Aston Bay Receives C$1.38 Million Preliminary Royalty Fee for the Storm Copper Challenge, Canada

Drilling continues 24/7

The useful resource potential of the Cyclone Deposit is additional highlighted with distinctive high-grade copper intervals confirmed by assays together with:

Drill gap SR24-057 has intersected:

• 1.5m @ 13.5% copper (“Cu”), 23g/t silver (“Ag”) from 54.9m downhole, and,

• 3.1m @ 2.0% Cu, 8.0 g/t Ag from 85.3m downhole, and,

• 1.5m @ 1.8% Cu, 3.0g/t Ag from 109.7m downhole

Drill gap SR24-035 has intersected:

• 3.1m @ 3.9% Cu, 10.5g/t Ag from 57.9m downhole, together with,

  • 1.5m @ 5.9% Cu, 16.0g/t Ag from 57.9m downhole, and,

4.6m @ 1.4% Cu, 5.0g/t Ag from 71.6m downhole, together with,

1.5m @ 3.1% Cu, 11.0g/t Ag from 71.6m downhole

Drill gap SR24-031, situated exterior of the recognized zone of mineralization, has intersected:

• 27.4m @ 1.1% Cu, 3.5g/t Ag from 96m downhole, together with,

Exploration drilling and Shifting Loop Electromagnetics (MLEM)

• Drilling of an MLEM anomaly in an untested space south of the Thunder Prospect has intersected robust visible copper sulfides from roughly 181.4m downhole – this new discovery is known as ‘Squall‘

• The deep-searching 400m loop MLEM survey is at present underway at Twister the place it has recognized two EM anomalies spatially coincident with outcropping copper

• Drilling of the 1,300m x 500m EM anomaly under the Cirrus Deposit is in progress with the diamond gap deliberate to a depth of 600m

Visible estimates of mineral abundance ought to by no means be thought of a proxy or substitute for laboratory analyses the place concentrations or grades are the issue of principal financial curiosity. Laboratory assays are required to find out the presence and grade of any contained mineralization throughout the reported visible intersections of copper sulfides. Moveable XRF is used as an help within the willpower of mineral kind and abundance throughout the geological logging course of.

TORONTO, ON / ACCESSWIRE / September 3, 2024 / Aston Bay Holdings Ltd. (TSXV:BAY)(OTCQB:ATBHF) (“Aston Bay” or the “Firm”) is happy to offer an replace on drilling actions and geophysical surveys on the Storm Copper Challenge (“Storm” or the “Challenge”) on Somerset Island, Nunavut. The exploration program is being carried out by American West Metals Restricted (“American West”), who’s the operator of the Challenge. Aston Bay and American West have shaped a 20/80 unincorporated three way partnership in respect of the Storm Challenge property, with Aston Bay sustaining a free carried curiosity till a call to mine upon completion of a bankable feasibility research.

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

“The excellent outcomes preserve coming in from the exploration program carried out by our companion American West at Storm. The drilling, which has exceeded the deliberate 20,000m of drilling, continues to increase the recognized areas of copper mineralization with extra RC and diamond drill holes underway.

“As well as, we now have made one other vital copper discovery, named “Squall,” by drilling a blind MLEM geophysical goal. That is the second discovery from drilling MLEM anomalies this 12 months. Each discoveries are within the little-explored Southern Graben space the place there is no such thing as a outcropping copper mineralization, spotlighting each the expansion potential for a useful resource at Storm and confirming the effectiveness of MLEM in pointing the best way to copper discoveries.

“The diamond drill has simply began spinning on a brand new MLEM goal situated under the Cirrus deposit. The configuration of this massive 1,300m x 500m anomaly suggests a probably mineralized horizon with feeder faults as predicted by the geological mannequin and as seen elsewhere at Storm. With the optimistic hit charge drilling EM targets at Storm, we eagerly anticipate seeing this core.

“Exploration actions on the Twister, Blizzard, and Tempest areas are additionally yielding very compelling targets, with further work, together with drilling, underway.”

