Join our daily newsletter At The Bell to receive exclusive market insights
- American West Metals (AW1) unveils the discovery of a new copper system at its Storm project in northern Canada
- The new discovery is located at the Thunder prospect
- Thunder sits one kilometre away from a known near-surface body of copper mineralisation with at least one assay result showing a grade of nearly 50 per cent copper in one section of core
- The company remains drilling and updates will trickle through in the coming weeks
- Shares last traded at 23 cents
American West Metals (AW1) can’t stop finding copper.
The critical mineral explorer, operating in the Nunavut region of northern Canada on Somerset Island, has been on the radar of microcap investors for months due to its extensive acreage appearing to be brimming with the coveted orange metal.
New assay results further bolster the effectiveness of the geotech team overseeing the Storm project, with these results extracted from the on-site Thunder prospect. The Thunder prospect is situated just one kilometre away from known near-surface mineralisation at Copper.
The presence of near-surface copper, potentially suitable for an open-pit mine, has attracted the attention of investors everywhere, especially when the company posted grades of nearly 50 per cent copper.
The discovery of mineralisation one kilometre away has given American West hope that it may be sitting on a larger mineralised system than it currently comprehends.
“All five deeper diamond holes have intersected the sediment-hosted copper system with the wide-spaced nature of the holes indicating the very large lateral extent of the system,” AW1 Managing Director Dave O’Neill said.
“One of the key takeaways from these drilling results is that … the full extent of the copper mineralisation at Storm has yet to be defined.”
Mr O’Neill also likened the underpinning geology at Storm as similar in appearance and composition to that hosting internationally recognised copper systems in the Congo and Botswana.
The company reported diamond drill results for three drillholes on Tuesday, with one highlighted result from drillhole ST23-02 indicating that a deeper-lying mineralised system could be present underground.
“[We] intersected a 24-metre thick interval of copper sulphides at depth with copper values up to 2.7 per cent copper, indicating the potential of [a] deeper system,” the company wrote on Tuesday.
ST23-02 also returned eye-catching intersections to surface.
American West reports a 76 metre-thick intersection at two per cent copper from 32.4 metres depth; a 48.6 metre-thick intersection at three per cent copper from the same depth, and, a 20 metre-thick intersection at 6.2 per cent copper from 40.8 metres depth.
Drilling continues on-site, and the company expects to deliver shareholders more news in the coming weeks.
AW1 shares last traded at 23 cents.
