Join our daily newsletter At The Bell to receive exclusive market insights
- American West Metals (AW1) reports fresh high-grade copper hits and a new discovery at its Storm project in Canada
- The company found a less than one-metre pocket with copper concentrations of greater than 40 per cent copper
- A larger 46-metre intersection averaged 2.2 per cent copper
- The company also logged a new copper target on-site named Lightning Ridge
- AW1 shares are down 10 per cent, trading at 27 cents at 12:35 pm AEST
American West Metals (AW1) has reported another significant copper intersection in the latest drilling results from its Storm Project in Canada, along with announcing another new copper discovery.
The latest round of drilling from the summer program yielded a headline intersection of 44 metres in thickness, grading at 2.2 per cent copper from a depth of 64 metres.
This included a 16-metre thick pocket at a higher grade of 4.2 per cent copper and a brief intersection under a metre in size at an impressive 42.8 per cent copper.
While smaller pockets of exceptionally high-grade concentrations are attention-grabbing, they should not be considered indicative of a higher-grade mineral system without further drilling confirmation.
The highest grading results came from the 4100N zone, while drilling at the 2750N zone also produced intersections, albeit typically with lower copper concentrations. The company anticipates receiving further results in the coming weeks.
Of particular interest to American West’s geotechnical team is the discovery of additional copper mineralisation. High-grade copper appears to be present in multiple areas on-site.
In a reverse circulation (RC) drillhole at the SR23-52 target, a 19-metre-thick body of copper sulphides was observed during a preliminary visual inspection. However, comprehensive assay results are needed before drawing any conclusions.
Visible sulphides were detected in two zones below 32 metres depth in an area of the project described as underexplored. Notably, this area is associated with a geological fault, which is known for hosting commercial quantities of sought-after minerals.
The new target has been named Lightning Ridge and is part of an existing body of structures of interest to drillers spanning a 10-kilometre range. Just last month, the company identified two other newly discovered targets.
“The continuity and consistency of mineralisation at the 4100N zone has been confirmed by the latest drilling results, including extremely rich zones with assays up to 43 per cent copper,” AW1 Managing Director Dave O’Neill said.
This is the highest-grade assay result to date at the 4100N zone.
“We are also very pleased to report another new discovery of near-surface mineralisation.
“Exploration drilling between the 2750N and 2200N zones has defined two thick intervals of strong visual sulphides associated with a large fault system and historical EM anomaly.
“The new discovery has been named Lightning Ridge due to the exposure of massive chalcocite near the gully ridge, and continues to highlight the exploration and growth opportunities within the Storm area.”
AW1 shares were down 10 per cent, trading at 27 cents at 12:35 pm AEST.