OVERVIEW

A complete of 128 RC drill holes and 14 diamond drill holes have been accomplished at Storm and Tempest throughout 2024, exceeding the deliberate goal of 20,000m (Determine 1). Drilling continues, with additional assays anticipated in batches over the approaching weeks.

Latest outcomes from the Cyclone Deposit have confirmed additional intersections of very high-grade copper as much as 13.5% Cu each inside and outdoors of the present useful resource envelope.

Exploration drilling focusing on an MLEM anomaly within the Southern Graben space has intersected robust visible copper sulfides on the finish of the opening. The brand new discovery and space have been named ‘Squall‘ and the drill gap is being prolonged to substantiate the complete extent of the mineralization.

The deep-searching MLEM survey is at present underway within the Twister and Blizzard areas and has recognized two high-priority EM anomalies situated in beneficial stratigraphy and spatially coincident with outcropping copper. Earlier drilling at Storm has confirmed the robust correlation between EM targets and high-grade copper sulfides, the newest instance being Squall, which makes these compelling targets probably resulting in the invention of copper inside a brand new and untested space.

Determine 1: Latest and current drill gap areas and copper deposit outlines, overlain on aerial pictures.

EXCEPTIONAL COPPER HITS AT CYCLONE

Assay outcomes from drill holes SR24-026, -027, -031, -033, -035, -037, -039, -055, -057, and -059 have been obtained and proceed to substantiate thick, near-surface intervals of copper sulfide mineralization.

The drilling outcomes exhibit constant copper grades and spotlight the wonderful lateral continuity of the high-grade mineralization inside Cyclone (Determine 2). Moreover, thick intervals of coherent copper mineralization (>1% Cu) have been intersected exterior of the prevailing recognized zone of copper mineralization, highlighting the useful resource potential to the north and south of the deposit.

Drilling has confirmed {that a} small space within the central-eastern portion of the useful resource is characterised by a “tight” huge dolomudstone facies with lesser brecciation and sulfide veining.

RC drilling at Cyclone continues with a give attention to increasing the potential useful resource to the west, north, and northeast. Drilling at Storm over the previous three seasons has been designed to tell an upcoming maiden mineral useful resource that’s at present being constructed to CIM requirements, with the discharge of the useful resource anticipated by 12 months’s finish.

Determine 2: Plan view of the Cyclone Deposit displaying the copper mineralized zone outlines and historic and up to date drilling, overlain on regional geology.

DRILL HOLE SR24-057 DETAILS

SR24-057 has returned distinctive copper grades within the far-eastern a part of Cyclone defining new extensions to mineralization. The drill gap, and others round it, have the potential to considerably bolster the higher-grade assets throughout the far-eastern finish of the Cyclone deposit.

4 zones of robust copper sulfide mineralization hosted inside fractured dolomite of the Allen Bay Formation had been intercepted within the gap.

The higher 1.5m-thick zone of semi-massive chalcocite yielded 13.5% Cu, probably extending the higher lode of copper mineralization (Determine 3) to the northeast by roughly 100m.

The decrease three zones include robust (as much as 3.7% Cu) vein- and fracture-style chalcocite mineralization with minor chalcopyrite bounded by extensive zones of decrease grade (

This depth and character of copper mineralization in SR24-057 is characterised by vital lateral continuity inside Cyclone. This, and the spatial relationship to the equally mineralized drill gap SR24-031 (see under description), is a robust indicator for potential useful resource progress at what’s now the jap boundary of the deposit.

Determine 3: SW-NE Geological schematic part view by means of SR24-033 and SR24-057 displaying the current drill gap areas, current assays, and the interpreted zones of copper mineralization.

DRILL HOLE SR24-031 DETAILS

Drilled to the north-east of the Cyclone Deposit, SR24-031 was designed to check for potential extensions of copper mineralization to the north of Cyclone, between the beforehand recognized restrict of mineralization and 2023 drill gap SR23-55 (7.6m @ 1.0% Cu from 105.2m downhole, together with 1.5m @ 2.0% Cu from 109.7m downhole).

