American West Quarterly Activities Report for the Period Ended September 2023

20 October 2023

Storm Copper Project, Canada

Continued exploration by American West has produced game-changing results for the potential copper endowment at Storm, and re-rated the Project as a rare high-grade copper opportunity of global significance
Reverse Circulation (RC) resource definition drilling was completed at the 4100N, 2750N and 2200N Zones targeting near-surface mineralisation, with outstanding results including:
- 46m @ 2.2% Cu from 64m (Drill hole SM23-02 – 4100N Zone)
- 27.4m @ 1.5% Cu from surface, including 7.6m @ 4% Cu from 7.6m, and 27.4m @ 1.3% Cu from 30.5m, including 9.1m @ 2.15% Cu from 33.5m (Drill hole SR23-21 – 2750N Zone)
- 29m @ 1.5% Cu from 4.6m, including, 6.1m @ 2.9% Cu from 4.6m, and 6.1 @ 3% Cu from 25.9m, and 3m @ 2.8% Cu from 53.3m (SR23-50 – 2200N Zone)
Exploration drilling has made two new discoveries of exceptional, near-surface mineralisation, with results including:

Thunder:

48.6m @ 3% Cu from 32.4m, including 20m @ 6.2% Cu from 40.8m (Drill hole ST23-03)

Lightning Ridge:

15.2m @ 2.3% Cu from 30.5m, including 1.5m @ 4.5% Cu from 32m, and 1.5m @ 4.5% Cu from 44.2m, and 15.2m @ 2.1% Cu from 77.7m, including 1.5m @ 7.6% Cu from 77.7m (Drill hole SR23-52)

Diamond drilling beneath the near-surface high-grade copper deposits has confirmed the discovery of extensive sediment-hosted copper over a very broad area, interpreted to be a similar style of mineralisation to the world-class sediment hosted copper deposits in central Africa
The correlation between the drilling results and geophysical anomalies points to very significant exploration potential with regional-scale geophysical anomalies yet to be tested by drilling
American West Metals successfully completed the expenditure requirement to proceed to acquisition of 80% of the Storm Project in Nunavut, Canada

Dave O’Neill, Managing Director of American West Metals commented: “This has been another outstanding quarter for American West Metals with the successful completion of the drilling program and other exploration activities at the high-grade Storm Copper Project in Canada.

“This year’s program has achieved a number of significant milestones for the Project including confirmation of the regional-scale of the sediment-hosted copper system at Storm. “Results from resource drilling of the near-surface mineralisation have returned thick and continuous intervals of mineralisation from all of the high-grade copper zones, all of which remain open for further expansion. These results underpin the potential for a camp-scale mining opportunity at the Storm Project with studies underway for a near-term Direct Shipping Ore (DSO) operation.

“Our exploration has also been highly successful in delivering new discoveries of near-surface copper mineralisation as well as confirming the presence of high-grade sediment hosted copper sulphide mineralisation at depth. These achievements have significant implications for the exploration potential of the Project and highlight clear similarities of Storm to the large-scale copper deposits in the Congo and Botswana.

“Building on the ongoing success of the drilling and exploration programs at Storm, we are also pleased to have completed the earn-in for an 80% interest in the Storm Project. “We thank shareholders for their ongoing support and they can look forward to continued strong news flow during the next quarter with the remaining drill holes and maiden resource estimate at Storm.”

View Details