Aston Bay Holdings Ltd. announces a significant new visual intercept of copper sulfide mineralization in the fourth diamond drill hole at the Storm Copper Project (“Storm” or the “Project”) on Somerset Island, Nunavut, Canada. The ongoing program is managed by American West Metals Limited (“American West”), which has operated the Project since entering into an option agreement with Aston Bay in March 2021. The ST23-04 was mined in an untested area of ​​the Storm project more than 2 km west of the recently discovered Thunder zone.

This is the fourth hole completed in the current diamond drilling program. It was designed to test a strong gravity anomaly and intersect one of the most important interpreted structures in the area, the Southern Graben Fault. Both targets were successfully tested and provide further evidence for the existence of a regional copper sulphide system in the Storm project area. Drill hole ST23-04 intersected two zones of visible copper mineralization.

The first, a large sulphide bearing fault zone, is interpreted as the Southern Graben Fault. Although the fault zone contains little copper, the results confirm the presence of copper mineralization and fluid movement in this regionally important and laterally extended structure. Significantly, the hole intersected the fault zone more than 700m along strike of near-surface high-grade copper mineralization in the 3500N zone (where intercepts include 35.4m carrot grading 1.73% Cu in ST99-43).

This demonstrates that the structure is an important conduit system for copper mineralization and highlights the possible correlation between the nature of the lower mineralization in the sediments and the higher copper mineralization near surface. The second zone of visible copper sulfide mineralization intersected in hole ST23-04 is a 18.5m thick zone of chalcopyrite and chalcocite that is believed to correlate with the same prominent sedimentary mineralized horizon intersected in diamond drill holes ST22-10 and ST23- 01 was found, ST23-02 and ST23-03. Significantly, hole ST23-04 lies immediately north of a large untested 880m x 470m FLEM anomaly defined during the 2022 field season.

Similar conductive anomalies elsewhere in the Storm area have been confirmed by drilling that contains sulphide mineralization. The repeated intercepts of copper sulphide in this predictable stratigraphic horizon and the continued success of gravity data as a reliable targeting tool have tremendous implications for the potential for further discoveries in the Storm area. Diamond hole ST23-04 was drilled to a depth of 476m and intersected a large copper-enriched breccia/fault zone and a wide interval of copper sulphide mineralization in exposed sediments.

The hole was designed to test a gravity anomaly south of the Southern Graben Fault as well as the large fault system itself. The upper zone of pyrite and copper mineralization lies within a 48m thick calcite rich fault zone interpreted as the Southern Graben Fault. The fault zone consists of a clastic breccia supported by a matrix, the matrix of which is locally replaced by calcite-cement, silty and crushed dolomite.

The fault zone contained a large ice-filled void and localized occurrences of pyritic cement with anomalous copper (confirmed by portable XRF).