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• 100% hit price continues for the deep diamond drilling with thick intervals of visible copper mineralization intersected at depth under the recognized near-surface copper deposits

• The drilling confirms the big lateral extent of the Storm copper system at depth – now intersected over 10 sq. kilometres – and highlights the potential of Storm to host large-scale stratigraphic and structurally hosted high-grade copper deposits just like these within the Central African Copperbelt

• Drill gap ST24-01 has intersected a mixed whole of 21.3 metres (“m”) of visible copper mineralization , which incorporates:

  • 6.37m of visible copper sulfide from 293.7m downhole, and

  • 2.43m of ample visible copper sulfide from 302m downhole

  • 12.5m of visible copper sulfide from 311m downhole, together with

• Drill gap ST24-02 has intersected a mixed whole of 99.2m of visible copper sulfide , which incorporates highlights:

  • 1.1m of ample visible copper sulfide from 195.5m downhole, and

  • 1.3m of ample visible copper sulfide from 204m downhole, and

  • 17.1m of average to ample visible copper sulfide from 404.3m downhole

• The deep search section of the Transferring Loop Electromagnetic (MLEM) survey has outlined a 1,300m x 500m anomaly at depth under the Cirrus Deposit and The Hole Prospect, with goal drilling now underway

Visible estimates of mineral abundance ought to by no means be thought-about 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 inside the reported visible intersections of copper sulfides. Transportable XRF is used as an support within the dedication of mineral sort and abundance through the geological logging course of.

TORONTO, ON / ACCESSWIRE / August 22, 2024 /Aston Bay Holdings Ltd. (TSXV:BAY)(OTCQB:ATBHF) (“Aston Bay” or the “Firm”) is happy to supply an replace on drilling actions on the Storm Copper Venture (“Storm” or the “Venture”) on Somerset Island, Nunavut. The exploration program is being carried out by American West Metals Restricted (“American West”), who’s the operator of the Venture. Aston Bay and American West have fashioned a 20/80 unincorporated three way partnership in respect of the Storm Venture 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 primary two deep diamond drill holes of this season have hit a formidable quantity of visible copper mineralization of the identical fashion as we see within the high-grade near-surface deposits. When added to the 5 deep holes drilled over the 2022 and 2023 seasons in a ten sq. kilometre space, all of which hit copper and related sulfide mineralization at depth, the “Storm Deeps” drilling is growing right into a compelling exploration story.

“The 2 new holes had been drilled on structural and stratigraphic targets earlier than the completion of the brand new deep-looking geophysical surveys which have yielded massive, robust anomalies on the identical stratigraphic stage because the copper intercepts within the deep holes. These electromagnetic surveys have confirmed very profitable in focusing on copper mineralization at Storm, and I count on the upcoming deep holes, together with one presently underway, will profit from improved focusing on of probably higher-grade and bigger zones of copper mineralization. I’m wanting to see what the drill rig reveals within the coming weeks.”

Determine 1: Drill core from ST24-01 from roughly 315.4 – 318m downhole. Dense veins and breccia of seen chalcocite (copper sulfide) might be seen as darkish sooty gray, inside mild gray/tawny dolomite host rocks. This interval additionally accommodates blebs of native copper (metallic mineral, prime proper).

DEEP COPPER SYSTEM EXPANDING

Diamond drill holes ST24-01 and ST24-02 have been accomplished on the Storm Venture with each drill holes constructing on the success of prior deep drilling applications by intersecting thick intervals of visible copper mineralization containing thinner subintervals of very ample visible copper.

The drill holes had been designed to check key geological targets at Storm and the potential for brand new zones of copper mineralization inside the ‘Deep Copper Horizon’ that was found throughout 2023 (see September 26, 2023, Aston Bay Information launch). Drill gap ST23-02 contained ample mineralization in a variety of slender bands with grades as much as 2.7% Cu at 356.5m downhole, confirming the presence of high-grade copper sulfides on the deeper stratigraphic ranges for the primary time. This vital discovery pointed to the potential for this deeper stratigraphic horizon to host probably financial copper mineralization. This idea is additional strengthened by the intersection of copper on the identical interpreted horizon in each subsequent deep drill gap.

