This curious and short-lived magazine is not quite what it seems. I had always assumed, until I looked into it more closely, that it was an original magazine in the same (somewhat juvenile) vein as the Spencer titles of the same period. But it isn't - it is largely reprinted from issues 2 and 3 of the Australian magazine Thrills Incorporated (THC). There is even a giveaway in the index page blurb for one of the stories in ASS #1, which says "The two planetoid prospectors of 'Asteroid Adventure' return to Thrills in a desperate adventure in a blazing inferno". The story mentioned had previously been published in THC #1.
ASS had 64 pulp-sized pages whereas THC had only 48 (excluding covers). The extra content was made up in each issue by a story from Super Science Stories, for which Pembertons had the UK reproduction rights at that time. There is no indication on the front or in the magazine who painted either cover and it looks as if the THC covers have been repainted for ASS as there are numerous differences of detail.
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Both images were scanned from the copies in my own collection.