Aston Bay Presents Corporate Update Epworth Project:
Aston Bay Presents Corporate Update
Epworth Project:
• Assays received from 376 rock grab samples and 39 lake sediment samples
• Preliminary data from property-wide MobileMT geophysical survey results received and undergoing additional
processing
• Interpretation and compilation with surface mapping studies are underway for a January 2025 release
Storm Project:
• 22,475 metres (“m”) of drilling completed in 153 drill holes
• Work is nearly complete for the maiden resource constructed to Canadian Institute of Mining standards for a
January 2025 release
• Work continues with partner American West to advance mining and economic studies for a potential low -cost
development.
TORONTO, Ontario, December 16, 2024 – Aston Bay Holdings Ltd. (TSXV: BAY) (OTCQB: ATBHF) ("Aston
Bay" or the "Company”) is pleased to provide an update on its Epworth Project (“Epworth”) and the 2024
drilling and regional exploration activities at the Storm Copper Project (“Storm”) in Nunavut.
Thomas Ullrich, Chief Executive Officer of Aston Bay, commented:
“It has been a successful year of exploration at both our Storm and Epworth Projects in Nunavut.
“At Storm, 22,475m of drilling was completed, exceeding expectations. A ssay results demonstrated
consistent copper grades , highlighting the excellent lateral continuity of the high -grade mineralization
within the known zones and defining new discoveries and prospective areas. Work is well advanced on
the maiden resource for Storm a nd the development study work. Reports on both fronts are expected in
early 2025.
“At Epworth, we are impressed with the preliminary look at the property -wide MobileMT geophysical
survey results and rock and lake sediment survey results. We are processing the geophysical results further
and look forward to presenting a comprehensive compilation with the mapping and sampling results in
January.”
Epworth Project
A prospecting, rock sampling, and geological mapping program was conducted in 2024, including structural and
stratigraphic studies by Dr. Elizabeth Turner . Nine claims totalling an additional 11,900 hectares (“ha”) (119 square
kilometres (“km2”)) were added to the claims package, now totalling 89,000 ha (890 km2)
An 8,105 line-km airborne MobileMT survey covering the claim block commenced in late August and was completed
in late September. Compilation of the assay results and additional geophysical data processing are underway. When
all results are received, they will be integrated with historic work and released with a new interpretation in the New
Year.
Storm Project
A total of 22,475m of drilling was conducted in 153 drill holes (19,879m in 138 Reverse Circulation (“RC”) holes and
2,596m in 15 diamond drill holes) during the 2024 season. Assay results demonstrated consistent copper grades ,
highlighting the excellent lateral continuity of the high -grade mineralization within the known zones and defining
new discoveries and prospective areas. Work is well advanced on a maiden resource constructed to Canadian
Institute of Mining standards for a January 2025 release.
In addition to the drill hole results previously released, several scout holes were drilled to assist in interpreting the
geologic framework in the Storm area. Results from these drill holes, the final results of the 2024 program, are
presented below.
Figure 1: Reverse Circulation (RC) drilling underway in the Storm area, Nunavut, Canada.
Stratigraphic and Reconnaissance Drilling
RC drill holes SR24-028, SR24-029, SR24-046, SR24-048, SR24-050, SR24-056, SR24-058, SR24-060, SR24-
064, SR24-066, SR24-094, SR24-096, SR24-104, SR24-110, SR24-136 were completed within the Storm
area during the 2024 drilling program (Figure 2). The drill holes were designed to assist with interpreting
the stratigraphy and geological framework in several key areas. The drill holes were also used to help
validate and assess the effectiveness of the geophysical surveys in the Storm area.
Drill holes SR24-046, SR24-050, SR24-060, and SR24-136 intersected minor, vein-hosted copper
sulphides (Table 2).
The data from the drill holes has improved the geological understanding of the Storm Graben area and
helped refine the geological model for the updated Mineral Resource Estimate (MRE) of the Storm
Project.
Figure 2: Reverse Circulation (RC) drill hole locations covered in this report, overlaying copper deposit
outlines, major faults, and topography.
Squall Drilling
RC drill holes SR24-108 and SR24-135 were also completed at the newly discovered Squall Prospect.
The holes were designed to test high-priority EM anomaly A3, which is visible in the data from both the
200m and 400m loop EM surveys (Figure 3). The coincident data suggested that the target may be
located at a depth which crossed the designed detection ranges of the two surveys.
Drill hole SR24-108 achieved the maximum achievable depth of 182.9m downhole, limited by available
drill rods. The drill hole is interpreted to have hit the eastern edge of the EM anomaly and intersected
breccias and vein-hosted chalcocite assaying 2.4% Cu, 5g/t Ag in the last sampling interval of the hole
(181.4 – 182.9m).
Follow-up drill hole SR24-135 was drilled to the east of SR24-108 and intersected 1.5m @ 0.5% Cu, 3g/t
Ag from 163.07m downhole.
