Aston Bay Holdings Commences Drilling on Its Buckingham Gold Property, Virginia

TORONTO, March 2, 2020 - Aston Bay Holdings Ltd. (TSX-V:BAY; OTCQB:ATBHF) ("Aston Bay" or the "Company") is pleased to announce that it has commenced drilling on a proposed 2000 metre (m) diamond drill program on its Buckingham Gold Property located in Central Virginia, USA.

The current drill program comprises both follow-up drilling at the Buckingham Main Zone as well as initial drill testing of the recently discovered Buckingham East Zone, located approximately 3.2 kilometres (km) to the northeast. The current drilling at the Buckingham Main Zone is designed to continue the evaluation of the gold-bearing quartz veining that was drilled by the Company last year. The Buckingham Main Zone comprises a series of visible gold-bearing quartz vein outcrops that extend over a strike length of over 150 m that have yielded grab sample assay values up to 701 grams/tonne (g/t) Au and recent drill intercepts of 35.61 g/t Au over 2.03m and 24.73 g/t Au over 3.57m (see June 5, 2019 Aston Bay release). At the recently discovered Buckingham East Zone, a series of quartz vein outcrops has been identified over a distance of 500 m with a similar northwest strike direction to that of the Main Zone.

"We are pleased to have the drill turning again on our Buckingham property," stated Thomas Ullrich, CEO of Aston Bay. "We are using oriented core drilling to increase our understanding of the mineralization at the Buckingham Main Zone. Step-out drilling in both directions along strike at the Main Zone is planned as well as testing the newly discovered Buckingham East Zone. In addition, results from our property-wide soil sampling program are anticipated in the coming weeks to aid in further exploration on the property."

QUALIFIED PERSON

As per National Instrument 43-101 Standards of Disclosure for Mineral Projects, Andrew Turner, P.Geol., a consultant to Aston Bay, is the Qualified Person for the Company and has prepared, validated and approved the technical and scientific content of this news release. The Company strictly adheres to CIM Best Practices Guidelines in conducting, documenting, and reporting its exploration activities.

About Aston Bay Holdings

Aston Bay is a publicly traded mineral exploration company exploring for gold and base metal 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 has also acquired the exclusive rights to an integrated dataset over certain prospective private lands at the Blue Ridge Project and has signed agreements with timber and land companies which grants the company the option to lease the mineral rights to 11,065 acres of land located in central Virginia. These lands are located within a gold-copper-lead-zinc mineralized belt prospective for Carolina slate belt gold deposits, as well as sedimentary VMS, exhalative (SEDEX) and Broken Hill (BHT) type base metal deposits. Don Taylor, who led the predecessor company to Blue Ridge and assembled the dataset, has joined the Company's Advisory Board and will be directing the Company's exploration activities for the Blue Ridge Project. The Company is actively exploring the Buckingham Gold Project in Virginia and is in advanced stages of negotiation on other lands in the area.

The Company is also 100% owner of the Aston Bay Property located on western Somerset Island, Nunavut, which neighbours Teck's profitable, past-producing Polaris (Pb-Zn) Mine just 200km to the north. The Aston Bay Property hosts the Storm Copper Project and the Seal Zinc Deposit with drill-confirmed presence of sediment-hosted copper and zinc mineralization.

The Company's public disclosure documents are available on www.sedar.com.

FORWARD-LOOKING STATEMENTS

Statements made in this press release, including those regarding the closing and the use of proceeds of the private placement, 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. We seek safe harbour.

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 ADDITIONAL INFORMATION CONTACT:

Thomas Ullrich, Chief Executive Officer
Telephone: (416) 456-3516

SOURCE: Aston Bay Holdings Ltd.