Crimson Steel Sources Broadcasts Grant of Inventory Choices

Assays affirm that the useful resource drilling round and inside the Cyclone Deposit has intersected additional thick high-grade copper intervals together with:
Drill gap SR24-093 was drilled 75m southof the present identified space of mineralization and has intersected:
- 53.3m @ 3.9% copper (Cu), 12.6 grams per tonne (g/t) silver (Ag) from 86.9m downhole, together with,
  - 22.9m @ 8.5% Cu, 17.8g/t Ag from 86.9m downhole, together with,
Drill gap SR24-070 has intersected:
- 45.7m @ 1.9% Cu, 9.4g/t Ag from 35.1m downhole, together with,
  - 27.4m @ 3.1% Cu, 14.6g/t Ag from 35.1m downhole, together with,
Drill gap SR24-045 has intersected:
- 57.9m @ 1% Cu, 4.3g/t Ag from 32m downhole, together with,

Sealift and 2025 program preparation:

NEAS cargo ship MV Mitiq has efficiently accomplished the 2024 sealift operation at Storm
The sealift has delivered giant portions of provides straight on Somerset Island for the 2025 exploration, useful resource enlargement, and improvement packages, which is predicted to avoid wasting an estimated $4 Million on the 2025 price range
Bulk samples containing copper have been additionally transported offsite through the cargo ship, demonstrating the whole logistics chain for the potential direct delivery product mining operation

TORONTO, ON / ACCESSWIRE / September 27, 2024 /Aston Bay Holdings Ltd. (TSXV:BAY)(OTCQB:ATBHF) (“Aston Bay” or the “Firm”) is happy to offer an replace on drilling actions on the Storm Copper Undertaking (“Storm” or the “Undertaking”) on Somerset Island, Nunavut. The exploration program is being carried out by American West Metals Restricted (“American West”), who’s the operator of the Undertaking. Aston Bay and American West have fashioned a 20/80 unincorporated three way partnership in respect of the Storm Undertaking property, with Aston Bay sustaining a free carried curiosity till a call to mine upon completion of a bankable feasibility research.

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

“It’s thrilling to hit such an extended interval of high-grade copper exterior of the beforehand identified zone of mineralization as we work towards calculation of a maiden useful resource estimate this fall. This implies there’s extra to be discovered, and it bodes effectively for added discoveries and enlargement of the identified current mineralization with subsequent yr’s marketing campaign.

“We congratulate NEAS on the arrival of their cargo ship MV Mitiq into Aston Bay. This sealift is a primary for the mission that may considerably cut back the price for each the delineation drilling and exploration diamond drilling packages subsequent yr. The profitable operation demonstrates that bulk cargo and gear will be economically transported to the mission and that potential merchandise might be delivered to market on the return journey. It will play an necessary half in future packages and improvement plans at Storm.”

Determine 1: NEAS cargo ship MV Mitiq at anchor in Aston Bay for the Storm Undertaking sealift.

EXCEPTIONAL COPPER INTERSECTIONS CONTINUE AT CYCLONE

Assay outcomes from the most recent batch of drill holes have been acquired and proceed to focus on the enlargement and improve potential of the Cyclone Deposit (Determine 2).

The most recent assays have confirmed very thick and high-grade intersections of copper inside and outdoors of the present identified mineralization envelope, significantly on the west finish and to the south of the deposit. The west finish of Cyclone hosts the shallowest and highest-grade copper mineralization inside the deposit, thought of very beneficial for a possible open-pit mining operation in future. The infill drilling additionally continues to substantiate the wonderful lateral continuity of the mineralization.

Assays for the rest of the excellent drill holes are anticipated in batches over the approaching weeks.

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 SR24-093 DETAILS

SR24-093 was drilled to the southwest of the Cyclone Deposit and to a downhole depth of 150.9m (Determine 3). The drill gap was designed to comply with up different sturdy copper intersections exterior of the identified mineralization within the southern space together with SR24-009 which intersected 15.2m @ 1.4% Cu, together with 1.5m @ 6.4% Cu from 109.7m downhole (See August 15, 2024, Aston Bay information launch.

