Extension To Gold-Bearing Vein Revealed At Buckingham Gold Project In Virginia

TORONTO - Aston Bay Holdings Ltd. has completed Phase 2 of the Company's 2020 diamond drill program at its Buckingham Gold Property located in Central Virginia. Seven large diameter (HQ) oriented diamond drill holes totaling 803 meters (m) were completed, adding to the 1,218 m drilled in ten holes in Phase 1 in March.

In the Phase 2 drilling, four of the drill holes (BUCK-018 through BUCK-021) targeted the along-strike projection of the Buckingham Vein; all four holes intersected gold-bearing quartz vein material indicating an along-strike extension of 150 m from the 2019 drilling. Photographs of the quartz vein intercepts. The three remaining drill holes (BUCK-017, -022 and -023) targeted gold-in-soil anomalies to the west and southwest of the vein and intersected broad zones of sericite-quartz-pyrite mineralization similar in character to gold-bearing mineralization intersected in previous drilling. Previous drilling on the Buckingham Vein included core-length intercepts of up to 35.6 g/t Au over 2.03 m and 24.7 g/t Au over 3.57 m (2019 drilling) and 5.81 g/t Au over 6.29 m including 29.9 g/t Au over 0.92 m, 19.25 g/t Au over 1.4 m and 14.54 g/t Au over 1.06 m (2020 Phase 1 drilling) in quartz vein material.

Drill core samples from the initial three drill holes of Phase 2 (BUCK-017, -018 and -019) were shipped for analysis in mid-July. The remaining four drill holes (BUCK-020, -021, -022 and -023) have now been processed and are in transit to the lab. Analysis will be by standard fire assay techniques which will include metallic screen assaying of selected intervals with visible alteration and mineralization (including visible gold). Results are anticipated.

"We are encouraged by these additional gold-bearing quartz vein intercepts in our step out drilling on the Buckingham Vein," stated Thomas Ullrich, CEO of Aston Bay. "The 2020 program has extended the strike length of the vein by 150 m to the southeast as well as additional 50 m in depth and remains open in those directions. We look forward to following up on the results with additional work to expand both the Buckingham Vein and adjacent zones of disseminated gold mineralization."

The NW-SE trending Buckingham Main Zone, which comprises a series of visible gold-bearing quartz vein outcrops that extend over a strike length of some 150 m have yielded grab sample assay values up to 701 grams per tonne (g/t) Au. Previous drilling included core-length intercepts of up to 35.6 g/t Au over 2.03 m and 24.7 g/t Au over 3.57 m (2019 drilling) and 5.81 g/t Au over 6.29 m including 29.9 g/t Au over 0.92 m, 19.25 g/t Au over 1.4 m and 14.54 g/t Au over 1.06 m (2020 Phase 1 drilling) in gold-bearing quartz veins, as well as 2.2 g/t Au over 18.1 m and 1.9 g/t Au over 22.2 m in adjacent but separate sericite-quartz-pyrite alteration zones.