Aston Bay Holdings Ltd. reports a significant new visual copper sulfide mineralization intercept from the fourth diamond drill hole at the Storm Copper Project ("Storm" or the "Project") on Somerset Island, Nunavut, Canada. The program, still underway, is being conducted by American West Metals Limited ("American West"), who are the project operator since entering an option agreement with Aston Bay in March 2021. Diamond drill hole ST23-04 has been completed in an untested area of the Storm Project and over 2km west of the recent Thunder zone discovery.

The drill hole is the fourth hole to be completed in the current diamond drill program and was designed to test a strong gravity anomaly and to also intersect one of the main interpreted structures in the area, the Southern Graben Fault. Both targets were successfully tested and provide further evidence of a regional scale copper sulfide system within the Storm Project area. ST23-04 intersected two zones of visual copper mineralization.

The first, a wide sulfide-bearing fault zone, is interpreted to be the Southern Graben Fault. Though only minor copper is present within the fault zone, the results confirm the presence of copper mineralization and fluid movement within this regionally important and laterally extensive structure. Significantly, the drill hole intersected the fault zone over 700m along strike from the near-surface high-grade copper mineralization at the 3500N Zone (where intersections include 35.4m (core length) @ 1.73% Cu in ST99-43).

This highlights the structure as an important plumbing system for copper mineralization and points to the potential relationship between the lower sediment-hosted style and upper, near-surface copper mineralization. The second zone of visual sulfide copper mineralization intersected within ST23-04 is an 18.5m thick zone containing chalcopyrite and chalcocite which is interpreted to correlate with the same distinctive sediment-hosted mineralized horizon as encountered within diamond drill holes ST22-10, ST23-01, ST23-02 and ST23-03. Significantly, drill hole ST23-04 is located immediately north of a large, untested 880m x 470m FLEM anomaly that was defined during the 2022 field season.

Similar conductive anomalies elsewhere at Storm have been confirmed by drilling to contain sulfide mineralization. The repeated intersections of copper sulfide within this predictable stratigraphic horizon, and ongoing success of the gravity data as a reliable targeting tool, has enormous implications for the potential for further discoveries within the Storm area. Diamond drill hole ST23-04 was drilled to a downhole depth of 476m and has intersected a large copper-enriched breccia/fault zone and a thick interval of visual sediment hosted copper sulfide mineralization.

The drill hole was designed to test a gravity anomaly south of the Southern Graben Fault, as well as test the large fault system itself. The upper zone of pyrite and copper mineralization is hosted within a 48m thick, calcite-rich fault zone that is interpreted to be the Southern Graben Fault. The fault zone is comprised of a matrix-supported clast breccia with the matrix locally replaced with calcite cement and locally milled and silty dolomudstone .

The fault zone contained a large, ice-filled cavity and local occurrences of pyrite cement with anomalous copper (confirmed with portable XRF).