- American West Metals (AW1) acquires an 80 per cent interest in the Storm project in Canada
- It comes after successfully fulfilling expenditure requirements, spending around $11.4 million on exploration activities
- Exploration has yielded exceptional copper potential at the project
- Pending assay results for 29 drill holes to be released over the next 4-6 weeks
- AW1 is up 4.35 per cent, trading at 24 cents at 12:53 pm AEST
American West Metals (AW1) has acquired an 80 per cent interest in the Storm project in Canada after successfully fulfilling expenditure requirements.
The company entered into an agreement with Aston Bay in March 2021, granting them the exclusive right to acquire the majority stake upon completing around A$11.4 million worth of exploration expenditure.
“Securing an 80 per cent interest in Storm through the efficient and timely completion of exploration programs required under the option agreement is a fantastic outcome for the company and our shareholders,” AW1 Managing Director Dave O’Neill said.
The Storm project has undergone extensive exploration since 2021, with drilling programs yielding “game-changing” results.
Significant copper results included 41 metres at 4.18 per cent copper from 38 metres and 57 metres at 2.5 per cent copper from eight metres.
Other notable hits included 46 metres at 2.2 per cent from 64 metres, including 15.6 metres at 4.2 per cent copper from 65 metres.
The Storm project is also home to the Seal zinc-silver Deposit, reminiscent of the nearby Polaris zinc mine, which operated successfully for more than two decades under Teck Resources.
American West is awaiting assays from 29 drill holes completed this year, over the next 4-6 weeks.
AW1 was up 4.35 per cent, trading at 24 cents at 12:53 pm AEST.