Thunder high-grade copper zone extended over 300m with more spectacular results at the Storm Project, Canada

24 July 2024

66 RC and diamond drill holes now completed on resource and exploration targets

(24th July 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.

  • The excellent productivity for the 2024 summer drilling program continues with more than 8,300mnow completed
  • Visual results have been received for a further 22 drill holes; with the first assays for the summer program due within the next 2 weeks

Thunder Prospect – 2023 discovery hole 48.8m @ 3% Cu from 32.4m:

  • Thick visual copper mineralisation has been intersected in all nine step-step-out drill holes at the Thunder Prospect, extending the known strike of the Thunder mineralisation to over 300m and highlighting thepotential for resource definition
  • Drill hole SR24-042 has intersected a continuous 73.2m thick zone of visual copper sulphidemineralisation from 45.7m downhole including multiple zones of semi-massive sulphides
  • Drill hole SR24-034 has intersected a continuous 121.2m interval of visual copper sulphide mineralisation from 18.3m downhole
  • The high-grade copper at Thunder remains open along strike and at depth, where drilling has onlytested to approximately 100m vertical depth

Cyclone Deposit – 12.1Mt @ 1.2% Cu, 3.8g/t Ag:

  • Thick intervals of visual copper sulphides intersected in multiple drill holes, including several outsideof the current resource footprint, supporting the outstanding potential for upgrade and expansion of the existing resource
  • Drill holes SR24-031 and SR-055 were drilled to the north-east of the Cyclone Deposit and have successfully expanded the strike of mineralisation with intersections of 53.4m (combined total) and 80.7m (continuous) of visual copper mineralisation respectively
  • Drill holes SR24-045 and SR24-049 have intersected thick intervals of visual semi-massive sulphides within the southern and western part of the current resource envelope

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

“We are very pleased to provide an update on the rapidly progressing drilling program at Storm. More than 8,300m and 66 drill holes have now been completed and we are on target to exceed the planned program of 20,000m of drilling for 2024.

“We have received the visual results for a further 22 of the recently completed drill holes, which include all of the recent Thunder drilling as well as additional resource upgrade and extensional drill holes at Cyclone.

“The Thunder drilling is continuing to impress. The initial resource definition drilling has extended the envelope of the known copper mineralisation, with the high-grade zone now identified for more than 300m along strike. The drilling demonstrates that there is significant potential to convert the 2023 discovery into additional high-grade resources, which will quickly grow the copper endowment of Storm.

“The drilling within the Cyclone Deposit continues to highlight the continuity and growth potential of the resource with every drill hole to date intersecting visual copper sulphide mineralisation. The drilling at Cyclone also continues to highlight the expansion potential of the resource, with thick intervals of copper sulphides intersected in step-out drilling.

“We will continue to provide regular updates as the drilling program and other exploration activities progress. Laboratory assays for the first drill holes of the summer program are due within next 2 weeks.”

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