Nouveau Monde Graphite Inc. press release

Aston Bay and American West Metals Announce Another Discovery and High-Grade Copper Intervals at the Storm Copper Project, Canada

2023-09-05

TSXV - TSX Venture Exchange · Graphite · Canada · Drill Results

Another new discovery further expands the copper mineralization footprint at Storm:

Exploration Reverse Circulation (RC) drill hole SR23-52 has intersected a total of 19m of strong visual copper sulfide mineralization in two zones from 32m downhole, delivering a new discovery in an underexplored area of the Project The discovery is interpreted to be fault related and is located between the high-grade 2750N and 2200N Zones, which are located approximately 1km apart The new copper zone has been named ‘Lightning Ridge' Over 10km of prospective structures have been identified in the immediate area with further potential across the Project tenure

Initial assay results from the summer drilling program at the 2750N and 4100N Zones have returned high-grade near-surface high-grade copper intervals including:

Drill hole SM23-02 (4100N Zone diamond drill QA/QC hole) has intersected (hole length): 46m @ 2.2% Cu from 64m, including, 15.6m @ 4.2% Cu from 65m, including, 0.3m @ 42.8% Cu from 67m

Drill hole SR23-21 (2750N Zone) has intersected (hole length): 27.4m @ 1.5% Cu from surface, including, 7.6m @ 4% Cu from 7.6m, and,

27.4m @ 1.3% Cu from 30.5m, including, 9.1m @ 2.15% Cu from 33.5m

Final assays for the summer drilling program comprising the remaining RC delineation holes and four deep diamond drill holes are expected regularly over the coming weeks

TORONTO, ON / ACCESSWIRE / September 5, 2023 / Aston Bay Holdings Ltd. (TSXV:BAY)(OTCQB:ATBHF) ("Aston Bay" or the "Company") is pleased to report a new near-surface copper discovery as well as excellent drill results that confirm thick, high-grade copper over an expansive and growing footprint at the Storm Copper Project ("Storm" or the "Project") on Somerset Island, Nunavut, Canada. The program is being conducted by American West Metals Limited ("American West"), who are the project operator since entering an option agreement with Aston Bay in March 2021

"Discovery strikes again with another new near-surface copper discovery in the excellent exploration work conducted by our partners American West at Storm" stated Thomas Ullrich, CEO of Aston Bay.

"The new Lightning Ridge discovery comes on the heels of the Thunder Zone discovery earlier this summer. We see the massive black chalcocite at the surface near the ridge edge south of the 2750N Zone and are pleased that the drill has confirmed that the mineralization continues at depth. As well, the drilling revealed a second copper zone that we believe is concealed beneath the scree at the bottom of the gully.

"Both Lightning Ridge and Thunder point to the exploration potential for additional copper mineralization to potentially add to the near-surface delineation program currently underway. The latest results from both the 2750N and 4100N Zones confirm the continuity of the mineralization and include extremely rich zones up to 43% copper (Figure 1). We are well on our way toward a maiden resource for the near-surface mineralization, with these new discoveries already highlighting the potential for expansion.

"Together with the exciting confirmation of sediment hosted copper mineralization at depth earlier this season, Storm is proving to be a compelling growth story for both near-surface development and deeper breakthroughs. We look forward to additional results from this season, and to continued exploration and discovery."

Figure 1: Drill core from resource diamond drill hole SM23-02 from the 4100N Zone showing chalcocite (dark grey) in dense brecciation, veining and faulting (now rubble). The interval is from approximately 62.85m to 78m downhole and contains an average grade of 6.4% Cu between 65m and 73.3m.

DRILL RESULTS HIGHLIGHT RESOURCE AND EXPLORATION POTENTIAL AT STORM

The first batch of assay results from the summer 2023 resource drilling program have been received which includes all drill holes from the 2750N Zone, and five additional drill holes at the 4100N Zone (assays are still pending for the remainder of the 4100N Zone drilling). The resource drilling has included both Reverse Circulation (RC) and shallow diamond drilling in key areas of the near-surface prospects (Table 1).

The initial assays have defined the highest copper grades to date at the 4100N Zone (Figure 1). The results continue to highlight the resource potential of the 2750N and 4100N Zones with consistent copper grades and good lateral continuity of the known copper mineralization.

