100N Zone (see Table 1). Due to continuing success and an expansion of the mineralized footprint, further drill holes have been added to the 4100N Zone program.

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 1: 2023 program drill hole details and copper mineralization summary. Note - depth in metres has been converted from measurements in feet and is rounded. The "Visual Sulfide Mineralization" data is based on laboratory assays for SR23-01 and visual estimates for the remainder; length is downhole length.

ASSAYS CONFIRM GRADE AND THICKNESS OF COPPER MINERALIZATION

The assay results from drill hole SR23-01 have been received and confirm the intersection of thick intervals of near-surface copper sulfides (Figure 1).

The assayed intervals of SR23-01 closely match and exceed the intervals that were identified visually, validating the classification of strong visual copper sulfides (estimated to be >1% Cu) during the logging process.

DRILL HOLE SR23-01 DETAILS

SR23-01 was drilled to a downhole depth of 137.2m and was the first drill hole completed in the 2023 drill program. The drill hole forms part of a program that is designed to determine the resource potential of the near-surface 4100N Zone (Figure 2 & 3).

The drill hole is located in the central portion of the 4100N Zone and was designed to test the continuation of the mineralization between two historical drill holes, ST97-13 and ST00-63 (Figure 1).

SR23-01 intersected three zones of vein and fracture-style copper sulfide mineralization interpreted to be near horizontal and hosted within fractured dolomite.

The sulfide abundance and grade of the mineralized intervals within SR23-01 are very similar to that of the historical drill holes along section 465000E. This demonstrates good lateral continuity of the mineralized zones and is a positive outcome for the resource potential at the 4100N Zone.

Table 2 below summarises the significant intersections from drill hole SR23-01. Intersections are expressed as downhole widths and are interpreted to be approximately 90% of true width. A cut-off grade of 0.5% copper is used to define a significant intersection and is based on sulfide mineralogy, mineralization habit and expected beneficiation performance.

Table 2: Summary of significant drilling intersections for drill hole SR23-01 (>0.5% Cu)

DRILLING SUCCESS CONTINUES

Eight additional drill holes have been completed at the 4100N Zone and continue to highlight the significant resource potential of the near-surface mineralization at Storm. Every drill hole to date within the current program (17 drill holes) has intersected thick intervals of visual sulfides, which have been confirmed to contain copper based on portable XRF analysis.

The mineralized footprint at the 4100N Zone has been shown by historical drilling to extend over an area of approximately 32 hectares. The Company considers that there is an outstanding opportunity to define a significant near-surface resource base that could support an initial low-cost, open-pit mining operation.

RECENTLY COMPLETED DRILL HOLE DETAILS

The latest drill holes (SR23-10, SR23-11, SR23-12, SR23-13, SR23-14, SR23-15, SR23-16 and SR23-17) have continued to intersect thick intervals of copper sulfide mineralization within the central and western parts of the 4100N Zone.

The mineralization is visually similar to the previous drill holes completed in the current program and is characterized by thick zones of strong copper sulfide mineralization within a broad mineralized package of vein, fracture and disseminated style mineralization. The mineralized horizons are relatively flat lying, laterally extensive in nature and remain open along and across strike.

Only the stronger visual mineralization has been reported in Table 1.

The dominant copper sulfide minerals observed within the drill holes to date are chalcocite, with chalcopyrite and bornite also present in abundance. Minor native copper and copper oxides (mostly malachite and cuprite) are also present.

The copper mineralization is hosted within distinctive horizons of the Allen Bay Formation, which is comprised of massive to thinly bedded dolomicrites.

Drill hole SR23-16 has intersected copper sulfide mineralized rocks of the Allen Bay Formation which are cut by a large fault in the lower portion of the drill hole. The interpreted fault consists of clay and fractured dolomudstone and is evident in the geophysical data as a north-south orientated feature. The mineralized copper horizons are continuous either side of the fault.

DRILL HOLE VISUAL LOGS

Intersections below are expressed as downhole lengths and are interpreted to be close to true widths. Visual estimates of sulfide type, quantity and habit should not be considered a substitute for laboratory assays. Portable XRF analysis has been used to confirm the nature of the sulfide intercepts. Laboratory assays are required to determine the widths and grade of mineralization as reported in preliminary geological logging.

Mineralization key: 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.