The 2024 drill holes had been accomplished inside the Central Graben space, and to the south of the Southern Graben Fault, under the Thunder Prospect, and the Chinook and Corona Deposits.

Determine 2: Plan view of the Storm space displaying the geological interpretation, recognized copper deposit outlines, main faults, and deep diamond drill gap places.

The drill holes have intersected 21.3m and 99.2m of visible copper sulfides (respectively) inside what’s interpreted to be the equal of the identical mineralized stratigraphic horizon because the prior deep drilling. The invention of copper mineralization in these new places highlights the possibly laterally in depth nature of the deep copper system, which now covers an space of over 10km ² . The reader is reminded that the intervals are variably mineralized and that lateral continuity of the mineralization in these very widely-spaced drill holes has not but been demonstrated.

The 400m x 400m loop MLEM survey has additionally now been accomplished within the Storm space. The survey has recognized a number of high-priority anomalies together with a big, late-time anomaly positioned beneath the Cirrus Deposit and The Hole Prospect. The anomaly has the recognized extents of 1,300m x 500m and is strongest alongside the Southern Graben Fault. The third 2024 deep diamond drill gap is presently drilling this MLEM goal. The deep search EM is now surveying the Twister and Blizzard Prospects.

DRILL HOLE ST24-01 DETAILS

ST24-01 was drilled to a downhole depth of 407m and intersected a single principal zone of visible copper mineralization (Desk 1). The drill gap was designed to check the geology and construction inside the Central Graben and was positioned to the south of the Cyclone Deposit (Determine 2).

The mineralized zone encountered inside ST24-01 was intersected between 293.7m and 323.5m downhole and accommodates a complete of 21.3m of visible copper mineralization inside three sub-intervals (Desk 1).

The visible copper mineralization consists of veinlets and matrix breccias with copper sulfide fillings and cement (Determine 3). Giant blebs of native copper are current inside the visually strongest mineralized interval between 302m and 304.43m downhole.

The visible copper mineralization is hosted inside a thick sequence of fractured dolomudstone of the Allen Bay Formation, the primary host of the copper mineralization inside the Storm space. The extremely fractured and brecciated nature of the mineralized zone means that the drill gap might have intersected a mineralized portion of the interpreted Northern Graben Fault.

The mineralization and stratigraphy inside ST24-01 are visually similar to that encountered inside earlier deep exploration drill holes at Storm, highlighting the possibly laterally in depth nature of the possible copper horizon. ST24-01 additionally confirms the prospectivity of the Central Graben the place latest shallow Reverse Circulation (RC) drill gap SR24-09 intercepted 15.2m @ 1.4% Cu from 103.6m downhole, in what’s interpreted to be a down-dropped zone of mineralization just like the near-surface Cyclone Deposit (see August 15, 2024, Aston Bay information launch).

Now confirmed to host each shallow and deeper mineralization, the big and comparatively unexplored Central Graben will likely be a key goal for follow-up drilling.

Visible estimates of mineral abundance ought to by no means be thought-about 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 inside the reported visible intersections of copper sulfides. Transportable XRF is used as an support within the dedication of mineral sort and abundance through the geological logging course of.

Desk 1: Abstract geological log for drill gap ST24-01. Mineralization key: cc = chalcocite, cp = chalcopyrite, br = bornite, py = pyrite, Cu = native copper, ct = cuprite, ml = malachite, sph = sphalerite, ga = galena. (5%) = visible estimation of sulfide content material.

Determine 3: Chalcocite (darkish gray) breccia and native copper (metallic) blebs inside fractured dolomite in drill gap ST24-01 from roughly 315.87m downhole.

Determine 4: Schematic geological part at 464730E displaying the Cyclone Deposit define, mineralized intervals in current drilling outdoors of the useful resource, and visible copper sulfide estimates for ST24-01.

DRILL HOLE ST24-02 DETAILS

Drill gap ST24-02 was drilled to a downhole depth of 455m and intersected a complete of 99.1m of visible copper sulfide mineralization inside two principal stratigraphic horizons (Desk 2). The drill gap was designed to check the stratigraphy and construction within the southern areas of Storm, south of the Southern Graben Fault.

