New thick copper intercepts at Cyclone and Lightning Ridge as drilling accelerates at the Storm Project, Canada

10 July 2024

(July 10, 2024) 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.

30 RC drill holes now completed with diamond drilling now also underway

  • The 2024 summer drilling program continues to accelerate with more than 4,450m now completed
  • The recent drilling has targeted resource upgrade and extensions at the Cyclone and Chinook Deposits, and resource definition/exploration at Lightning Ridge and Thunder Prospects
  • Visual results have been received for 16 of the Lightning Ridge and Cyclone Deposit drill holes which confirm a 100% hit rate for copper sulphides; visual results for drilling at Thunder and Chinook are pending

Lightning Ridge Prospect:

  • Drill hole SR24-014 has intersected a combined total of 30.5m of visual copper sulphide mineralisation within three zones from 57.9m downhole
  • Drill hole SR24-016 has intersected a combined total of 21.3m of visual copper sulphide mineralisation within three main zones from 38.1m downhole, including 5m of very strong copper sulphide mineralisation from 44m downhole
  • Copper mineralisation at the Lightning Ridge zone has now been defined over a strike of 150m, with excellent potential to expand further

Cyclone Deposit:

  • Visual results have been received for 13 drill holes, including several outside of the current resource footprint, with all drill holes intersecting visual copper sulphides
  • Drill hole SR24-009 was drilled approximately 80m to the south-west of the Cyclone Deposit and has intersected 32m of strong visual copper sulphides from 85.3m downhole
  • Drill holes SR24-011 and SR24-013 have intersected thick intervals of semi-massive sulphides within the southern part of the current resource envelope
  • Drilling at the Cyclone Deposit continues to confirm the robust and continuous nature of the copper mineralisation supporting the potential for upgrade of the existing resource and outstanding growth potential

Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Laboratory assays are required to determine the presence and grade of any contained mineralisation within the reported visual intersections of copper sulphides. Portable XRF is used as an aid in the determination of mineral type and abundance during the geological logging process.

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

“We are very pleased to provide an update on the Storm drilling program which is gaining strong momentum. More than 4,450m and 30 drill holes have now been completed since drilling resumed earlier this month, highlighting the exceptional productivity of the Reverse Circulation (RC) drilling rigs.

“We have received the visual results for sixteen of the recently completed drill holes and every drill hole has hit visual copper sulphides. This success rate is similar to which was achieved during last year’s drilling program, demonstrating the excellent consistency of copper mineralisation.

“The drilling in and around the Cyclone Deposit continues to highlight the continuity and growth potential of the resource with every drill hole to date intersecting thick intervals of visual copper sulphides. Drilling to the south-west of the deposit, and outside of the known copper resource, has intersected a thick interval of very strong copper sulphides. This is exactly what the resource geologists will want to see as we look to expand the resource.

“The initial resource definition drilling at Lightning Ridge has extended the envelope of the known copper mineralisation and confirmed the geometry of the high-grade copper zones. The drilling demonstrates that there is significant potential to convert the 2023 discoveries into resources which will help to quickly grow the copper endowment of Storm.

“We will continue to provide regular updates as the drilling program and other exploration activities progress.”

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