Drill gap SR24-093 intersected 53m of sturdy chalcocite mineralization (53.3m @ 3.9% Cu) from 86.9m downhole with an intensely mineralized zone and semi-massive sulfide zone between 86.9m and 109.7m downhole averaging 8.5% Cu over 22.9m (Desk 1).

The mineralized Allen Bay host rock in SR24-093 is displaced downward relative to the Cyclone Deposit south of the big fault that varieties the northern boundary of the Central Graben. The faults that outline this massive block of down-dropped potential rock inside the Central Graben both host or are spatially related to nearly all of the copper mineralization at Storm. The graben block itself, with the possible Allen Bay stratigraphic horizon lined by the barren overlying Douro formation on the floor, is little explored. These new intercepts spotlight the potential for the Central Graben to host vital copper mineralization hid at depth.

The massive 75m step-out from the earlier drilling, thickness, and grade of the copper mineralization are promising for the invention of further mineralization to the southwest of the Cyclone Deposit and elsewhere within the giant however underexplored Central Graben.

Determine 3: N-S geological schematic part view by means of SR24-093 and SR24-073 displaying the current drill gap places, current assays, and the interpreted zones of copper mineralization..

DRILL HOLE SR24-045 and SR24-070 DETAILS

SR24-045 and SR24-070 are situated on the identical drill part and have intersected intense copper sulfide mineralization on the margins of the identified zones of mineralization at Cyclone (Determine 2).

Mineralization in each drill holes consists of zones of intense vein- and fracture-style copper sulfide mineralization with thick intervals over 3% Cu hosted inside fractured dolomite of the Allen Bay Formation.

The dominant copper sulfide mineral noticed inside the drill holes is chalcocite, with minor bornite and chalcopyrite on the margins of the mineralized intervals and inside veins. The mineralogy and depth of copper mineralization is often characterised by vital lateral continuity inside Cyclone.

Determine 4: Geological part view at 464,850E displaying the mineralized intervals (>0.2% Cu) for drill holes SR24-011, SR24-15 and SR24-023, and the interpreted zones of copper mineralization.

SEALIFT – DEMONSTRATION OF COMPLETE LOGISTICS CHAIN

The NEAS cargo ship MV Mitiq has not too long ago accomplished a sealift operation on the Storm Undertaking. The ship anchored in Aston Bay and has delivered giant portions of aviation and diesel gas, salt for diamond drilling, lumber, heavy equipment, and different provides in preparation for the 2025 exploration and delineation drilling program.

The sealift is carried out utilizing giant, tugboat-guided barges maneuvered onto an appropriate seashore (Determine 5), after which off-loaded utilizing giant wheeled loaders. Supplies are hoisted from the ship to the barges (and vice versa) utilizing giant cranes. This method eliminates the necessity for wharves or different port infrastructure to load and unload cargo (Figures 6 & 7).

The sealift has additionally demonstrated the loading operations and despatched bulk samples of RC chips off-site. The mineralized samples will probably be used for metallurgical functions and the method has demonstrated the whole logistics chain for a possible mining operation on the Storm Undertaking: it’s envisaged that potential copper direct delivery product could be transported to market in sea containers through sealift on empty ships returning to port on the east coast of Canada.

Whereas the sealift has incurred bills on the 2024 program, the train is predicted to avoid wasting roughly $4m on the 2025 program price range.

Determine 5: Picture of the sealift tug and barging operation underway on Aston Bay, Nunavut.

Determine 6: Offloading of cargo on the Storm Undertaking Marine Loading Space (MLA), on the coast of Aston Bay, Nunavut.

Determine 7: Picture of the Storm Undertaking Marine Loading Space (MLA), on the coast of Aston Bay, Nunavut.