Three zones of copper sulfide mineralization had been intersected (Determine 4). A thick interval of mineralization is vertically zoned with a robust chalcocite-dominant internal core (between 96m and 121.9m downhole) with chalcopyrite margins. This zonation of copper minerals is typical of sediment-hosted copper programs. The 27.4m thick primary zone of mineralization (averaging 1.1% Cu and three.4g/t Ag from 96m downhole) comprises a 4.6m thick zone of very robust chalcocite veining averaging 3.1% Cu and seven.7g/t Ag from 109.7m downhole.

The drill gap is situated inside a big and little-tested space to the north of Cyclone. The thickness and mineralogy of the copper mineralization in each SR24-031 and -057 have the potential so as to add vital assets to the north of the Cyclone Deposit.

Determine 4: Geological schematic part view at 465,400E displaying the current drill gap assays and the interpreted zones of copper mineralization.

Desk 1: Abstract of current vital drilling intersections on the Cyclone Deposit (>0.2% Cu).

SQUALL – NEW COPPER DISCOVERY

The current EM surveys within the Storm space recognized over 10 new, near-surface targets with a 200m loop survey (designed to display screen from 0-200m depth) and an extra 5 new deeper targets recognized with the 400m loop survey (screening >200m depth).

The primary of those anomalies to be drill examined throughout 2024 resulted within the discovery of the Hole Prospect and was proven to be associated to high-grade copper sulfides (8m @ 5.3% Cu from 39m downhole in drill gap SR24-03).

DRILL HOLE SR24-108 DETAILS

RC drill gap SR24-108 was designed to check high-priority EM anomaly A3, which is seen within the information from each the 200m and 400m loop EM surveys (Determine 5). The coincident information recommended that the goal could also be situated at a depth that crossed the designed detection ranges of the 2 surveys.

Drilling achieved the utmost achievable depth of 182.9m downhole, restricted by accessible drill rods. The drill gap is interpreted to have hit the jap fringe of the anomaly and intersected robust visible copper sulfides within the final sampling interval of the opening (181.4 – 182.9m). The presence of copper has been confirmed with spot readings by moveable XRF.

The interval comprises robust visible chalcocite hosted inside dense breccias and veins, typical of the copper deposits at Storm. The copper sulfides have been domestically weathered to malachite and the host unit seems to be oxidizedoxidized.

Further drill rods have been sourced to increase the drill gap to check the complete extent of the mineralized interval. The brand new discovery has been named “Squall.’

Determine 5: 400m loop MLEM picture (CH20BZ) overlain on drilling and the geological and structural interpretation of the Storm space. The MLEM anomalies mentioned on this report are labeled A1- A5.

Visible estimates of mineral abundance ought to by no means be thought of a proxy or substitute for laboratory analyses the place concentrations or grades are the issue of principal financial curiosity. Laboratory assays are required to find out the presence and grade of any contained mineralization throughout the reported visible intersections of copper sulfides. Moveable XRF is used as an help within the willpower of mineral kind and abundance throughout the geological logging course of.

Desk 2: Abstract geological log for drill gap SR24-108. Drill gap was terminated at 182.9m because of availability of drill rods.

Mineralization key for Desk 2: cc = chalcocite, chpy = chalcopyrite, br = bornite, py = pyrite, Cu = native copper, ct = cuprite, ml = malachite, sph = sphalerite, ga = galena. (5%) = visible estimation of sulfide content material

CIRRUS AND GAP DRILLING

Diamond drilling additionally continues on the biggest of the southern EM anomalies, situated at depth under the Cirrus Deposit and Hole Prospect (Anomaly A1 on Determine 5; see Determine 6 for interpreted cross part). The 1,300m x 500m flat-lying goal is bounded by a collection of enormous, steeply dipping EM plates (approx. 350m to high, conductance ~40-60 siemens, average ~40°-60° south-southwest dip, hanging east-southeast) at its the northern edge the place the anomaly is truncated on the Southern Graben Fault.

