American West Systematically Expands High-Grade, Near-Surface Copper Deposits at Storm
The Australian copper explorer American West (ASX: AW1; OTCQB: AWMLF; FRA: R84) is systematically expanding the footprint of its discovery of near-surface copper deposits at the Storm project on Somerset Island, Nunavut. The latest results from short RC drilling at the Lightning Ridge target, immediately between the two known zones 2750N and 2200N (see Figure 1), have confirmed further high-grade copper deposits near the surface, greatly expanding the potential for Direct-Shipping-Ore (DSO) extraction.
Drill hole SR23-52 at Lightning Ridge delivered two mineralized intersections: The first intersection yielded 15.2m @ 2.3% Cu from 30.5m, including 1.5m @ 4.5% Cu from 32m, and 1.5m @ 4.5% Cu from 44.2m; a second intersection yielded 15.2m @ 2.1% Cu from 77.7m, including 1.5m @ 7.6% Cu from 77.7m. The results from Lightning Ridge underscore the excellent exploration and growth potential. The promising structures on the adjacent Thunder and Lightning Ridge prospects can be traced over a length of more than 10 km and are still largely untested by drilling.
The geologists at American West believe that the near-surface, high-grade copper and the deeper sediment-bound copper deposits were formed by the same fluids and mineralization processes. The regional potential of this copper system is enormous: To date, American West has succeeded in identifying high-grade copper deposits over an area of more than 15 square kilometers. In addition, there is a more than 80 km long, unexplored prospective stratigraphy that also includes several kilometer-long gravity targets. Overall, the exploration license covers 2,200 km².
More than 1,425 m of drilling in Zone 2200N has now confirmed the continuity of mineralization over an east-west strike of 450 m, indicating the potential for a significant volume of mineralization in this zone, which remains open in all directions.
Dave O’Neill, Managing Director of American West Metals, commented: “This year’s drilling program continues to impress with high-grade, near-surface copper mineralization now confirmed in the Lightning Ridge Prospect and 2200N zones at the Storm project. The assay results for Lightning Ridge have revealed new thick, high-grade copper zones that have the potential to add significant amounts of potentially economic near-surface mineralization at Storm. Our very first drilling in the 2200N Zone has also confirmed high copper grades and substantial resource potential over 450 m of known strike length. The 2200N Zone remains open at depth and laterally along the extensive fault network. The recent results are an excellent outcome as we continue to demonstrate the potential for camp-scale copper mining at the Storm project.”
Further assay results for the 2023 drilling program, including extension and resource definition drilling in Zone 4100N, are expected in the coming weeks.
Conclusion: The copper discoveries on American West’s Storm project have a good chance of becoming part of the curriculum for future geology students. It is simply exemplary how systematically and knowledge-based the project is growing. It is now clear that the near-surface high-grade copper occurrences at Storm are connected to the deeper sediment-hosted copper layers. Along the main faults, a communicating system has formed, which represents an important metal and fluid source for the near-surface mineralization. The course of this structure can be excellently determined by electromagnetic measurements (EM). Therefore, the recent drilling successes suggest that similar deposits to 2,200, 2,750, Lightning, Thunder, and 3,500N are very likely to be found along at least 10 kilometers. The table is thus richly set for the next drilling season. Due to their common genesis, all these near-surface copper finds are likely to share their high potential for Direct Shipping Ore (DSO). American West is currently conducting extensive tests on this topic and plans to present a corresponding study by the end of the year. The chance to combine significant tonnages in open-pit mining with cost-effective processing and DSO makes the Storm project stand out as one among 1,000 copper projects – without even considering the additional potential of the sediment-hosted copper horizon at depth. Meanwhile, the stock market follows its own laws. American West’s stock lost another 4 percent in Australian trading today with around 20 million shares traded and closed at 0.12 AUD. As recently as September 25, the stock price was 0.25 AUD! Investors should ignore the noise of the market and focus on the substance of American West. This could be worth a future fortune.