Gap ID	From (m)	To (m)	Width	Cu %	Zn %	Ag g/t
SR24-043	91.44	99.06	7.62	0.4	0.0	0.9
	100.58	102.11	1.53	0.3	0.0	1.0
	105.16	106.68	1.52	0.2	0.0	2.0
SR24-045	32.00	89.92	57.91	1.0	0.0	4.3
Together with	65.53	76.20	10.67	3.2	0.0	9.0
SR24-049	27.43	44.20	16.76	1.0	0.0	2.9
Together with	27.43	35.05	7.62	1.5	0.0	4.0
	48.77	68.58	19.81	0.4	0.0	1.3
Together with	65.53	67.06	1.52	1.1	0.0	1.0
SR24-053	83.82	86.87	3.05	0.4	0.0	0.5
SR24-061	48.77	51.82	3.05	0.5	0.0	1.0
Together with	42.67	45.72	3.05	1.0	0.0	2.0
and	50.29	51.82	1.52	1.1	0.0	1.0
	92.96	94.49	1.52	0.5	0.0	1.0
	111.25	117.35	6.10	0.2	0.0	1.0
SR24-063	22.86	36.58	13.72	1.3	0.0	4.0
Together with	27.43	32.00	4.57	3.1	0.1	8.7
	42.67	45.72	3.05	0.5	0.1	3.0
	50.29	51.82	1.52	0.3	0.0	1.0
	59.44	60.96	1.52	0.3	0.0	1.0
	65.53	71.63	6.10	0.3	0.2	2.5
SR24-067	12.19	21.34	9.14	0.3	0.0	1.0
	30.48	35.05	4.57	0.8	0.0	2.0
Together with	30.48	32.00	1.52	1.2	0.1	2.0
	44.20	45.72	1.52	0.3	1.0	3.0
	50.29	62.48	12.19	1.0	0.1	4.6
Together with	50.29	51.82	1.52	1.0	0.0	6.0
and	57.91	62.48	4.57	1.9	0.1	8.7
	59.44	68.58	9.14	0.3	0.0	2.0
	73.15	74.68	1.52	0.4	0.0	2.0
SR24-070	27.43	28.96	1.52	0.4	0.0	1.0
	35.05	80.77	45.72	1.9	0.1	9.4
Together with	35.05	62.48	27.43	3.1	0.1	14.6
Together with	35.05	50.92	15.24	4.2	0.1	16.2
SR24-071	33.53	35.05	1.52	0.4	0.0	9.0
	65.53	82.30	16.76	0.8	0.1	3.7
Together with	67.06	68.58	1.52	2.3	0.0	7.0
and	79.25	80.77	1.52	2.9	0.1	15.0
SR24-072	59.44	67.06	7.62	1.0	0.0	3.8
Together with	59.44	64.01	4.57	1.5	0.0	4.7
	71.63	74.68	3.05	0.6	0.0	3.0
	79.25	80.77	1.52	0.7	0.0	2.0
SR24-073	45.72	54.86	9.14	0.2	0.0	2.7
	65.53	82.30	16.76	0.4	0.0	3.2
Together with	73.15	74.68	1.52	1.1	0.0	6.0
	86.87	88.39	1.52	0.6	0.0	4.0
SR24-075	97.54	105.16	7.62	0.6	0.0	4.4
Together with	97.54	99.06	1.52	1.1	0.0	7.0
SR24-076	106.68	120.40	13.72	0.8	0.0	2.4
Together with	109.73	112.78	3.05	2.1	0.0	5.5
	128.02	129.54	1.52	0.3	0.0	1.0
SR24-087	25.91	30.48	4.57	0.5	0.0	1.7
	48.77	57.91	9.14	1.0	0.0	2.8
Together with	50.29	56.39	6.10	1.3	0.0	3.8
	76.20	88.39	12.19	0.6	0.0	2.5
Together with	76.20	79.25	3.05	1.4	0.0	4.0
SR24-089	9.14	10.67	1.52	0.5	0.0	2.0
	21.34	25.91	4.57	0.4	0.0	1.7
	38.10	53.34	15.24	0.4	0.0	1.5
Together with	42.67	44.20	1.52	1.1	0.0	3.0
	57.91	59.44	1.52	0.5	0.0	1.0
	65.53	68.58	3.05	0.4	0.0	1.5
	88.39	89.92	1.52	0.3	0.0	3.0
SR24-091	16.76	24.38	7.62	0.4	0.0	2.6
	32.00	35.05	3.05	0.3	0.0	0.8
	53.34	62.48	9.14	0.3	0.0	1.5
	70.10	77.72	7.62	0.2	0.0	1.2
SR24-093	86.87	140.21	53.34	3.9	0.3	12.6
Together with	86.87	109.73	22.86	8.5	0.3	17.8
Together with	92.96	102.11	9.14	14.4	0.0	21.3
Together with	99.06	102.11	3.05	27.7	0.0	39.0
SR24-095	39.62	41.15	1.52	0.8	0.0	3.0
SR24-097	57.91	60.96	3.05	0.2	0.1	2.5
	71.63	74.68	3.05	0.3	0.0	2.0
	85.34	86.87	1.52	0.4	0.0	1.0
SR24-099	62.48	73.15	10.67	0.3	0.0	1.7
	83.82	86.87	3.05	0.8	0.1	1.5
SR24-101	67.06	70.10	3.05	0.4	0.0	1.5
	86.87	89.92	3.05	0.2	0.0	1.5
	92.96	94.49	1.52	0.3	0.0	2.0
	126.49	128.02	1.52	0.9	0.0	3.0
	140.21	141.73	1.52	0.5	0.0	2.0
SR24-103	65.53	71.63	6.10	0.3	0.0	1.5
	94.49	108.20	13.72	0.5	0.0	1.9
Together with	102.11	103.63	1.52	2.2	0.0	5.0
SR24-105	96.01	106.68	10.67	0.4	0.0	1.1
	112.78	114.30	1.52	0.3	0.0	1.0
SR24-107	60.96	64.01	3.05	0.5	0.0	1.0
	100.58	103.63	3.05	0.3	0.0	0.8
SR24-109	118.87	120.40	1.52	0.7	0.0	2.0
SR24-111	67.06	68.58	1.52	0.2	0.0	1.0
	97.54	99.06	1.52	0.4	0.0	2.0
SR24-112	51.82	53.34	1.52	0.3	0.0	2.0
	76.20	99.06	22.86	0.8	0.0	3.4
Together with	76.20	85.34	9.14	1.8	0.0	6.2

