American West: New discovery and high copper grades
It was to be expected and yet represents an important milestone for American West Metals (WKN A3DE4Y / ASX AW1): MD Dave O’Neill’s company has made the necessary exploration expenditures, now securing an 80% interest in the highly prospective Storm copper project in Nunavut, Canada.
American West has been active on the Storm property since 2021, and its exploration activities have consistently produced breakthrough results that have highlighted the project’s copper potential. Meanwhile, the company says Storm is considered one of the rare opportunities in the copper sector that could have global significance!
Breakthrough with discovery of a regional copper system at depth
In the process, American West has proven two spectacular opportunities for potential copper mineralization. First of all, drill programs conducted by the company have significantly expanded near-surface, high-grade copper mineralization at Storm. Secondly, American West made a breakthrough by discovering a deeper sediment-hosted copper system of regional size. And according to the company, this system has similarities to world-class copper belts in Central Africa and Botswana.
Among the best results American West’s drilling on Storm has produced to date are:
– 41 meters at 4.18% copper from 38 meters depth, – 57 meters with 2.5% copper from 8 meters depth, – 46 meters with 2.2% copper from 64 meters, with 15.6 meters at 4.2% copper from 65 meters – and 67.1 meters at 1.1% copper from 54.9 meters depth.
Apart from this, the project also contains the high-grade Seal zinc and silver deposit for which a resource estimate already exists. This amounts to 1 million tons at 10.24% zinc and 46.5 g/t silver and is very similar to the nearby Polaris mine, which Teck Resources operated for 22 years, according to the company.
Numerous drill results in the pipeline
Further news flow is provided for now, as results from 29 drill holes are still pending. These include the results of the drilling with which American West discovered the Thunder and Lightning zones. According to the company, regular releases on this are due over the next four to six weeks. The option agreement
American West Metals and project owner Aston Bay Holdings had entered into an agreement in early March 2021 that gave American West an 80% stake in Storm once the company put CAD10 million into exploration of the project. And that mark was reached during this year’s drilling program. Now American West Metals and Aston Bay will form an 80/20 joint venture (unincorporated) with American West being the operator.
American West’s Managing Director Dave O’Neill stated, “Building on the outstanding and continued success of the drilling and exploration programs at Storm, we are pleased to announce that American West has now completed the acquisition of an 80% interest in the Storm Project. This has been a pivotal year for the Storm project with a significant expansion of near surface high grade copper deposits and the ground breaking discovery of the deeper regional sediment hosted copper system. Securing an 80% interest in Storm through the efficient and timely completion of the exploration programs required under the Option Agreement is a fantastic outcome for the Company and our shareholders. We look forward to continuing our partnership with Aston Bay on this exciting project.”
Pursuant to §34b WpHG (Securities Trading Act) and in accordance with Paragraph 48f (5) BörseG (Austrian Stock Exchange Act) we would like to point out that principals, partners, authors and employees of GOLDINVEST Consulting GmbH hold or may hold shares in American West Metals and therefore a possible conflict of interest exists. We also cannot exclude that other stock letters, media or research firms discuss American West Metals during the same period. Therefore, symmetrical information and opinion generation may occur during this period. Furthermore, there is a consulting or other service contract between American West Metals and GOLDINVEST Consulting GmbH, which means that a conflict of interest exists.