The EM anomaly and copper mineralization is interpreted to be related to a north-south orientated
structure centred on drill hole SR24-108. This feature remains open, and future drilling will test the
prospect to the north and south of the current drilling.
Figure 3: 400m loop MLEM image (CH20BZ) overlaying drilling and the geological and structural
interpretation of the Storm area. The MLEM anomalies discussed in this report are labelled A1- A5.
Update on previously released drilling
The first drill hole of the 2024 season, SR24-001, was drilled approximately 500m north of the Cyclone
Deposit and was designed to test a Fixed Loop Electromagnetic (FLEM) target defined during exploration
in 2022. The interpretation of the FLEM data suggested that the source of the anomaly could be located
at depth but was weakly defined.
SR24-001 was drilled to a maximum achievable depth of 251.5m (limit of RC drill rods), encountering no
copper sulphides or other lithologies that could confirm or explain the source of FLEM anomaly. The drill
hole encountered weak pyrite (iron sulphides) mineralization at 125m and minor clay layers, but they
were not in sufficient abundance to explain the EM response.
The 2024 Moving Loop EM (MLEM) survey was extended into the area to validate the FLEM anomaly but
did not did not highlight any significant anomalies. The MLEM survey was optimized to search for
conductive bodies between 0-250m depth, suggesting that the FLEM anomaly may be located at a
deeper level.
Exploration drill hole SR24-005 was drilled to 251.5m and was designed to test an Induced Polarisation
(IP) anomaly and stratigraphic section within the central graben area of Storm.
SR24-005 encountered a thick sequence of pyrite mineralization between 58m and 204m and is the
likely source of IP anomalism in this area. The drill hole did not intersect the prospective copper horizon,
which is interpreted to be below the extent of the drill hole and deeper than 250m in vertical depth.
Hole ID Prospect Easting Northing RL Depth
(m) Azi Inclination
SR24-001 Expl. 465403 8174839 308 251.5 180 -75
SR24-005 Graben 464200 8173324 259 251.5 180 -75
SR24-028 Expl. 465867 8174040 281 140.2 180 -65
SR24-029 Expl. 465900 8174500 294 251.4 180 -65
SR24-046 Thunder W 464686 8172873 253 199.6 0.3 -60
SR24-048 Thunder W 464803 8172870 252 199.6 0.1 -60.1
SR24-050 Chinook W 465862 8172885 245 150.9 359.6 -60.3
SR24-056 Corona E 466834 8172386 244 150.9 0.2 -60.1
SR24-058 Corona E 467248 8172395 245 167.6 180 -60.4
SR24-060 Corona E 466996 8172490 251 141.7 200.49 -60.3
SR24-064 Cirrus E 462948 8173743 223 150.9 210.41 -60.2
SR24-066 Cirrus E 462861 8173793 218 150.9 210 -60.2
SR24-094 Chinook W 465884 8172982 250 199.6 215.64 -60.2
SR24-096 Chinook W 465828 8172789 242 129.5 180.05 -60
SR24-104 Expl. 463100 8173180 213 274.3 360 -85
SR24-108 Squall 464828 8172642 245 182.9 180 -60
SR24-110 Expl. 464924 8171800 184 182.9 206 -80
SR24-135 Squall 464779 8172593 240 230.1 180 -75
SR24-136 Expl. 462798 8174973 277 199.6 180 -70
Table 1: Details for the 2024 drill holes in this report.
Hole ID From
(m) To (m) Width Cu % Zn % Ag g/t
SR24-001 NSI
SR24-005 NSI
SR24-028 NSI
SR24-029 NSI
SR24-046 0.00 1.52 1.52 0.36 - 1
9.14 12.19 3.05 0.49 - 1.5
SR24-048 NSI
SR24-050 106.68 108.2 1.52 0.46 - 1
SR24-056 NSI
SR24-058 NSI
SR24-060 13.72 15.24 1.52 0.3 - 1
SR24-064 NSI
SR24-066 NSI
SR24-094 NSI
SR24-096 NSI
SR24-104 NSI
SR24-108 181.36 182.88 1.52 2.4 - 5
SR24-110 NSI
SR24-135 163.07 164.59 1.52 0.5 - 3
SR24-136 38.10 39.62 1.52 0.4 - 2
Table 2: Significant interval table for the drill holes in this report (>0.2% Cu). For the 2024 exploration drill
holes where no copper sulphides were intersected (none detected visually and confirmed with portable
XRF), no assay analyses were conducted. (NSI = No Significant Interval.)
Details of the delineation drilling and exploration drill holes for the 2024 Storm program are available at
https://astonbayholdings.com/news/2024-storm-drill-hole-details/.
Qualified Person
Michael Dufresne, M.Sc., P.Geol., P.Geo., is a qualified person as defined by National Instrument 43 -101
and has reviewed and approved the scientific and technical information in this press release.
