American Tungsten & Antimony (ASX:AT4 | OTCQB: ATALF) maiden Antimony Canyon drilling confirms thick stibnite system and feeder vectoring

American Tungsten & Antimony Managing Director Andre Booyzen details the geological and technical outcomes from the Company’s maiden diamond drilling program at the Antimony Canyon Project in Utah, where the first holes completed on the Emma Claim have intersected substantial zones of massive to disseminated stibnite and delivered clear alteration and mineralogical vectoring toward an interpreted feeder structure.

The discussion addresses the scale and continuity of mineralisation, the significance of pathfinder sulphides, the rationale behind current drill targeting, and the strategic implications of the Company’s 100% owned Patented Claims for advancing a district scale antimony system under modern exploration methods.

What do the first two diamond drill holes at the Emma Claim demonstrate regarding the continuity, thickness and style of antimony mineralisation?

The first two HQ diamond drill holes, ACP26DD001 and ACP26DD002, confirm that the targeted stratigraphic horizon at the Emma historical working hosts a laterally continuous antimony system developed over substantial true thickness, with drilling at a steep -80 degree orientation intersecting the mineralised package at a high angle and therefore providing intercepts that approximate true thickness.

Hole ACP26DD001 intersected an alteration envelope approximately 42 m in downhole width, within which the principal mineralised horizon measures approximately 19 m in interpreted true thickness, and within which repeated zones of massive and semi massive stibnite have been logged, locally displaying visual estimates of up to 12% Sb2S3.

“Hole ACP26DD001 intersected an alteration zone approximately 42 m thick, with a 19 m main zone of massive to semi massive stibnite, and visual estimates locally reaching up to 12% Sb2S3.”

Hole ACP26DD002 intersected the same stratigraphic position and, while processing and sampling remain in progress, the intensity of sulphide development has been logged as stronger than in the first hole, with multiple discrete sulphide rich intervals identified.

The development of both massive and disseminated stibnite across broad stratigraphic widths, rather than narrow vein style intersections, is consistent with a hydrothermal replacement style system, and the consistency of the mineralised horizon between the two holes supports continuity of the antimony bearing system both laterally and vertically within the Emma Claim.

What is the geological significance of the observed alteration vectoring and the presence of realgar and orpiment in the drilling to date?

Systematic geological logging indicates that alteration intensity increases progressively toward the east, a spatial trend that is interpreted to reflect movement toward the core of the hydrothermal system and toward an untested feeder structure.

This vectoring is supported by changes in sulphide abundance and mineral assemblage, including the appearance of realgar and orpiment in ACP26DD002 and their stronger development in the early core from ACP26DD003.

“Alteration intensity increases markedly to the east, and the appearance of realgar and orpiment provides geological vectoring toward a primary feeder structure.”

Realgar and orpiment are recognised pathfinder minerals in many antimony systems and typically occur proximal to, or vertically above, major hydrothermal upflow zones.

Their association with massive stibnite at Antimony Canyon therefore provides an independent mineralogical indicator that the drilling is progressing from a stratigraphic expression of the system toward its structural source, strengthening confidence in the interpreted architecture of the mineralised system and in the presence of a focused fluid conduit at depth.

What is the technical rationale for the orientation and target depth of Hole ACP26DD003, and what has been observed to date?

Hole ACP26DD003 has been designed to test the interpreted feeder structure directly, rather than to continue stratigraphic confirmation drilling, and is therefore being drilled at an inclination of -45 degrees from the same pad as ACP26DD002 to optimally intersect a steep to sub vertical structural zone that is considered to have focused mineralising fluid flow.

The target depth of approximately 500 ft has been selected on the basis of alteration patterns, sulphide distribution and structural interpretation derived from surface mapping and the first two drill holes.

Early visual inspection of the core from ACP26DD003 indicates thicker sulphide intervals and notably stronger development of realgar and orpiment than observed in the stratigraphic holes, although apparent widths are recognised to be exaggerated due to the shallower drill angle relative to stratigraphy.

“Hole ACP26DD003 is targeting the interpreted feeder structure at approximately 500 ft depth, with early core showing stronger realgar, orpiment and significant sulphide zones.”

While drilling and logging remain in progress and assays are pending, the mineralogical and alteration characteristics observed to date are consistent with the hole advancing into a more proximal part of the hydrothermal system as defined by the Company’s geological model.

How does the Company’s land tenure position and historical context at the Emma Claim influence exploration strategy and development pathways?

All current drilling is being conducted within the Company’s 100% owned Patented Claims, which include both surface and mineral rights and therefore provide secure tenure and a streamlined permitting framework.

The Emma Claim is one of more than 20 historical workings distributed across the patented claim package, where past operators focused on shallow, near surface mineralisation and did not test the system at depth using modern drilling techniques.

“The drilling is focused on 100% owned Patented Claims, providing secure tenure and the ability to systematically test multiple historical workings across the district.”

This combination of secure land tenure and multiple historical targets enables a district scale exploration strategy, in which the current drilling at Emma forms the first phase of a broader program designed to evaluate the scale, continuity and structural controls of antimony mineralisation across the Antimony Canyon Project.

What are the immediate technical and operational steps following the current phase of drilling, and how will results be validated?

The immediate focus is on completing Hole ACP26DD003, followed by full geological logging, sampling and laboratory analysis of all three holes, with HQ diamond core being sampled at standard 3 ft intervals adjusted to lithological and mineralisation boundaries, and with half core submitted for assay and half retained for reference.

Core from ACP26DD001 has been fully processed, ACP26DD002 is currently being logged and cut, and ACP26DD003 will enter the same workflow upon completion of drilling, with expedited laboratory turnaround requested.

Visual estimates of mineral abundance are being treated strictly as geological observations, with verification by the Competent Person and senior geological staff, and all procedures are being conducted in accordance with JORC Code requirements.

“Assays are pending, and expedited laboratory analysis has been requested to validate the visual sulphide intercepts and define antimony grades.”

Structural data from ACP26DD003 will be integrated into the evolving geological model to guide step out drilling, while Notices of Intent are being prepared for additional patented claims, including Pluto, Star and Emily, to establish a pipeline of follow up targets across the broader Antimony Canyon district.

Outlook and forward program

The maiden drilling program at the Emma Claim has established a coherent geological framework, confirming the presence of a thick, laterally continuous stibnite bearing horizon and providing consistent alteration and mineralogical vectoring toward an interpreted feeder structure that remains untested at depth.

Completion of Hole ACP26DD003, together with expedited laboratory assays and detailed structural interpretation, will be central to refining the geometry, continuity and intensity of mineralisation within the system.

Supported by secure patented tenure and a portfolio of historical workings that extend the mineralised footprint across the broader Antimony Canyon Project area, American Tungsten & Antimony is positioned to advance a systematic, technically driven exploration program

aimed at evaluating the scale and continuity of antimony mineralisation across the district under modern JORC compliant standards.

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