American West Quarterly Activity and Cashflow Report - December 2024
30 January 2025
HIGHLIGHTS
Storm Copper Project, Canada
The 2024 drilling and exploration program was successfully completed during the quarter with more than 23,000m of drilling and more than 38,000 line-metres of electromagnetic (EM) surveys completed
- The multi-faceted exploration program has delivered outstanding results including: an increase in the maiden JORC Code 2012 compliant mineral resource estimate (MRE) at Storm
- a significant conversion of resources in the MRE to the high confidence indicated category
- new discoveries of high-grade copper mineralisation near-surface and at depth which are ready for resource definition drilling
- validation of the regional exploration potential with new large-scale targets identified along the 110km copper belt for follow-up drilling
- multiple new EM anomalies identified for testing, with drilling of an EM anomaly south of Thunder confirming a new near-surface copper discovery – the Squall Prospect
Forward planning and logistics have included cost saving initiatives for the 2025 season including the completion of the first sealift cargo delivery at the Storm Project
Storm Mineral Resource Estimate Update:
The Storm JORC 2012 Indicated and Inferred Mineral Resource Estimate (MRE) grows to:
- 20.6Mt @ 1.1% Cu and 3.3g/t Ag (229Kt of copper and 2.2Moz of silver)*
More than 61% of the contained metal is classified in the Indicated Resource Category which includes:
- 10.6Mt @ 1.3% Cu, 4.1g/t Ag (138Kt of copper and 1.4Moz of silver)*
100% of MRE is less than 200m below surface, highlighting the strong potential for open-pit mining
100% of the MRE is categorised as fresh, chalcocite dominant copper sulphide with detailed studies confirming the amenability to simple beneficiation, including ore sorting*
Strong potential for growth in the MRE:
- Copper mineralisation remains open – all the Storm deposits (the Deposits) comprising the MRE remain open providing potential for rapid expansion of the Storm resource
- Cyclone Deeps – Cyclone-style mineralisation discovered in 2024 immediately south and faulted down from the existing Cyclone Deposit (10m @ 1.2% Cu, including 3m @ 2.2% Cu from 311m downhole in ST24-01)
- New 2024 high-grade copper discoveries - The Gap (8m @ 5.3% Cu in SR24-003), Squall and Hailstorm discoveries are located close to surface and ready for resource definition drilling
*Total unconstrained MRE using a 0.35% Cu cut-off. See Table 1 of this ASX announcement.