American West: Thick new copper zones defined in drilling at the Storm Copper Project, Canada

21 May 2024

Immediate exploration success highlights potential for rapid and significant resource expansion

• The 2024 Reverse Circulation (RC) drilling has delivered immediate success with the drilling of geophysical targets intersecting thick new zones of copper mineralisation including:
  • Drill hole SR24-02 (Cyclone North) has intersected:
    • 36.6m of visual copper sulphides from 79.3m downhole
  • Drill hole SR24-03 (The Gap) has intersected:
    • 47.2m of visual copper sulphide mineralisation including a 10m interval of very strong visual copper sulphides from 36.6m downhole
  • Drill hole SR24-04 (The Gap) has intersected:
    • 30.5m of visual copper sulphide mineralisation from 29m downhole
• The visual copper sulphide mineralisation intersected in SR24-03 and SR24-04 appears similar to high-grade copper sulphides in the 2023 discovery hole at the nearby Thunder Prospect which returned 48.6m @ 3% Cu (ST23-03)
• SR24-03 and SR24-04 are located midway along 4km of prospective structures between the Cirrus copper deposit and the high-grade Thunder Prospect – the structures are largely untested by drilling and present as a high-priority target area for further copper mineralisation
• Drilling results continue to demonstrate the strong correlation between Moving Loop Electromagnetic (MLEM) targets and copper mineralisation, with an extensive suite of additional geophysical targets prioritised for drilling in 2024
• Samples for the first batch of drilling are at the laboratory with assay results expected in the coming weeks
• Phase 1 of the MLEM surveys have been completed in the Storm area with the deep search phase (>250m depth) of the program now underway
• Drilling by the track-mounted RC rig continues 24/7

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

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

“We are very pleased to provide an update on the recently commenced drilling activities at the Storm Copper Project. This year’s drilling program has immediately built on last year’s successful program with the expansion of the large-scale copper footprint at the Cyclone deposit, and with new zones of thick near-surface copper mineralisation intersected at the Gap Prospect.

“This initial phase of drilling was designed to test a number of existing resource and geophysical targets, working in parallel with the Moving Loop EM (MLEM) survey as it identified new resource expansion and exploration targets.

“The exploration drilling has had immediate success and has clearly demonstrated that the southern graben area can host multiple high-grade copper deposits. This vast fault network remains largely untested, highlighting the exceptional exploration upside and resource growth potential of this area.

“The MLEM survey continues to make rapid progress with the completion of Phase 1 of the program. The next phase of the survey will search deeper, below the known copper deposits for a repeat of the Cyclone style mineralisation at depth, and potential for the discovery of sedimentary copper deposits of similar style to the major Central African copper belts.

“We look forward to reporting more news from Storm in the coming weeks, including additional drilling and geophysics updates.”

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