WESTERN COPPER AND GOLD APPOINTS RAYMOND THRELKELD AS CHAIRMAN

• Assays affirm that the useful resource drilling round and throughout the Cyclone Deposit has intersected additional thick high-grade copper intervals together with:

• Drill gap SR24-093 was drilled 75m southof the present recognized 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 massive portions of provides instantly on Somerset Island for the 2025 exploration, useful resource enlargement, and improvement packages, which is anticipated to avoid wasting an estimated $4 Million on the 2025 funds

• Bulk samples containing copper had been additionally transported offsite by way of the cargo ship, demonstrating the whole logistics chain for the potential direct transport 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 Venture (“Storm” or the “Venture”) on Somerset Island, Nunavut. The exploration program is being performed by American West Metals Restricted (“American West”), who’s the operator of the Venture. Aston Bay and American West have shaped a 20/80 unincorporated three way partnership in respect of the Storm Venture property, with Aston Bay sustaining a free carried curiosity till a choice to mine upon completion of a bankable feasibility research.

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

“It’s thrilling to hit such a protracted interval of high-grade copper outdoors of the beforehand recognized zone of mineralization as we work towards calculation of a maiden useful resource estimate this fall. This means there may be extra to be discovered, and it bodes effectively for added discoveries and enlargement of the recognized current mineralization with subsequent 12 months’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 undertaking that may considerably cut back the price for each the delineation drilling and exploration diamond drilling packages subsequent 12 months. The profitable operation demonstrates that bulk cargo and gear might be economically transported to the undertaking and that potential merchandise might be delivered to market on the return journey. This may play an vital half in future packages and improvement plans at Storm.”

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

EXCEPTIONAL COPPER INTERSECTIONS CONTINUE AT CYCLONE

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

The newest assays have confirmed very thick and high-grade intersections of copper inside and outdoors of the present recognized 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 throughout the deposit, thought of very beneficial for a possible open-pit mining operation in future. The infill drilling additionally continues to verify the superb 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 outdoors of the recognized 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 types the northern boundary of the Central Graben. The faults that outline this huge block of down-dropped potential rock throughout 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 important copper mineralization hid at depth.

The big 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 massive however underexplored Central Graben.

Determine 3: N-S geological schematic part view by SR24-093 and SR24-073 displaying the latest drill gap places, latest 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 recognized 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 throughout 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 important 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 lately accomplished a sealift operation on the Storm Venture. The ship anchored in Aston Bay and has delivered massive portions of aviation and diesel gasoline, 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 massive, tugboat-guided barges maneuvered onto an acceptable seashore (Determine 5), after which off-loaded utilizing massive wheeled loaders. Supplies are hoisted from the ship to the barges (and vice versa) utilizing massive cranes. This technique 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 likely be used for metallurgical functions and the method has demonstrated the whole logistics chain for a possible mining operation on the Storm Venture: it’s envisaged that potential copper direct transport product can be transported to market in sea containers by way of 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 anticipated to avoid wasting roughly $4m on the 2025 program funds.

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

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

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

Desk 1: Abstract of latest important 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 certified particular person as outlined by Nationwide Instrument 43-101 and has reviewed and authorized 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 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 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 tons of 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 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 Assets staked the property in 2008 and flew a helicopter-borne VTEM survey in 2011 however performed 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 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 undertaking. 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 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 instantly 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 shaped an 80/20 unincorporated three way partnership.

Below 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 chargeable for funding the three way partnership till such choice is made. After such choice 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% internet smelter returns royalty if its curiosity is diluted to beneath 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 might 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 packages.

The summer season 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 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 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 essential and valuable metallic deposits in Nunavut, Canada and Virginia, USA.

The Firm is at the moment 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 levels 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 Venture property, which hosts the Storm Copper Venture and the Seal Zinc Deposit. Below 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 chargeable for funding the three way partnership till such choice is made. After such choice 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% 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 targeted on progress by the invention and improvement of main base metallic mineral deposits in Tier 1 jurisdictions of North America. The corporate’s technique is targeted 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 embrace important 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 tasks are situated.

Led by a extremely skilled management group, 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 relating to getting into into the three way partnership and every celebration’s curiosity within the Venture pursuant to the settlement in respect of the three way partnership, administration aims, forecasts, estimates, expectations, or predictions of the longer term could represent “forward-looking assertion”, which might be recognized by way of conditional or future tenses or by way of such verbs as “consider”, “anticipate”, “could”, “will”, “ought to”, “estimate”, “anticipate”, “undertaking”, “plan”, and phrases of comparable import, together with variations thereof and adverse types. This press launch incorporates 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 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 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 Growth
sofia.harquail@astonbayholdings.com
(647) 821-1337

SOURCE:Aston Bay Holdings Ltd.

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