A single exploration RC drill hole (Figure 2) has made another discovery of near-surface mineralization in a large, underexplored area between the 2750N, 2200N and Thunder prospects.

The new discovery has been named ‘Lightning Ridge' and is located in an area of outcropping massive chalcocite and large-scale faulting.

These latest results highlight the potential for further expansion of the high-grade, near-surface mineralization within the Storm Project area.

Figure 2: RC Drill chips from RC drill hole SR23-52 from the Lightning Ridge Prospect. The interval is from 125ft (38m) to 155ft (47.2m) downhole. Chalcocite (80% copper) veins and chips are visible as dark grey, with malachite (copper oxide) seen as green.

| Hole ID | Prospect | Easting | Northing | Depth (m) | Azimuth | Inclination | Thickness Strong Mineralization (m) | | SR23-01 | 4100N | 464991 | 8174285 | 137.2 | 180 | -65 | 28.9 | | SR23-02 | 4100N | 464990 | 8174157 | 140.2 | 180 | -59 | 21 | | SR23-03 | 4100N | 465041 | 8174251 | 151 | 178 | -65 | 52.5 | | SR23-04 | 4100N | 465045 | 8174166 | 152.4 | 179 | -69 | 25.9 | | SR23-05 | 4100N | 464899 | 8174146 | 131.1 | 180 | -66 | 21.3 | | SR23-06 | 4100N | 464899 | 8174261 | 166.1 | 180 | -69 | 13.7 | | SR23-07 | 4100N | 464805 | 8174203 | 137.2 | 180 | -71 | 7.7 | | SR23-08 | 4100N | 464726 | 8174286 | 118.9 | 180 | -69 | 6.1 | | SR23-09 | 4100N | 464726 | 8174206 | 164.6 | 180 | -69 | 13.8 | | SR23-10 | 4100N | 464638 | 8174315 | 125 | 180 | -70 | 12.2 | | SR23-11 | 4100N | 464667 | 8174223 | 140.2 | 180 | -70 | 18.2 | | SR23-12 | 4100N | 465115 | 8174317 | 149.4 | 179 | -73 | 10.6 | | SR23-13 | 4100N | 465051 | 8174321 | 175.3 | 180 | -65 | 29 | | SR23-14 | 4100N | 464948 | 8174227 | 160 | 180 | -65 | 25.9 | | SR23-15 | 4100N | 464853 | 8174167 | 121.9 | 180 | -65 | 10.7 | | SR23-16 | 4100N | 465138 | 8174247 | 132.6 | 180 | -70 | - | | SR23-17 | 4100N | 465139 | 8174173 | 129.5 | 180 | -66 | 19.8 | | SR23-18 | 4100N | 465186 | 8174280 | 182.9 | 180 | -65 | 9.2 | | SR23-19 | 2750N | 466176 | 8172771 | 70.1 | 180 | -55 | 7.6 | | SR23-20 | 2750N | 466231 | 8172821 | 97.5 | 196 | -45 | 13.7 | | SR23-21 | 2750N | 466277 | 8172792 | 59.4 | 180 | -55 | 54.8 | | SR23-22 | 2750N | 466230 | 8172820 | 114.3 | 150 | -72 | 25.9 | | SR23-23 | 2750N | 466276 | 8172791 | 79.3 | 090 | -78 | 7.6 | | SR23-28 | 4100N | 466184 | 8174210 | 149.4 | 180 | -65 | 12.2 | | SR23-29 | 4100N | 466233 | 8174254 | 132.6 | 180 | -62 | 3 | | SR23-30 | 4100N | 466231 | 8174174 | 120.4 | 180 | -60 | 3 | | SR23-31 | 4100N | 466268 | 8174115 | 125 | 182 | -61 | 32 | | SR23-52 | Lightning | 466062 | 8172544 | 118.9 | 360 | -45 | 19 | | SM23-01 | 2750N | 466203 | 8172818 | 100 | 180 | -50 | 12 | | SM23-02 | 4100N | 465016 | 8174253 | 180 | 180 | -45 | 46 |

Table 1: 2023 Resource and near-surface exploration drill hole details.

Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Laboratory assays are required to determine the presence and grade of any contained mineralization within the reported visual intersections of copper sulfides. Portable XRF is used as an aid in the determination of mineral type and abundance during the geological logging process.