The higher zone of visible copper mineralization is hosted inside the Cape Storm Formation at roughly the identical depth because the recognized near-surface copper deposits at Storm (Determine 6). The Cape Storm Formation shouldn’t be usually mineralized, however right here accommodates a number of sub-horizons from the floor which are weakly mineralized with intermittent and patchy veinlets of seen chalcocite and chalcopyrite to roughly 54m downhole.

Under this, and to the top of the outlet, the drill gap intersected the Allen Bay Formation, the standard host of copper mineralization at Storm.

The whole Allen Bay Formation dolomite inside ST24-02 is variably fractured and accommodates visible copper sulfides hosted inside the extra fractured layers. Twelve separate visibly mineralized zones have been logged, with the strongest visible copper sulfides positioned between 195.5m and 196.6m (Determine 5), and 204m and 205.3m downhole respectively.

Chalcocite is the dominant copper sulfide mineral, with minor chalcopyrite and bornite current in veinlets and patchy blebs regionally filling vugs together with bitumen (Determine 5).

The big quantity of visible mineralization inside ST24-02 highlights the potential scale of the copper system at Storm. The proximity of drill gap ST24-02 to the Thunder Prospect, and Chinook and Corona deposits gives additional proof that the Allen Bay Formation inside the Southern Graben might host high-grade, stratigraphic- and structurally-hosted copper deposits just like these of the Central African Copperbelt.

Determine 5: Chalcocite (darkish gray) fracture fill in drill gap ST24-02 from roughly 196m downhole.

Visible estimates of mineral abundance ought to by no means be thought-about 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 inside the reported visible intersections of copper sulfides. Transportable XRF is used as an support within the dedication of mineral sort and abundance through the geological logging course of.

Desk 2 under: Abstract geological log for drill gap ST24-02. Mineralization key: cc = chalcocite, cp = chalcopyrite, br = bornite, py = pyrite, Cu = native copper, ct = cuprite, ml = malachite, sph = sphalerite, ga = galena. (5%) = visible estimation of sulfide content material.

Determine 6: NE-SW orthographic geological part at roughly 465900E displaying the Chinook and Corona deposit outlines, and visible copper sulfide estimates for Lightning Ridge and ST24-02. Word – drill gap ST24-02 is positioned inside the Corona fault-bound sub-block and is roughly 300m off part to the west. The mixed part is used for instance geological relationships.

DEEP MLEM SURVEY DEFINES DRILL TARGETS

Section 1 of the high-powered Transferring Loop EM (MLEM) survey was accomplished at Storm space through the spring exploration program and was optimized to display the highest 200m of the stratigraphy (see Could 7, 2024, Aston Bay information launch). Over 10 new high-priority shallow targets had been outlined and are presently being examined with RC drilling.

Section 2 of the MLEM survey was deliberate to look deeper, under the recognized copper deposits, and has additionally now been accomplished within the speedy Storm space (Determine 7). The survey was designed with bigger loop sizes (400m x 400m loops) and was optimized to display between roughly 200- 500m vertical depth.

The survey has recognized 5 robust EM anomalies positioned in beneficial places inside the massive graben-fault community. Two of those anomalies are associated to recognized high-grade copper sulfides on the Cyclone Deposit and lately found Hole Prospect.

Two different new anomalies are positioned in untested areas to the south of the Southern Graben Fault, proximal to recognized high-grade copper occurrences.

The biggest of the southern anomalies is interpreted to be roughly 1,300m x 500m, flat-lying, and positioned at depth under the Cirrus Deposit and Hole Prospect (Determine 7). A sequence of enormous, sub-vertical EM plates have been modelled the place the northern fringe of the anomaly is truncated on the Southern Graben Fault, which means that this might characterize fault-hosted copper mineralization. This goal is presently being examined with diamond drilling.

The continued MLEM surveys are presently underway within the Twister and Blizzard areas, positioned roughly 10km alongside strike to the east of Storm. The geological setting is interpreted to be equivalent to that of Storm and accommodates quite a few outcropping copper occurrences with coincident geophysical anomalies.

