Aston Bay : Reports New High Priority EM Targets at the High-Grade Storm Copper Project, Nunavut

Aston Bay Reports New High Priority EM Targets at the High-Grade Storm Copper Project, Nunavut

December 12, 2021

Aston Bay Holdings Ltd. (TSX-V:BAY; OTCQB:ATBHF) ("Aston Bay" or the "Company") is pleased to report the preliminary results of the recent ground electromagnetic (EM) geophysical surveys at the Company's high-grade Storm Copper Project on Somerset Island, Nunavut. The surveys identified numerous conductive anomalies throughout the Storm Copper area including multiple discrete conductors previously untested by drilling.

Highlights

• Numerous shallow conductors identified coincident with drill confirmed high-grade copper mineralization
• Seven new untested shallow conductors of interest identified
• Seven new broad, untested deeper conductors of interest also identified
• The survey confirms the growth potential of the Storm high-grade copper system

The 2021 EM surveys, commissioned by Aston Bay's partner American West Metals Limited ("American West"), targeted extensions along strike and at depth of known mineralization, and followed up on previous geophysical anomalies. The surveys were completed in August 2021 to enhance existing targets and identify new potential drill targets ahead of the proposed 2022 drilling campaign. Previous EM surveys have successfully identified several strong conductive anomalies that are associated with known copper mineralization in the Storm Project area, including a large conductive anomaly associated with the high-grade 4100N Zone (intercepts include 67.6 m @ 1.33% Cu from 43.4 m in hole ST99-47).

The 2021 EM surveys confirmed the correlation between elevated conductivity and high-grade copper mineralization at the main Storm Copper showings, producing numerous shallow conductors coincident with drill confirmed mineralization. Known high-grade copper mineralization at Storm is hosted in gently dipping Paleozoic carbonate rocks, along and adjacent to the northern and southern margins of a west-northwest to east-northeast trending, ~1 km wide, fault-bounded valley or graben. Inversion and plate modelling of the EM data also defined multiple prospective conductors associated with the Storm graben within areas previously untested by drilling.

Thomas Ullrich, CEO of Aston Bay commented, "The initial results of the 2021 geophysical surveys demonstrate the efficacy of ground EM as an exploration tool at Storm, and further reinforce our belief that undiscovered, blind zones of high-grade copper mineralization exist in underexplored areas of the Project. Utilizing modern instrumentation capable of resolving anomalies with improved resolution and at greater depth than previous surveys has enabled our partners at American West to identify multiple new conductors warranting follow up work, including several drill-ready targets. We look forward to continuing our work with American West's technical team to refine targets identified by the 2021 survey, and to plan additional geophysical surveys and new targets ahead of a proposed 2022 drill campaign."

Seven untested shallow conductors of interest were identified (Figures 1 and 2; dark blue rectangles): two east along strike from the 2200N and 2750N zones, two west-northwest along strike from the 4100N Zone, one immediately west of the drilled area of the 4100N Zone conductive anomaly, one northeast of the 4100N Zone, and one northeast of the 3500N Zone. All seven untested shallow conductors are located along or in close proximity to the bounding faults of the Storm graben, in areas of elevated density identified by the 2017 airborne gravity gradiometry (AGG) survey (see Aston Bay News Releases dated November 30, 2017 and June 21, 2018). The conductors east of the 2200N and 2750N zone are also associated with significant copper in soil geochemical anomalies.

Seven untested deeper conductors of interest were also identified in the Storm Copper area (Figures 1 and 2; dark green rectangles). These broad, low-amplitude anomalies are generally at least partially associated with areas of elevated density identified by the 2017 AGG survey. Six of the seven anomalies are located along or adjacent to the bounding faults of the Storm graben. The geometry and mostly gentle dips of the modelled deep conductors suggest that they may be related to stratiform type targets, and may be indicative of traditional sedimentary type copper mineralization at depth. Given the highly resistive nature of the host dolomites, even subtle conductors are considered to be prospective when combined with coincident geochemical or airborne gravity anomalies.

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Figure 1. Plan view of the Storm graben area showing the 2021 ground EM survey results: shallow plate modelled conductors (dark magenta), deep plate modelled conductors (dark green), and previous drill results. Background image is EM resultant field channel 12.