Major copper discovery at the Storm Copper Project, Canada

2 August 2023

American West Metals Limited (American West or the Company) (ASX: AW1 | OTCQB: AWMLF) is pleased to provide an update on the diamond drilling activities at the Storm Copper Project (Storm or the Project) on Somerset Island, Nunavut.

Highlights:

Diamond drilling of large gravity target intersects thick intervals of copper sulphides
The discovery drill holes show similarities to many of the world’s major sediment-hosted copper systems, including the deposits of the Kalahari Copper Belt and Central African Copper Belt.
Total of 45.5m of visual sulphides intersected in drill hole ST23-01 comprising:
- 30.5m of breccia-style visual copper sulphide (dominantly chalcocite) within three zones associated with the shallow copper mineralisation of the 4100N Zone between 45m and 86m downhole, and
- 15m of visual breccia and vein-style copper sulphide (dominantly chalcopyrite) between 332m and 347m downhole – the first discovery intersection
Diamond drill hole ST23-02 has intersected a second and more impressive discovery intersection:
37m of visual breccia-style copper sulphide (dominantly chalcocite) between 333m and 370m downhole
The two diamond drill holes are located 680m apart – the continuity of the mineralised horizon and the size of the gravity anomaly (>5km long and up to 1km wide) suggests that drilling has potentially identified a very large copper deposit
Mineralisation was intersected in both holes at the top of the modelled gravity anomaly, highlighting the effectiveness of the technique for exploration targeting
Gravity targets similar to that intersected by these initial diamond drill holes cover an extensive area at Storm and remain untested by drilling, supporting the potential for a major, regional-scale copper system
Diamond drilling continues on high-priority copper targets with first assays expected in the next 4 weeks
Reverse circulation resource definition drilling is also underway on near-surface copper targets with results from the 2750N and 2200N Zones expected shortly

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

“We are very excited to announce that the diamond drilling has had immediate success and produced spectacular results confirming the presence of a major copper system within the Storm Project.

“These outstanding results are the product of systematic and persistent exploration, and further highlight the quality and huge exploration potential of the landholding.

“The first two drill holes have discovered a new copper deposit below the near-surface mineralisation with both holes intersecting thick intervals of copper sulphide at the same stratigraphic horizon.

“The drill holes were targeting the first of a series of extensive gravity anomalies that were defined earlier this year, and have intersected a thick, sulphide and organic- rich unit. We believe this to be the source of the gravity anomalism, and given the large spacing between drill holes and size of the modelled gravity anomalies, the potential volume of mineralisation is very significant. This is a major copper discovery.

“The scale of the opportunity is enormous, with airborne and ground gravity anomalies that extend for over 10km to the east into our Blizzard and Tornado Prospect areas.

“The RC drilling on the high-grade near surface deposits is also advancing rapidly, and we plan to give an update on the 2750N and 2200N Zone results shortly.

“We look forward to providing regular news flow on this exciting drilling program.”