Determine 7: MLEM picture (CH20BZ) overlaying drilling and the geological and structural interpretation of the Storm space. The MLEM anomalies mentioned on this report are labelled A1- A5.

PLANNED PROGRAM

• RC drilling continues within the Storm space with the track-mounted drill rig on delineation drilling and high-priority geophysical targets.

• The fly RC drill rig is presently drilling on the Tempest Prospect.

• Diamond drilling is in progress on the third deep exploration goal within the Storm space.

• The subsequent spherical of assays for the summer season drill program is anticipated inside the subsequent 1-2 weeks.

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

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 individual as outlined by Nationwide Instrument 43-101 and has reviewed and authorised the scientific and technical data on this press launch.

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

The Nunavut property consists of 173 contiguous mining claims overlaying an space of roughly 219,257 hectares on Somerset Island, Nunavut, Canada. The Storm Venture includes each the Storm Copper Venture, 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 inside 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-Nineteen Nineties by Cominco geologists conducting regional zinc exploration round their then-producing Polaris lead-zinc mine. An enormous chalcocite boulder present in a tributary of the Aston River in 1996 was traced to spectacular floor exposures of damaged chalcocite mineralization for a whole lot of metres of floor strike size at what turned 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 Assets staked the property in 2008 and flew a helicopter-borne VTEM survey in 2011 however carried out no extra 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 undertaking. 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 greatest 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 Venture 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 Venture alongside its Canadian subsidiary with none change to the general industrial settlement between the events. The expenditures had been accomplished throughout 2023, and American West exercised the choice. American West and Aston Bay have fashioned 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, that means American West will likely be solely accountable for funding the three way partnership till such resolution is made. After such resolution is made, Aston Bay will likely be diluted within the occasion it doesn’t elect to contribute its proportionate share and its curiosity within the Venture will likely be transformed right into a 2% web smelter returns royalty if its curiosity is diluted to under 10%.

Current Work

American West accomplished a hard and fast 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 could possibly be upgraded to a 54% Cu direct ship product utilizing commonplace 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 applications.

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 latest high-priority deep MLEM targets, RC delineation drilling for useful resource improvement 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.

*Said drill gap intersections are all core size, and true width is anticipated 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 vital and valuable steel deposits in Nunavut, Canada and Virginia, USA.

The Firm is presently 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 vital 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 fashioned a 20/80 unincorporated three way partnership in respect of the Storm Venture property, which hosts the Storm Copper Venture 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, that means American West will likely be solely accountable for funding the three way partnership till such resolution is made. After such resolution is made, Aston Bay will likely be diluted within the occasion it doesn’t elect to contribute its proportionate share and its curiosity within the Storm Venture property will likely be transformed right into a 2% web 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 power mining firm centered on progress by the invention and improvement of main base steel mineral deposits in Tier 1 jurisdictions of North America. The corporate’s technique is targeted on growing mines which have a low-footprint and help the worldwide power transformation. AW1’s portfolio of copper and zinc tasks in Utah and Canada embody vital current useful resource inventories and high-grade mineralization that may generate sturdy mining proposals. Core to AW1’s method is a dedication to the moral extraction and processing of minerals and making a significant contribution to the communities the place its tasks are positioned.

Led by a extremely skilled management workforce, 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 data on American West, go to: www.americanwestmetals.com.

FORWARD-LOOKING STATEMENTS

Statements made on this information launch, together with these relating to getting into into the three way partnership and every occasion’s curiosity within the Venture pursuant to the settlement in respect of the three way partnership, administration targets, forecasts, estimates, expectations, or predictions of the longer term might represent “forward-looking assertion”, which might be recognized by way of conditional or future tenses or by way of such verbs as “consider”, “count on”, “might”, “will”, “ought to”, “estimate”, “anticipate”, “undertaking”, “plan”, and phrases of comparable import, together with variations thereof and unfavorable varieties. This press launch accommodates 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 atmosphere through which it operates. Statements on this press launch that aren’t supported by historic reality are forward-looking statements, that means they contain danger, uncertainty and different elements 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 cheap, 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 data, future occasions or in any other case, besides to the extent required by securities laws.

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

For extra data contact:

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

SOURCE: Aston Bay Holdings Ltd.

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