Aston Bay Holdings Ltd. (TSX-V:BAY; OTCQB:ATBHF) ('Aston Bay' or the 'Company') is pleased to present initial assay results from two drill holes from the recently completed Phase 2 diamond drill program at its Buckingham Gold Property located in Central Virginia, USA.

Phase 2 of the 2020 Buckingham drill program comprised seven (7) large diameter (HQ) oriented diamond drill holes totaling 803 metres (m), which added to the 1,218 m drilled in ten holes in the first phase of the program in March. The significant gold intersections from the first Phase 2 drill holes assayed to date are presented in 1. The assay results for the remaining five holes are pending.

'These intercepts confirm the extension of the gold-bearing Buckingham Vein to the southeast and once again demonstrate high grade gold mineralization in this mesothermal-type vein,' stated Thomas Ullrich, CEO of Aston Bay. 'We look forward to the pending results from holes 20 and 21, located 50 m farther along strike, both of which intersected quartz vein with visible gold, as well as assays from the three holes targeting zones of disseminated sericite-pyrite-quartz-gold mineralization below significant gold-in-soil anomalies to the west of the vein.' 'The Buckingham Vein is a mesothermal type vein, with visible gold and sulfides in quartz and associated with sericite and carbonate alteration. The veins appear to be closely related to zones of faulting and shearing within the altered metavolcanic host. They typically lack the banding textures of epithermal veins and have only very low levels of the classic epithermal pathfinder elements. Mesothermal veins are known to host deposits with significant extent and impressive gold grades elsewhere in the world such as the greenstone/Archean deposits in Quebec and Ontario and lode veins of the western US, so the identification of these mesothermal gold-bearing systems at Buckingham is very encouraging. Their presence in this area may have been overlooked due to the deep weathering profile and scarcity of rock outcropping at the surface. We are excited to discover these types of veins at Buckingham and plan to broaden our exploration program for additional occurrences in Virginia.'

About the Buckingham Main Zone

Discovered by prospecting in 2015 following up on a gold anomaly from a 1996/97 stream sediment survey, the NW-SE trending Buckingham Main Zone comprises a series of visible gold-bearing quartz vein outcrops that extend over a strike length of some 150 m at surface and have yielded grab sample assay values up to 701 grams per tonne (g/t) Au. Three core holes drilled on the vein in 2016 yielded significant core-length intercepts of 17.1 g/t Au over 1.98m (WAR16-06) and 24.3 g/t Au over 2.59m (WAR16-05).

About Aston Bay Holdings

Aston Bay is a publicly traded mineral exploration company exploring for gold and base metal deposits in Virginia, USA, and Nunavut, Canada. The Company is led by CEO Thomas Ullrich with exploration in Virginia directed by the Company's advisor, Don Taylor, the 2018 Thayer Lindsley Award winner for his discovery of the Taylor Pb-Zn-Ag Deposit in Arizona. The Company has acquired the exclusive rights to an integrated dataset over certain prospective private lands and has signed agreements with timber and land companies which grants the company the option to lease the mineral rights to 11,065 acres of land located in central Virginia. These lands are located within a gold-copper-lead-zinc mineralized belt prospective for Carolina slate belt gold deposits and Virginia gold-pyrite belt deposits, as well as sedimentary VMS, exhalative (SEDEX) and Broken Hill (BHT) type base metal deposits. Don Taylor, who led the predecessor company to Blue Ridge and assembled the dataset, has joined the Company's Advisory Board and will be directing the Company's exploration activities for the Blue Ridge Project. The Company is actively exploring the Buckingham Gold Project in Virginia and is in advanced stages of negotiation on other lands in the area. The Company is also 100% owner of the Aston Bay Property located on western Somerset Island, Nunavut, which neighbours Teck's profi, past-producing Polaris (Pb-Zn) Mine just 200km to the north. The Aston Bay Property hosts the Storm Copper Project and the Seal Zinc Deposit with drillconfirmed presence of sediment-hosted copper and zinc mineralization.

Contact:

Tel: (416) 456-3516

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