The sub-vertical conductors are interpreted to symbolize faults, probably the plumbing system accountable for transferring mineralizing fluids, that intersect the massive, flat-lying conductance anomaly representing a permeable horizon. Each the faults and the flat horizon could now be mineralized by sulfides, inflicting the EM response. Comparable EM anomalies drilled at Storm have been confirmed as copper sulfides, making this massive anomaly a compelling drill goal.

Determine 6: 3D ortho-section view (wanting NW) displaying MLEM imagery, modeled conductors and drill gap ST24-03, at present underway, with deliberate drill gap hint (CH20Z MLEM picture – hotter colors point out greater conductivity).

TORNADO – MLEM HIGHLIGHTS NEW CONDUCTORS

The MLEM surveys are at present underway within the Twister and Blizzard areas, that are situated roughly 10km alongside strike to the east of Storm. The geological setting is interpreted to be an identical to that of Storm and comprises quite a few outcropping copper occurrences.

Quite a lot of EM anomalies have been recognized within the preliminary information, a few of that are coincident with geochemical copper anomalies and copper gossans at floor (Determine 7).

The fly RC drill rig has moved all the way down to the world and as soon as the ultimate modeling and interpretation of the EM information is full, will check the brand new high-priority EM targets. The drilling may also initially check a lot of key geological options to achieve a greater understanding of the stratigraphy of the world and to assist within the interpretation of the MLEM information.

Determine 7: MLEM picture (CH18BZ) of the Twister and Blizzard 400m loop survey overlaying geology and interpreted main faults. Hotter colors point out greater conductivity.

PLANNED PROGRAM

• RC drilling is continuous within the Storm space with the track-mounted drill rig on useful resource growth and high-priority geophysical targets.

• The fly RC drill rig has moved to the Twister and Blizzard copper prospects.

• Diamond drilling is in progress on deep exploration targets within the Storm space, with ST24-03 underway.

• Further assays for the continuing drill program are anticipated throughout the subsequent 2 to 4 weeks.

• Deep-looking EM surveys are underway within the Twister and Blizzard copper prospect areas.

• The environmental monitoring, archaeology, and survey actions for the 2024 program have been accomplished, with closing experiences anticipated within the coming months.

Particulars of the delineation drilling and exploration drill holes for the 2024 program can be found at https://astonbayholdings.com/information/2024-storm-drill-hole-details/.

Certified Individual

Michael Dufresne, M.Sc., P.Geol., P.Geo., is a professional particular person as outlined by Nationwide Instrument 43-101 and has reviewed and permitted the scientific and technical info on this press launch.

Concerning the Storm Copper and Seal Zinc-Silver Initiatives, Nunavut

The Nunavut property consists of 173 contiguous mining claims masking an space of roughly 219,257 hectares on Somerset Island, Nunavut, Canada. The Storm Challenge contains each the Storm Copper Challenge, a high-grade sediment-hosted copper discovery (intersections together with 110m* @ 2.5% Cu from floor and 56.3* @ 3.1% Cu from 12.2m in addition to the Seal Zinc Deposit (intersections together with 14.4m* @ 10.6% Zn, 28.7g/t Ag from 51.8m and 22.3m* @ 23.0% Zn, 5.1g/t Ag from 101.5m). Moreover, there are quite a few underexplored and undrilled targets throughout the 120-kilometre strike size of the mineralized pattern, together with the Twister copper prospect the place 10 seize samples yielded >1% Cu as much as 32% Cu in gossans. The Nunavut property is now the topic of an 80/20 unincorporated three way partnership with American West (see “Settlement with American West” under for extra particulars).

