Aston Bay and American West Metals Announce Major Copper Discovery at the Storm Copper Project, Canada

2 August 2023

August 2, 2023 – Aston Bay Holdings Ltd. (TSXV: BAY) (OTCQB: ATBHF) ("Aston Bay" or the "Company”) reports significant copper sulfide mineralization intercepts from the initial two diamond drill holes testing a blind gravity target at the Storm Copper Project (“Storm” or the “Project”) on Somerset Island, Nunavut, Canada. The program, still underway, is being conducted by American West Metals Limited (“American West”), who are the project operator since entering an option agreement with Aston Bay in March 2021.

Highlights:

• Diamond drilling of a large gravity target has intersected thick intervals of copper sulfides
• The discovery drill holes show similarities to many of the world’s major sediment-hosted copper systems, including the deposits of the Kalahari Copper Belt and Central African Copper Belt
• Total of 45.5m of visual sulfides intersected in drill hole ST23-01 comprising:
  • 30.5m of breccia-style visual copper sulfide (dominantly chalcocite) within three zones associated with the shallow copper mineralization of the 4100N Zone between 45m and 86m downhole, and deeper in the same hole,
  • 15m of visual breccia and vein-style copper sulfide (dominantly chalcopyrite)  between 332m and 347m downhole – the first discovery intersection
• Diamond drill hole ST23-02 has intersected a second and more impressive discovery zone:
• 37m of visual breccia-style copper sulfide (dominantly chalcocite with minor native copper) between 333m and 370m downhole
• The two diamond drill holes are located 680m apart – the continuity of the mineralized horizon and the size of the gravity anomaly (>5km long and up to 1km wide) suggests that drilling has potentially identified a large copper deposit

• Mineralization was intersected in both holes at the top of a modeled gravity anomaly, highlighting the potential effectiveness of the technique for exploration targeting
• Gravity targets similar to that intersected by these initial diamond drill holes cover an extensive area at Storm and remain untested by drilling, supporting the potential for a major, regional-scale copper system
• Diamond drilling continues on high-priority copper targets with first assays expected in the next 4 weeks
• Reverse circulation resource definition drilling is also underway on near-surface copper targets with results from the 2750N and 2200N Zones expected shortly

“Discovery of sedimentary hosted copper has been the true goal for all explorers at Storm, including Aston Bay. I’m delighted to report that, finally, the quest has succeeded, and we have definitive proof of a new sediment hosted copper system,” stated Thomas Ullrich, CEO of Aston Bay. “Our geological model has predicted the presence of chalcocite in permeable sedimentary horizons, hidden in the subsurface - this discovery proves it.  The copper is there. Not only have we hit a significant mineralized interval, but presence of chalcocite in the latest hole provides a vector to more copper-rich mineralization within this very large gravity anomaly.

“Both initial drill holes have intersected higher-density copper sulfide mineralization at the top of the modeled density anomaly, and at the same stratigraphic horizon. This confirms the presence of hidden sediment hosted copper mineralization as predicted and, importantly, demonstrates that we have a potentially effective targeting tool to find it: the ground gravity surveys yield excellent resolution and depth control, proven with success at the drill bit.  

“Airborne and ground gravity surveys have revealed anomalies, both blind and those associated with surface copper mineralization, for over 10km to the west and south of this discovery. This offers tremendous potential for additional discovery. This discovery is analogous to the world-famous copper belts in Africa that contain some of the world’s largest and highest grade copper deposits.”

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