Fourth diamond drill hole hits thick interval of visual copper sulphides at the Storm Copper Project, Canada

17 August 2023

(Thursday, 17th August 2023) American West Metals Limited (American West or the Company) (ASX: AW1 | OTCQB: AWMLF) is pleased to provide a further update on the diamond drilling activities at the Storm  Copper Project  (Storm or the Project) on Somerset Island, Nunavut.

  • Outstanding 100% drilling success rate continues with the sediment-hosted copper system confirmed in an untested area of the Storm Project
  • ST23-04 has intersected a thick 18.5m zone of visual copper sulphide (chalcocite and chalcopyrite) between 339m and 357.5m downhole, which correlates with the prospective sediment hosted copper horizon intersected in all diamond drill holes this season
  • ST23-04 extends the apparent strike of the prospective copper horizon a further 2km to the west of ST23-03
  • The drill hole was targeting a large gravity anomaly located south of the Southern Graben Fault, as well as the fault itself, validating the effectiveness of gravity in identifying copper sulphide mineralisation
  • An untested 880m x 470m Fixed Loop Electromagnetic (FLEM) conductor is located immediately south of ST23-04 indicating potential for further strong copper mineralisation in the area
  • Successful drill results demonstrate further evidence of a belt scale copper system
  • Drilling continues at the Storm Project with assay results pending and expected within the next two weeks

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

“The outstanding 100% success rate of the diamond drilling at continues at Storm, with the fourth diamond drill hole intersecting another thick interval of visual copper sulphides. This exceptional strike rate across a very broad area is further evidence of a truly regional scale copper system.

“The drill hole was designed to test a dense gravity feature in an untested area between the high- grade, near-surface 3500N Zone, and the other high-grade copper zones over 3km to the east. The drill hole was also designed to intersect one of the regional-scale graben faults for the first time.

“The drill hole hit both targets and has confirmed the presence of significant volumes of  sediment-  hosted copper sulphides south of the graben fault, whilst also confirming the main fault system as a productive plumbing system for copper mineralisation and a  target  for  additional  copper  mineralisation.

“The sediment-hosted copper intersection within ST23-04 sits within the same stratigraphic package intersected in previous diamond drill holes completed by American West, and is over 2km from the closest deep drill hole. With every drill hole that has targeted the large gravity features hitting copper sulphides, our confidence in the large-scale potential of the copper system continues to grow.

“The Reverse Circulation (RC) drilling also continues to progress rapidly with the planned drilling of the 4100N, 2750N and 2200N Zones completed. The drill rig has now moved onto a number of high- priority ‘Thunder’ style exploration and geophysical targets to continue to define additional areas of copper mineralisation and demonstrate potential resource upside.

“We look forward to providing further news flow and updates on both the diamond and RC drilling program.”

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