LIGHTNING RIDGE COPPER DISCOVERY

Exploration RC drill hole SR23-52 was drilled to a depth of 119m and completed in a largely untested area of significant outcropping chalcocite (Figures 3 and 4). The drill hole was designed to test an untested airborne VTEM target in an area with a single, shallow historical drill hole (ST97-06 2.6m core length @ 6.83% Cu from 35.4m), midway between the high-grade 2750N and 2200N Zones.

The VTEM target was successfully tested and resulted in 44m of visual copper sulfides with a total 19m of strong visual copper sulfides (Table 2). The copper sulfide mineralization consists of dense breccia and vein-hosted chalcocite within two broad zones of mineralization (Figure 5). The upper zone of sulfide is particularly strong and is interpreted to be the source of the VTEM anomaly.

The Lightning Ridge area is located to the south of the 2750N Zone, and across the main E-W gully. Outcropping massive chalcocite is visible on the steep slope near the gully ridge line and in boulders at the base of the scree slope. Its proximity to the gully and the style of mineralization is strongly suggestive that the mineralization is fault-related and steeply dipping, similar to the high-grade 2750N and 2200N Zones.

Five significant, fault-related and widely spaced copper prospects have now been confirmed by drilling in the southern graben area. All of these discoveries are located at, or close to surface and have only been tested to a depth of approximately 100 vertical metres. Further exploration will look to expand the search space deeper, and along the vast fault network in the area.

Over 10km of prospective structures have been identified in the southern graben area alone, highlighting the exploration potential along strike, and at depth below the known copper mineralization (Figure 4). The Storm Graben faults can be also traced for over 6km southeast into the Tornado and Blizzard Prospect areas, where there is widespread copper geochemical anomalism at surface as well as significant untested gravity anomalies.

The Lightning Ridge discovery continues to highlight the effectiveness of EM as a targeting tool and the correlation with strong copper sulfides. Other high-priority EM targets have been tested during this drilling program with assay results pending.

| Hole ID | From (m) | To (m) | Min | Description | | SR23-52 | 0 | 18 | | Cape Storm Formation | | | 18 | 20 | ml | Patchy ml on fractures | | | 20 | 26 | | Allen Bay dolomudstone | | | 26 | 29 | ml | Patchy ml on fractures | | | 29 | 32 | cc, ml | Trace cc veinlets and ml on fractures (0.2%) | | | 32 | 34 | cc, ml | Veinlets of cc (2.5%) | | | 34 | 38 | cc, ml, py | Trace cc veinlets and ml on fractures (0.4%) | | | 38 | 46 | cc, ml, py | Veinlets of cc (2%) | | | 46 | 50 | py | Trace and patchy py (0.2%) | | | 50 | 78 | | Dolomudstone | | | 78 | 87 | cc, py | Veinlets of cc with trace py (1%) | | | 87 | 105 | cc, py | Trace veinlets of cc and py (0.1%) | | | 105 | 119 | | Dolomudstone |

Table 2: Summary geological log for drill hole SR23-52. Mineralization key: cc = chalcocite, py = pyrite, ml = malachite. (5%) = visual estimation of sulfide content.

Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Laboratory assays are required to determine the presence and grade of any contained mineralization within the reported visual intersections of copper sulfides. Portable XRF is used as an aid in the determination of mineral type and abundance during the geological logging process.

Figure 3: Plan view of the southern Storm area showing the known copper prospects, newly discovered copper prospects (Thunder and Lightning Ridge), interpreted copper mineralization footprint (defined by drilling, MLEM and VTEM), and drilling overlaying regional geology. Stated drill hole intersections are all down hole length, and true width is expected to be 60% to 100% of stated length.

Figure 4: Plan view of the Storm area showing the known copper prospects and extensive network of high priority faults/structures (yellow) in the immediate Storm Area, overlaying regional geology.

Figure 5: Geological section view at 466,060E showing drill hole SR23-52 details, the interpreted mineralization envelopes, and outcropping chalcocite locations. Stated drill hole intersections are all down hole length, and true width is expected to be 60% of stated length.