Desk 1: Abstract of current vital drilling intersections on the Cyclone Deposit (>0.2% Cu). The intersections are expressed as downhole widths and are interpreted to be near true widths.

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 authorized the scientific and technical info on this press launch.

In regards to the Storm Copper and Seal Zinc-Silver Tasks, 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 Undertaking contains each the Storm Copper Undertaking, 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” 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 tons 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 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 have 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 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 Undertaking 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 Undertaking alongside its Canadian subsidiary with none change to the general business settlement between the events. The expenditures have 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, which means American West will probably be solely accountable for funding the three way partnership till such determination is made. After such determination is made, Aston Bay will probably be diluted within the occasion it doesn’t elect to contribute its proportionate share and its curiosity within the Undertaking will probably be transformed right into a 2% web smelter returns royalty if its curiosity is diluted to beneath 10%.

Latest 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 have 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 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 shifting 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 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.

*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 crucial and valuable steel 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 crucial 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 Undertaking property, which hosts the Storm Copper Undertaking 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 will probably be solely accountable for funding the three way partnership till such determination is made. After such determination is made, Aston Bay will probably be diluted within the occasion it doesn’t elect to contribute its proportionate share and its curiosity within the Storm Undertaking property will probably be transformed right into a 2% web 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 power mining firm targeted on progress by means of 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 assist 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 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 situated.

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 relating to coming into into the three way partnership and every celebration’s curiosity within the Undertaking 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”, “mission”, “plan”, and phrases of comparable import, together with variations thereof and damaging varieties. This press launch accommodates forward-looking statements that mirror, as of the date of this press launch, Aston Bay’s expectations, estimates and projections about its operations, the mining trade and the financial atmosphere by which it operates. Statements on this press launch that aren’t supported by historic truth are forward-looking statements, which means they contain threat, uncertainty and different components 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 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 companies 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 Government Officer
thomas.ullrich@astonbayholdings.com
(416) 456-3516

Sofia Harquail, IR and Company Improvement
sofia.harquail@astonbayholdings.com
(647) 821-1337

SOURCE:Aston Bay Holdings Ltd.

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