American West Metals continues to record impressive hits at its Storm project in the Canadian province of Nunavut, with a peak result showing a 1.5m intercept at a whopping 8.3 per cent copper from 54.9m.
The headline hit was housed within a 24.4m section grading 1.1 per cent copper from 48.8m and also contained 6.1m going 2.8 per cent copper from 54.9m and 4.5m at 1.5 per cent copper from 67.1m.
The latest results come from reverse-circulation (RC) drilling at the project’s 4100N zone, with a second hole recording 12.2m at 1.1 per cent copper from 118.9m, including 3m grading an impressive 4 per cent copper from 126.5m. A third hole also produced positive results with 1.5m at 1 per cent copper from 51.8m, 1.5m going 1.6 per cent copper from 64m, 3.1m grading 2.7 per cent copper from 76.2m and 1.5m reading 1 per cent copper from 80.8m.
The assays are part of the 63 drillholes completed during the year that will support the upcoming maiden mineral resource estimation at Storm. Management says high-grade, near-surface copper has now been defined in a strike of more than 1.3km at the 4100N zone, with drilling and geophysics supporting the potential to extend mineralisation at least 600m to the north-east.
American West believes exploration drilling of high-priority electromagnetic (EM) anomalies and key geological features during the year has further expanded the footprint of the near-surface, high-grade copper mineralisation at Storm.
Just last month, it returned high-grade assays including a 1.5m hit at 7.6 per cent copper from 77.7m from a drillhole sunk at the company’s Lightning Ridge prospect, which recorded two separate intercepts of 15.2m grading 2.3 per cent copper from 30.5m and 15.2m going 2.1 per cent copper from 77.7m that included the peak assay of 7.6 per cent. The shallower 15.2m hit included 1.5m reading 4.5 per cent copper from 32m and a second 1.5m section going 4.5 per cent copper from 44.2m.
Management says the Lightning Ridge results confirm the presence of high-grade copper in a previously unexplored area between its 2200N and 2750N zones and highlight the outstanding exploration and growth potential of the project.
American West Metals managing director David O’Neill said: “Our exploration has also been highly successful in delivering new discoveries of near-surface copper as well as confirming the presence of high-grade sediment hosted copper sulphide mineralisation at depth. These achievements point to the significant scale potential of the Project and highlight clear similarities of Storm to the large-scale copper deposits in the Congo and Botswana.”
The company appears set to acquire an 80 per cent share of the Storm project from Aston Bay Holdings after completing its exploration spend requirement at the operation. As part of an option agreement in 2021, American West was granted the chance to grab the commanding slice of the project once exploration expenditure of C$10 million (AU$11.475 million) was completed.
Management says it reached the spending milestone during this year’s drill program and it then decided to exercise its option. An unincorporated joint venture (JV) between the two companies is now expected to be formed, with Aston Bay holding 20 per cent and American West talking the role of project operator.
American West expects to soon also receive assays from rock and gossan samples collected from its Tempest prospect at Storm, in addition to results from a fourth deep diamond drillhole at the operation.
Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au