DRILL HOLE DETAILS - 2750N ZONE

Drill holes SR23-19, SR23-20, SR23-21, SR23-22, SR23-23 and SM23-01 have been successfully completed within the 2750N Zone. The drill holes were planned to infill key areas and to test the margins of the mineralization for the maiden mineral resource estimation.

All five RC delineation holes intersected high-grade copper mineralization (Tables 3 to 8). The drill holes were designed to use only three drill pads to aid the logistics and to speed up the movement times between drilling. The mineralization encountered within the five drill holes is typical of that of the 2750N Zone with chalcocite dominant mineralization in the core and western portion of the deposit, and with chalcopyrite and pyrite present in zones of faulting and toward the eastern margin.

Drill holes SR23-19 and SR23-21 were designed to test the upper, near-surface extensions of the high-grade copper mineralization along key drill sections (Figure 6). SR23-19 intersected an interpreted fault zone along the southern margin of the mineralized trend and confirmed the vertical continuity of the main zone. Drill hole SR23-21 was drilled up dip of 2022 drill hole ST22-05 and has intersected two distinct zones of very strong mineralization, potentially separated by a fault. The presence of faulting along the southern margin and an apparent bifurcation of the mineralization in the southern 2750N Zone may indicate the potential for another parallel zone of mineralization and further prospectivity to the south and east (Figure 6). These two drill holes confirm the extension of the high-grade mineralization to surface.

Drill hole SR23-23 was drilled with an orientation to the east, along strike of the 2750N Zone and has intersected a fault zone with massive pyrite. There is copper mineralization on either side of the fault and this is consistent with the geology observed in 2022 drill hole ST22-03.

Diamond drill hole SM23-01 was completed for resource infill and QAQC purposes. The drill hole was completed along section 466200E and designed to scissor 2022 drill hole ST22-02 (57m @ 2.5% Cu from 8m downhole). SM23-01 intersected several zones of discreet, chalcocite-dominant mineralization with assay grades up to 12.8% Cu.

The recent drill holes further highlight the quality of the mineralization and have confirmed the steep orientation and potential for expansions to the known copper system.

Tables 3 - 8 below summarise the significant intersections in drilling. Intersections are expressed as downhole widths and are interpreted to be approximately 90-100% of true width. A cut-off grade of 0.5% copper is used to define a significant intersection and is based on ore mineralogy, mineralization habit and expected beneficiation and processing performance.

| Hole ID | From (m) | To (m) | Width | Cu % | Zn % | Ag g/t | | SR23-19 | 9.1 | 15.2 | 6.1 | 1 | - | 4.8 | | Including | 13.7 | 15.2 | 1.5 | 1.5 | - | 5 | | | 65.5 | 67 | 1.5 | 2.1 | - | 8 |

Table 3: Summary of significant drilling intersections for drill hole SR23-19 (>0.5% Cu).

| Hole ID | From (m) | To (m) | Width | Cu % | Zn % | Ag g/t | | SR23-20 | 32 | 33.5 | 1.5 | 1.6 | - | 26 | | | 50.3 | 53.3 | 3.1 | 1.1 | - | 3.5 | | | 62.5 | 71.6 | 9.1 | 1.4 | - | 8 | | Including | 64 | 67.1 | 3.1 | 3.5 | - | 1.5 |

Table 4: Summary of significant drilling intersections for drill hole SR23-20 (>0.5% Cu).

| Hole ID | From (m) | To (m) | Width | Cu % | Zn % | Ag g/t | | SR23-21 | 0 | 27.4 | 27.4 | 1.5 | - | 20 | | Including | 7.6 | 15.2 | 7.6 | 4 | - | 62 | | | 30.5 | 57.4 | 27.4 | 1.3 | - | 1.6 | | Including | 33.5 | 42.6 | 9.1 | 2.2 | - | 1.7 |

Table 5: Summary of significant drilling intersections for drill hole SR23-21 (>0.5% Cu).

| Hole ID | From (m) | To (m) | Width | Cu % | Zn % | Ag g/t | | SR23-22 | 44.2 | 50.3 | 6.1 | 1.8 | - | 9 | | Including | 45.7 | 47.3 | 1.5 | 6.1 | - | 22 | | | 61 | 80.8 | 19.8 | 1.1 | - | 7.5 | | Including | 70.1 | 73.2 | 3.1 | 4.6 | - | 14 |

