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• 100% hit price continues for the deep diamond drilling with thick intervals of visible copper mineralization intersected at depth beneath the identified 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 complete 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 complete 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 reasonable to ample visible copper sulfide from 404.3m downhole

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

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. Transportable XRF is used as an assist within the willpower of mineral kind and abundance in the course of 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 Mission (“Storm” or the “Mission”) on Somerset Island, Nunavut. The exploration program is being performed by American West Metals Restricted (“American West”), who’s the operator of the Mission. Aston Bay and American West have fashioned a 20/80 unincorporated three way partnership in respect of the Storm Mission property, with Aston Bay sustaining a free carried curiosity till a call to mine upon completion of a bankable feasibility examine.

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 creating 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 similar stratigraphic stage because the copper intercepts within the deep holes. These electromagnetic surveys have confirmed very profitable in concentrating on copper mineralization at Storm, and I count on the upcoming deep holes, together with one at present underway, will profit from improved concentrating on of doubtless higher-grade and bigger zones of copper mineralization. I’m desirous 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) will be seen as darkish sooty gray, inside mild gray/tawny dolomite host rocks. This interval additionally incorporates blebs of native copper (metallic mineral, high proper).

DEEP COPPER SYSTEM EXPANDING

Diamond drill holes ST24-01 and ST24-02 have been accomplished on the Storm Mission 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 throughout 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 quite a few 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 important discovery pointed to the potential for this deeper stratigraphic horizon to host doubtlessly financial copper mineralization. This idea is additional strengthened by the intersection of copper on the similar interpreted horizon in each subsequent deep drill gap.

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

Determine 2: Plan view of the Storm space displaying the geological interpretation, identified 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 doubtless laterally intensive 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 identified extents of 1,300m x 500m and is strongest alongside the Southern Graben Fault. The third 2024 deep diamond drill gap is at present 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 essential zone of visible copper mineralization (Desk 1). The drill gap was designed to check the geology and construction throughout 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 incorporates 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). Massive blebs of native copper are current throughout 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 principle host of the copper mineralization throughout 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 doubtless laterally intensive nature of the potential 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 might be a key goal for follow-up drilling.

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. Transportable XRF is used as an assist within the willpower of mineral kind and abundance in the course of 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 exterior 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 essential 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 throughout the Cape Storm Formation at roughly the identical depth because the identified near-surface copper deposits at Storm (Determine 6). The Cape Storm Formation is just not sometimes mineralized, however right here incorporates 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.

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

Your complete Allen Bay Formation dolomite inside ST24-02 is variably fractured and incorporates visible copper sulfides hosted throughout 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 domestically 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 offers additional proof that the Allen Bay Formation throughout 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 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. Transportable XRF is used as an assist within the willpower of mineral kind and abundance in the course of the geological logging course of.

Desk 2 beneath: 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. Be aware – drill gap ST24-02 is positioned throughout the Corona fault-bound sub-block and is roughly 300m off part to the west. The mixed part is used as an example geological relationships.

DEEP MLEM SURVEY DEFINES DRILL TARGETS

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

Part 2 of the MLEM survey was deliberate to look deeper, beneath the identified copper deposits, and has additionally now been accomplished within the rapid 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 throughout the massive graben-fault community. Two of those anomalies are associated to identified high-grade copper sulfides on the Cyclone Deposit and not too long ago found Hole Prospect.

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

The most important of the southern anomalies is interpreted to be roughly 1,300m x 500m, flat-lying, and positioned at depth beneath the Cirrus Deposit and Hole Prospect (Determine 7). A collection of huge, 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 signify fault-hosted copper mineralization. This goal is at present being examined with diamond drilling.

The continued MLEM surveys are at present underway within the Twister and Blizzard areas, positioned roughly 10km alongside strike to the east of Storm. The geological setting is interpreted to be an identical to that of Storm and incorporates 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 at present 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 time drill program is predicted throughout 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 certified individual 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 Mission contains each the Storm Copper Mission, 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 development, 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” beneath 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 bunch 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 big quantity of copper mineralization beneath 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 performed 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 performed 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 venture. Aston Bay performed 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 Mission 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 immediately incomes an curiosity within the Mission 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.

Beneath 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 examine, that means American West might be solely accountable for funding the three way partnership till such choice is made. After such choice is made, Aston Bay might be diluted within the occasion it doesn’t elect to contribute its proportionate share and its curiosity within the Mission might be transformed right into a 2% internet smelter returns royalty if its curiosity is diluted to beneath 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 could possibly be upgraded to a 54% Cu direct ship product utilizing commonplace sorting know-how. 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 time 2023 program performed 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 growth and extra geophysical surveys are actually underway within the 2024 program. Metallurgical research and environmental baseline research are ongoing, with bulk sampling for prefeasibility-level processing deliberate for summer time 2024.

*Said 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 important 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 also be in superior levels of negotiation on different lands with high-grade important 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 Mission property, which hosts the Storm Copper Mission and the Seal Zinc Deposit. Beneath 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 examine, that means American West might be solely accountable for funding the three way partnership till such choice is made. After such choice 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 Mission property might be transformed right into a 2% internet smelter returns royalty if its curiosity is diluted to beneath 10%.

About American West Metals Restricted

AMERICAN WEST METALS LIMITED (ASX: AW1) is an Australian clear vitality mining firm centered on development via 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 tasks in Utah and Canada embody important current useful resource inventories and high-grade mineralization that may generate strong 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 staff, AW1’s strategic initiatives lay the muse 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 celebration’s curiosity within the Mission pursuant to the settlement in respect of the three way partnership, administration aims, forecasts, estimates, expectations, or predictions of the longer term might represent “forward-looking assertion”, which will be recognized by way of conditional or future tenses or by way of such verbs as “imagine”, “count on”, “might”, “will”, “ought to”, “estimate”, “anticipate”, “venture”, “plan”, and phrases of comparable import, together with variations thereof and damaging types. This press launch incorporates 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 wherein it operates. Statements on this press launch that aren’t supported by historic reality are forward-looking statements, that means they contain threat, uncertainty and different elements that might 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 on account of new info, future occasions or in any other case, besides to the extent required by securities laws.

Neither TSX Enterprise Trade nor its regulation companies 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 info contact:

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

SOURCE: Aston Bay Holdings Ltd.

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