Aston Bay and American West Metals Announce Another Discovery and High-Grade Copper Intervals at the Storm Copper Project, Canada

5 September 2023

Another new discovery further expands the copper mineralization footprint at Storm:

(September 5, 2023) Aston Bay Holdings Ltd. (TSXV: BAY) (OTCQB: ATBHF) ("Aston Bay" or the "Company”) is pleased to report a new near-surface copper discovery as well as excellent drill results that confirm thick, high-grade copper over an expansive and growing footprint at the Storm Copper Project (“Storm” or the “Project”) on Somerset Island, Nunavut, Canada. The program 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.

Another new discovery further expands the copper mineralization footprint at Storm:

  • Exploration Reverse Circulation (RC) drill hole SR23-52 has intersected a total of 19m of strong visual copper sulfide mineralization in two zones from 32m downhole, delivering a new discovery in an underexplored area of the Project
  • The discovery is interpreted to be fault related and is located between the high-grade 2750N and 2200N Zones, which are located approximately 1km apart
  • The new copper zone has been named ‘Lightning Ridge’
  • Over 10km of prospective structures have been identified in the immediate area with further potential across the Project tenure

Initial assay results from the summer drilling program at the 2750N and 4100N Zones have returned high-grade near-surface high-grade copper intervals including:

  • Drill hole SM23-02 (4100N Zone diamond drill QA/QC hole) has intersected (hole length):
    • 46m @ 2.2% Cu from 64m, including,
      • 15.6m @ 4.2% Cu from 65m, including,
        • 0.3m @ 42.8% Cu from 67m
  • Drill hole SR23-21 (2750N Zone) has intersected (hole length):
  • 27.4m @ 1.5% Cu from surface, including,
    • 7.6m @ 4% Cu from 7.6m, and,
  • 27.4m @ 1.3% Cu from 30.5m, including,
  • 9.1m @ 2.15% Cu from 33.5m
  • Final assays for the summer drilling program comprising the remaining RC delineation holes and four deep diamond drill holes are expected regularly over the coming weeks

“Discovery strikes again with another new near-surface copper discovery in the excellent exploration work conducted by our partners American West at Storm” stated Thomas Ullrich, CEO of Aston Bay.

“The new Lightning Ridge discovery comes on the heels of the Thunder Zone discovery earlier this summer. We see the massive black chalcocite at the surface near the ridge edge south of the 2750N Zone and are pleased that the drill has confirmed that the mineralization continues at depth. As well, the drilling revealed a second copper zone that we believe is concealed beneath the scree at the bottom of the gully.

“Both Lightning Ridge and Thunder point to the exploration potential for additional copper mineralization to potentially add to the near-surface delineation program currently underway. The latest results from both the 2750N and 4100N Zones confirm the continuity of the mineralization and include extremely rich zones up to 43% copper (Figure 1). We are well on our way toward a maiden resource for the near-surface mineralization, with these new discoveries already highlighting the potential for expansion.

“Together with the exciting confirmation of sediment hosted copper mineralization at depth earlier this season, Storm is proving to be a compelling growth story for both near-surface development and deeper breakthroughs. We look forward to additional results from this season, and to continued exploration and discovery.”

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