Table 6: Summary of significant drilling intersections for drill hole SR23-22 (>0.5% Cu).

| Hole ID | From (m) | To (m) | Width | Cu % | Zn % | Ag g/t | | SR23-23 | 0 | 6.1 | 6.1 | 1.2 | - | 0.8 | | Including | 3 | 6.1 | 3.1 | 2.1 | - | 1 | | | 42.7 | 44.2 | 1.5 | 1.1 | - | 10 |

Table 7: Summary of significant drilling intersections for drill hole SR23-23 (>0.5% Cu).

| Hole ID | From (m) | To (m) | Width | Cu % | Zn % | Ag g/t | | SM23-01 | 24.7 | 25.5 | 0.8 | 2.9 | - | 3 | | | 41 | 43 | 2 | 1.1 | - | 3 | | | 51.3 | 66.5 | 15.2 | 1 | - | 2.6 | | Including | 51.3 | 51.6 | 0.3 | 12.8 | 0.2 | 3 | | And | 56 | 57 | 1 | 2.4 | - | 1.5 | | And | 59.3 | 60.3 | 1 | 4 | - | 2.2 | | | 64.3 | 66.5 | 2.2 | 0.7 | - | 8.9 | | Including | 64.3 | 65 | 0.7 | 1.1 | - | 9 |

Table 8: Summary of significant drilling intersections for drill hole SM23-01 (>0.5% Cu).

Figure 6: Plan view of the 2750N Zone showing interpreted copper mineralization footprint (defined by drilling, MLEM and VTEM), historical and recent drilling details, overlaying regional geology. Stated drill hole intersections are all down hole length, and true width is expected to be 60% to 100% of stated length.

Figure 7: Geological section view at 465,015E showing drill hole SM23-01 details, the interpreted mineralization envelopes (>1% Cu), and off-section previous drill holes on section 465050E. Stated drill hole intersections are all core length, and true width of SM23-01 is expected to be 90% to 100% of stated length.

DRILL HOLE DETAILS - 4100N ZONE

Drill holes SR23-28, SR23-29, SR23-30, SR23-31 and SM23-02 were successfully completed within the 4100N Zone (Figure 8).All drill holes have intersected copper sulfide mineralization (Tables 9 to 13) and were designed for resource definition work within, and on the margins of the known mineralization.

Drill hole SR23-31 was completed within the southeastern margin of the 4100N Zone and intersected three zones of high-grade copper mineralization (Figure 8; Table 12). These zones contain a mix of copper sulfide minerals with the higher-grade zones containing chalcocite and bornite as the dominant copper minerals. This is an important resource drill hole that links the strong mineralization in historical drill hole ST99-53 (4.8m core length @ 3.7% Cu from 20.3m and 4.4m core length @ 4.6% Cu from 38.6m) with the main zone of mineralization (Figure 8).

Diamond drill hole SM23-02 was designed to infill and capture QAQC information within the central portion of the 4100N Zone and in an area of strong EM anomalism (Figure 8). The drill hole intersected a very broad interval of 46m @ 2.2% Cu (including 15.6m core length @ 4.2% Cu). The mineralized interval contains bands of rich copper mineralization and includes some of the highest grades obtained from the 4100N Zone to date, with assays of up to 42.8% copper (from 67m downhole). Other bands contain individual grades of 13.2% Cu from 90.3m and 14.6% Cu from 91.4m downhole.

Given SM23-02 was drilled at a fairly shallow angle (-45 degrees), the true thickness of the intersection is interpreted to be approximately 37m (Figure 9). This intersection highlights the strong continuity and grade of the generally flat-lying 4100N Zone and will give very high confidence in the continuity of the resource through the main zone of mineralization.

The other three RC drill holes completed within the 4100N Zone (SR23-28, -29 and -30) were drilled in the eastern part of the 4100N Zone and in an area of less brecciation and sulfide veining (Figure 8). This area is characterized by more massive dolomudstone and with chalcopyrite as the dominant copper sulfide mineral. The area may represent a minor facies change in the sedimentary units which is common within sedimentary mineral systems. Historical drilling has confirmed that the copper mineralization re-intensifies to the east of the massive dolomudstone zone (i.e., STOR-1601D intersected 16m core length @ 3.1% Cu from 93m downhole - Figure 8).