American West: Quarterly Activities Report for the Period Ended March 2023

27 April 2023

Storm Copper Project, Canada

Thursday, 27th April 2023

  • Expansion and resource drilling has commenced at the high-grade 4100N Zone where historical drilling has intersected large volumes of high-grade copper including:
    •  
    • 15m @ 3.88% Cu from 72.4m (ST99-47)
    • 27.2m @ 1.9% Cu from 78.8m (ST00-62)
    • 5.8m @ 3.6% Cu from 38.6m (ST99-53)
  • • Resource drilling at the 2750N and 2200N Zones will follow the 4100N program and is designed to support a maiden mineral resource estimate of previously identified near- surface high-grade copper mineralisation
  • • Moving Loop Electromagnetics (MLEM) is underway to assist targeting for the resource definition drilling and identify new copper targets
  • • A ground gravity survey has commenced to follow-up the major 2022 discovery of stratabound sedimentary copper sulphides at depth
  • • Direct ship ore (DSO) process optimisation work on Storm copper mineralisation is continuing in Perth, WA

Corporate

  • The Company launched a capital raising during the quarter to raise a total of $5.2 million. $2.6 million raised through a private placement completed during the quarter and $2.6 million raised under a fully underwritten rights issue to be completed in the June quarter
  • The exploration expenditure during the quarter was incurred for DSO study work, program logistics, drilling and exploration pre-payments on the Storm Copper Project, and to complete the maiden JORC MRE for West Desert
  • Shares of American West commenced trading on the Frankfurt Stock Exchange under the code R84

American West Metals Limited (ASX: AW1) (“American West” or “the Company”) is pleased to report  on its Quarterly activities for the period ending 31 March 2023.

Dave O’Neill, Managing Director of American West Metals commented;

“This quarter has been focused on the delivery of the maiden JORC MRE for the West Desert Deposit and preparing the logistics and infrastructure to progress the high-grade Storm Copper Project.

“We are very excited to announce that drilling and exploration has commenced at the Storm Copper Project. The drill rig is currently working away at the 4100N Zone on resource definition, where we believe significant potential exists to define shallow, high-grade copper resources.

“Surface geophysics are also underway to support the resource definition drilling, and to follow-up the potential 2022 discovery of a major sedimentary copper system at depth. The exploration work will then roll out into new, unexplored areas with an aim to highlight the belt scale copper opportunity at Storm.

“We also delivered a very significant milestone for American West Metals during the quarter, with the maiden JORC mineral resource estimate for the West Desert Deposit.

“West Desert is strategically located in the US for future development and has received strong support from the local and federal government. The scale and quality of the resource, as well as exciting growth opportunities at West Desert, demonstrate the outstanding value of the project.

“We look forward to sharing strong news flow in the coming months.”

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