New Zone of Thick, Near-Surface, High-Grade Copper at Storm Copper Project, Canada

2 July 2024

TORONTO, Ontario, July 2, 2024 – Aston Bay Holdings Ltd. (TSXV: BAY) (OTCQB: ATBHF) ("Aston Bay" or the "Company”) is pleased to present an update on drilling and exploration activities currently underway at the Storm Copper Project (“Storm” or the “Project”) on Somerset Island, Nunavut. The 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.

Grades of more than 7% copper in recent drilling of The Gap;planned 20,000m summer drilling program underway

  • Drill hole SR24-03 at the underexplored Gap prospect has intersected:
    • 20 metres (“m”) @ 2.3% copper (“Cu”) from 38m downhole, including,
      • 8m @ 5.3% Cu from 39m downhole, including,
        • 3m @ 7% Cu from 41m downhole
  • SR24-03 was drilled to test an electromagnetic (EM) anomaly, once again demonstrating the strong correlation between EM targets and very high-grade copper sulfide mineralization
  • A further 10 EM anomalies have already been identified by the 2024 EM program, with deep penetrating, high-resolution EM surveys planned to recommence this month around the existing Storm deposits as well as the regional Tornado, Blizzard, and Tempest areas
  • The summer drilling program is now underway with approximately 20,000m of drilling planned, initially using two Reverse Circulation (RC) rigs and one diamond drilling rig, to target: 
  • Resource definition at the Thunder high-grade discovery where drilling during 2023 intersected 48.6m @ 3% Cu from 32.4m (ST23-03)
  • Resource definition and extension at the Cyclone and Chinook Prospects
  • Shallow, high-priority EM targets within the Storm area
  • Large-scale geophysical targets below the Cyclone Prospect where drilling during 2023 discovered high-grade copper sulfides up to 2.7% Cu at approximately 300m vertical depth (ST23-02)
  • Bulk sampling for prefeasibility and development studies
  • Sealift to Storm locked-in for September 2024 with fuel and other drilling supplies as well as heavy mechanized equipment for the 2025 season already delivered to port in Montreal and ready for shipping to Storm

Thomas Ullrich, Chief Executive Officer of Aston Bay, commented:

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