Storm Discovery and Historic Work

Excessive-grade copper mineralization was found at Storm within the mid-Nineties by Cominco geologists conducting regional zinc exploration round their then-producing Polaris lead-zinc mine. A large chalcocite boulder present in a tributary of the Aston River in 1996 was traced to spectacular floor exposures of damaged chalcocite mineralization for lots of of metres of floor strike size at what grew to become named the 2750N, 2200N, and 3500N zones. Subsequent seasons of prospecting, geophysics and over 9,000 m of drilling into the early 2000s confirmed a major quantity of copper mineralization under the floor exposures in addition to making the blind discovery of the 4100N Zone, a big space of copper mineralization with no floor publicity.

Following the merger of Cominco with Teck in 2001 and the closure of the Polaris Mine, the Storm claims had been allowed to lapse in 2007. Commander Sources staked the property in 2008 and flew a helicopter-borne VTEM survey in 2011 however carried out no further drilling. Aston Bay subsequently entered into an earn-in settlement with Commander and consolidated 100% possession in 2015. Commander retained a 0.875% Gross Overriding Royalty within the space of the unique Storm claims which was bought by Taurus Mining Royalty Fund L.P. in January 2024.

In 2016 Aston Bay entered into an earn-in settlement with BHP, who carried out a 2,000-station soil sampling program and drilled 1,951m of core in 12 diamond drill holes, yielding as much as 16m* @ 3.1% Cu. BHP exited the settlement in 2017 and retains no residual curiosity within the mission. Aston Bay carried out a property-wide airborne gravity gradiometry survey in 2017 and drilled 2,913m in 9 core holes within the Storm space in 2018 yielding a finest intercept of 1.5m* @ 4.4% Cu and 20.5m* @ 0.6% Cu.

Settlement with American West

On March 9, 2021, Aston Bay entered into an possibility settlement with American West Metals Restricted (American West), and its wholly owned Canadian subsidiary Twister Metals Ltd., pursuant to which American West was granted an choice to earn an 80% undivided curiosity within the Challenge by spending a minimal of CAD$10 million on qualifying exploration expenditures. The events amended and restated the Possibility Settlement as of February 27, 2023, to facilitate American West straight incomes an curiosity within the Challenge alongside its Canadian subsidiary with none change to the general business settlement between the events. The expenditures had been accomplished throughout 2023, and American West exercised the choice. American West and Aston Bay have shaped an 80/20 unincorporated three way partnership.

Underneath the three way partnership, Aston Bay shall have a free carried curiosity till American West has decided to mine upon completion of a bankable feasibility research, which means American West might be solely accountable for funding the three way partnership till such resolution is made. After such resolution is made, Aston Bay might be diluted within the occasion it doesn’t elect to contribute its proportionate share and its curiosity within the Challenge might be transformed right into a 2% internet smelter returns royalty if its curiosity is diluted to under 10%.

Latest Work

American West accomplished a set loop electromagnetic (FLEM) floor geophysical survey in 2021 that yielded a number of new subsurface conductive anomalies. A complete of 1,534m had been drilled in 10 diamond drill holes within the 2022 season, yielding a number of spectacular near-surface intercepts together with 41m* @ 4.1% Cu in addition to 68m of sulfide mineralization related to a deeper conductive anomaly.

In April 2022, outcomes of beneficiation research demonstrated {that a} mineralized intercept grading 4% Cu from the 4100N space might be upgraded to a 54% Cu direct ship product utilizing normal sorting expertise. Additional beneficiation and metallurgical research are ongoing.

In April 2023, American West launched into a spring delineation drilling program utilizing a helicopter-portable RC drill rig in addition to conducting gravity and transferring loop electromagnetic (MLEM) floor geophysical packages.

The summer season 2023 program carried out additional delineation drilling of the near-surface high-grade copper zones to advance them towards maiden useful resource estimates in 2024. Deep diamond drilling throughout 2023 found high-grade copper sulfides as much as 2.7% Cu at roughly 300m vertical depth (ST23-02), suggesting the potential for discovery of large-scale copper targets at depth.

Diamond drilling of recent high-priority deep MLEM targets, RC delineation drilling for useful resource growth and extra geophysical surveys at the moment are underway within the 2024 program. Metallurgical research and environmental baseline research are ongoing, with bulk sampling for prefeasibility-level processing deliberate for summer season 2024.