QA/QC Protocols
The analytical work reported herein was performed by ALS Global (“ALS”), Vancouver , Canada. ALS is an
ISO-IEC 17025:2017 and ISO 9001:2015 accredited geoanalytical laboratory and is independent of Aston
Bay Holdings Ltd., American West Metals Limited, and the QP.
Samples were subject to 33-element geochemistry by four-acid digestion and inductively coupled plasma
atomic emission spectroscopy (ICP -AES) to determine concentrations of copper, silver, lead, zinc, and
other elements (ALS Method ME-ICP61a).
Aston Bay Holdings Ltd. and American West Metals Limited followed industry standard procedures for the
work carried out on the Storm Project, incorporating a quality assurance/quality control (QA/QC)
program. Blank, duplicate, and standard samples were inserted into the sample sequence and sent to the
laboratory for analysis. No significant QA/QC issues were detected during the review of the data. Aston
Bay Holdings Ltd. and American West Metals Limited are not aware of any drilling, sampling, recovery, or
other factors that could materially affect the accuracy or reliability of the data referred to herein.
*Stated drill hole intersections are all core length and true width is expected to be 60% to 100% of core
length.
Agreement with Epstein Research
The Company has entered into an advertisement services agreement with Peter Epstein (“Epstein
Research”) to increase investor engagement and create more awareness for the Company, starting on
October 1, 2024. Epstein Research’s engagement is for an initial term of six (6) months and is subject to
renewal or cancellation in accordance with its terms (the “Term”). Epstein Research operates from New
York, New York, and provides promotional services, including social media and online advertising of the
Company posted on Epstein Research homepage, CEO.ca, Substack, and Linked -In; monthly written
articles on the Company and/or CEO interviews written exclusively by Peter Epstein; and frequent online
commentary on the Company on websites including CEO.ca, Stockhouse , TalkMarkets, LinkedIn,
Twitter/X, Yahoo Finance, Facebook, StockTwits.
The Company has paid Epstein Research an amount of US$ 15,000 for the Term for these services. There
are no common shares or options to be received as compensation in the service agreement. In addition,
Epstein Research is an unrelated and unaffiliated entity in respect of the Corporation and, at the time of
the agreement, Mr. Epstein owns securities of the Company purchased on the open market.
About Aston Bay Holdings
Aston Bay is a publicly traded mineral exploration company exploring for high-grade critical and precious
metal deposits in Nunavut, Canada and Virginia, USA.
The Company is currently exploring the Storm Copper Property and Cu -Ag-Zn-Co Epworth Property in
Nunavut, a s well as the high -grade Buckingham Gold Vein in central Virginia . The Company is also in
advanced stages of negotiation on other lands with high-grade critical metals potential in North America
The Company and its joint venture partners, American West Metals Limited and its wholly -owned
subsidiary, Tornado Metals Ltd. (collectively, “ American West”), have formed a 20/80 unincorporated
joint venture in respect of the Storm Project property, which hosts the Storm Copper Project and the Seal
Zinc Deposit. Under the unincorporated joint venture , Aston Bay shall have a free carried interest until
American West has made a decision to mine upon completion of a bankable feasibility study, meaning
American West will be solely responsible for funding the joint venture until such decision is made. Afte r
such decision is made, Aston Bay will be diluted in the event it does not elect to contribute its
proportionate share and its interest in the Storm Project property will be converted into a 2% net smelter
returns royalty if its interest is diluted to below 10%.
FORWARD-LOOKING STATEMENTS
Statements made in this news release, including those regarding entering into the joint venture and each
party’s interest in the Project pursuant to the agreement in respect of the joint venture, management
objectives, forecasts, estimates, expectations, or predictions of the future may constitute “forward -
looking statement”, which can be identified by the use of conditional or future tenses or by the use of
such verbs as “believe”, “expect”, “may”, “will”, “should”, “estimate”, “anticipate”, “project”, “plan”, and
words of similar import, including variations thereof and negative forms. This press release contains
forward-looking statements that reflect, as of the date of this press release, Aston Bay’s expectations,
estimates and projections about its oper ations, the mining industry and the economic environment in
which it operates. Statements in this press release that are not supported by historical fact are forward -
looking statements, meaning they involve risk, uncertainty and other factors that could ca use actual
results to differ materially from those expressed or implied by such forward-looking statements. Although
Aston Bay believes that the assumptions inherent in the forward -looking statements are reasonable,
undue reliance should not be placed on these statements, which apply only at the time of writing of this
press release. Aston Bay disclaims any intention or obligation to update or revise any forward -looking
statement, whether as a result of new information, future events or otherwise, except to the extent
required by securities legislation.
Neither TSX Venture Exchange nor its regulation services provider (as that term is defined in policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
For more information contact:
Thomas Ullrich, Chief Executive Officer
(416) 456-3516
Sofia Harquail, IR and Corporate Development
(647) 821-1337