American West Metals locks in 80% of the Storm Project, Canada
13 September 2023
Thursday, 14th September 2023
- American West Metals has completed the expenditure requirement to proceed to acquisition of 80% of the Storm Project in Nunavut, Canada
- Exploration by American West since 2021 has produced game-changing results for the potential copper endowment at Storm and re-rated the Project as a rare copper opportunity of global significance
- Drilling programs completed by American West have substantially expanded the near- surface high-grade copper footprint at Storm and delivered the breakthrough discovery of a deeper, regional scale sediment-hosted copper system that has similarities to the world-class copper belts in Central Africa and Botswana
- Outstanding copper intersections from American West’s drilling include:
- 41m @ 4.18% Cu from 38m (Drill hole ST22-05)
- 57m @ 2.5% Cu from 8m (Drill hole ST22-02)
- 46m @ 2.2% Cu from 64m, incl. 15.6m @ 4.2% Cu from 65m (Drill hole SM23-02)
- 67.1m @ 1.1% Cu from 54.9m (Drill hole SR23-03)
- The Project also hosts the high-grade Seal Zinc-Silver Deposit (NI 43-101) which is a look-alike for the nearby Polaris zinc mine that was operated by Teck Resources Limited for more than 22 years
- Assays are pending for 29 drill holes from the 2023 drill program – including those for the Thunder and Lightning Ridge discovery holes – with results due on a regular basis over the next 4-6 weeks
That exploration expenditure was completed during the 2023 drilling program and American West has exercised the option to acquire 80% of Storm. An unincorporated joint venture with Aston Bay will be formed between the two parties – 80% American West, 20% Aston Bay – with American West as manager of the Joint Venture.
Dave O’Neill, Managing Director of American West Metals commented:
“Building on the outstanding and ongoing success of the drilling and exploration programs at Storm, we are pleased to report that American West has now completed the earn-in for an 80% interest in the Storm Project.
“This has been a defining year for the Storm Project with significant expansion of the near-surface high-grade copper and a breakthrough discovery of the deeper, regional sediment-hosted copper system.
“Securing an 80% interest in Storm through the efficient and timely completion of exploration programs required under the option agreement is a fantastic outcome for the Company and our shareholders.
“We look forward to continuing the partnership with Aston Bay on this exciting Project.”