TORONTO - Aston Bay Holdings Ltd. (TSXV: BAY) (OTCQB: ATBHF) ('Aston Bay' or the 'Company') is pleased to announce visual results from three more diamond drill holes at the Company's high-grade Storm Copper Project ('Storm' or the 'Project') on Somerset Island, Nunavut.

This is the maiden drilling program for American West Metals Limited ('American West'), who are the project operator, since entering an option agreement with Aston Bay in March 2021.

Highlights

Drilling at the high-grade 2750N Zone continues to expand footprint of the near surface mineralization

The latest resource drill holes along strike from 2750N have intersected wide intervals of visual copper mineralization, including: ST22-07 has intersected 43.5m of mineralization including 15.5m of breccia and massive copper sulfides over multiple intervals

ST22-08 has intersected 30m of mineralization including 13m of breccia and massive copper sulfides over multiple intervals

The copper mineralization within the 2750N Zone remains open along strike and at depth

'Drilling at the 2750N Zone continues to impress the team, with thick intervals of copper mineralization near the surface in every drill hole,' stated Thomas Ullrich, CEO of Aston Bay. 'This gives us confidence in the continuity of the mineralization and the exploration potential for more, in an area where we are working with our partner American West to define a shallow copper resource that can support a low cost, small footprint direct shipping product mining operation. Together with the exciting discovery of a zone of stratiform 'sediment hosted style' of copper mineralization announced earlier this week, this has been an outstanding drill program and a real game changer for the Storm project.'

2750N Zone: Expanding the Mineralized Footprint

Drill holes ST22-07 and ST22-08 have been completed at the 2750N Zone and have successfully intersected further thick zones of breccia and massive sulfides (mostly chalcocite) hosted within much broader intervals of vein and fracture style copper mineralization.

A total of 997 metres (m) of drilling has been completed to date on the shallow and high-grade 2750N Zone, with the drilling continuing to confirm the outstanding continuity and thickness of the ore system. The latest drill holes have failed to close off the mineralization which remains open along strike to the east and west, and at depth.

The mineralization encountered within the latest drill holes is visually similar to the previous drilling with chalcocite being the dominant mineral, and with chalcopyrite, bornite, cuprite and minor oxides being present within certain intervals.

The potential for further mineralization and extensions to the 2750N Zone is supported by strong copper anomalism in soils and rock chips along an extensive strike of the known mineralization. Massive chalcocite has been mapped in outcrop on the western margin of the 2750N Zone, with assays of rock chips up to 62% copper. The geochemical footprint defined by soil and rock chip sampling extends for over 1 kilometre (km) along the main strike of the 2750N Zone.

About Aston Bay Holdings

Aston Bay is a publicly traded mineral exploration company exploring for base metals and gold 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 is currently drilling the Mountain Base Metals Project in Virginia, exploring the Buckingham Gold Project, also in Virginia, and is in advanced stages of negotiation on other lands in the area.

The Company is also 100% owner of the Storm Project property, which hosts the Storm Copper Project and the Seal Zinc Deposit and has been optioned to American West Metals Limited.

About American West Metals Limited

AMERICAN WEST METALS LIMITED (ASX: AW1) is an Australian company focused on growth through the discovery and development of major base metal mineral deposits in Tier 1 jurisdictions of North America.

They are a progressive mining company focused on developing mines that have a low-footprint and support the global energy transformation.

Their portfolio of copper and zinc projects include significant existing mineral resource inventories and high-grade mineralization that can generate robust mining proposals. The company is commitment to the ethical extraction and processing of minerals and making a meaningful contribution to the communities where our projects are located.

The company is led by a highly experienced leadership team, with strategic initiatives that lay the foundation for a sustainable business which aims to deliver high-multiplier returns on shareholder investment and economic benefits to all stakeholders.

FORWARD-LOOKING STATEMENTS

Statements made in this news release, including those regarding the Option Agreement, grant of the Option and the expected closing date, American West's interest in the Storm Project and its other acquisitions and plans, plans for the upcoming field season, 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 operations, 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 cause 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.

Contact:

Thomas Ullrich

Tel: 416-456-3516

Email: thomas.ullrich@astonbayholdings.com

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