*Acknowledged drill gap intersections are all core size, and true width is predicted to be 60% to 100% of core size.

About Aston Bay Holdings

Aston Bay is a publicly traded mineral exploration firm exploring for high-grade essential and treasured metallic deposits in Nunavut, Canada and Virginia, USA.

The Firm is at present exploring the Storm Copper Property and Cu-Ag-Zn-Co Epworth Property in Nunavut, and the high-grade Buckingham Gold Vein in central Virginia. The corporate can be in superior phases of negotiation on different lands with high-grade essential metals potential in North America

The Firm and its three way partnership companions, American West Metals Restricted and its wholly-owned subsidiary, Twister Metals Ltd. (collectively, “American West“) have shaped a 20/80 unincorporated three way partnership in respect of the Storm Challenge property, which hosts the Storm Copper Challenge and the Seal Zinc Deposit. Underneath the unincorporated three way partnership, Aston Bay shall have a free carried curiosity till American West has decided to mine upon completion of a bankable feasibility research, which means American West might be solely accountable for funding the three way partnership till such resolution is made. After such resolution is made, Aston Bay might be diluted within the occasion it doesn’t elect to contribute its proportionate share and its curiosity within the Storm Challenge property might be transformed right into a 2% internet smelter returns royalty if its curiosity is diluted to under 10%.

About American West Metals Restricted

AMERICAN WEST METALS LIMITED (ASX: AW1) is an Australian clear vitality mining firm centered on progress by means of the invention and growth of main base metallic mineral deposits in Tier 1 jurisdictions of North America. The corporate’s technique is concentrated on creating mines which have a low-footprint and assist the worldwide vitality transformation. AW1’s portfolio of copper and zinc initiatives in Utah and Canada embody vital current useful resource inventories and high-grade mineralization that may generate strong mining proposals. Core to AW1’s strategy is a dedication to the moral extraction and processing of minerals and making a significant contribution to the communities the place its initiatives are situated.

Led by a extremely skilled management staff, AW1’s strategic initiatives lay the inspiration for a sustainable enterprise which goals to ship high-multiplier returns on shareholder funding and financial advantages to all stakeholders.

For additional info on American West, go to: www.americanwestmetals.com.

FORWARD-LOOKING STATEMENTS

Statements made on this information launch, together with these concerning getting into into the three way partnership and every social gathering’s curiosity within the Challenge pursuant to the settlement in respect of the three way partnership, administration goals, forecasts, estimates, expectations, or predictions of the long run could represent “forward-looking assertion”, which may be recognized by means of conditional or future tenses or by means of such verbs as “imagine”, “count on”, “could”, “will”, “ought to”, “estimate”, “anticipate”, “mission”, “plan”, and phrases of comparable import, together with variations thereof and detrimental kinds. This press launch comprises forward-looking statements that replicate, as of the date of this press launch, Aston Bay’s expectations, estimates and projections about its operations, the mining business and the financial surroundings during which it operates. Statements on this press launch that aren’t supported by historic reality are forward-looking statements, which means they contain danger, uncertainty and different components that would trigger precise outcomes to vary materially from these expressed or implied by such forward-looking statements. Though Aston Bay believes that the assumptions inherent within the forward-looking statements are affordable, undue reliance shouldn’t be positioned on these statements, which apply solely on the time of writing of this press launch. Aston Bay disclaims any intention or obligation to replace or revise any forward-looking assertion, whether or not because of new info, future occasions or in any other case, besides to the extent required by securities laws.

Neither TSX Enterprise Alternate nor its regulation providers supplier (as that time period is outlined in insurance policies of the TSX Enterprise Alternate) accepts duty for the adequacy or accuracy of this information launch.

For extra info contact:

Thomas Ullrich, Chief Govt Officer
thomas.ullrich@astonbayholdings.com
(416) 456-3516

SOURCE: Aston Bay Holdings Ltd.

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