American West (ASX:AW1) defines maiden resource at Storm in Canada
January 30, 2024American West Metals has unveiled its maiden copper-silver resource at Storm, laying down 17.5 million tonnes at 1.2% Cu and 3.4g/t Ag resource at a 0.35% Cu cut-off, holding 205 kilotonnes of copper and 1.9 million ounces of silver to serve as the foundation for its Canadian project.
The independently assessed resource is shallow, lies open in all directions and is yet to include multiple high-grade discoveries.
Explorer American West sees lofty potential for rapid growth, upside, and low-cost development within a belt-scale position at Storm.
American West Managing Director Dave O’Neill said the Storm resource had exceeded expectations and delivered the foundations to what the company believes will be a globally significant copper district.
“Within only a single season of resource drilling we have rapidly defined four robust copper deposits very close to surface: Cyclone, Chinook, Corona, and Cirrus. The setting and scale of the mineralisation gives us the opportunity to potentially mine 100% of the resource with open-pit methods and use cutoff grades much lower than underground deposits. The outcome is more copper metal,” Mr O’Neill said.
“The initial resource is blessed with outstanding and immediate growth potential. The known copper deposits remain open, and the high-grade Thunder, Lightning Ridge and Cyclone North discoveries of 2023 are not yet included in the mineral resource estimate.”
Mr O’Neill added that a major program has been planned to drill out last year’s discoveries, expand known deposits, and test new high-priority exploration targets appearing as analogues to known mineralisation, with work also underway on an imminent Canadian compliant MRE.
“The maiden JORC MRE has underlined the exceptional opportunity presented by Storm to create further significant value for American West Metals shareholders,” he said.
“We look forward to updating investors and discussing our 2024 exploration and resource expansion plans via a webinar tomorrow, and through further news updates in the coming weeks.”
American West is yet to drill more than 95% of the 100 kilometres of prospective copper-bearing horizon lying within Storm, with a Tempest prospect holding a 4km-long copper-zinc gossan at surface being a likely target as the explorer looks toward added tonnage of red metal in the Great White North.
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