American West (ASX:AW1) strike thick copper at Storm
June 22, 2023After jumping into a trading halt, American West Metals has revealed thick and high-grade copper intersections up to eight per cent near the surface of its Storm Copper Project on Canada’s Somerset Island.
Yesterday’s late flurry of activity saw its share price jump from 9.1c to 12c and the company has responded to a Please Explain from the ASX, saying it does not believe the incomplete assays it had on hand explained the trading.
A 32 per cent increase does seem quite meagre compared to other unexplainable ASX activity, particularly while holding onto some quite remarkable intercepts from copper mineralisation which remains open in all directions.
Managing Director of American West Dave O’Neill said that assays continued to show the consistency and scale of high-grade, near surface mineralisation.
“We continue to see thick intervals of copper mineralisation hosted within predictable stratigraphic horizons. Copper grades of 8% Cu highlight the quality of the mineralisation, and there is opportunity to expand the higher-grade zones with the mineralisation open in all directions,” Mr O’Neill said.
“Our drilling this year has significantly increased the volume of the near surface mineralisation at Storm, and the scale of this alone is quickly shaping up to be what we believe will be a globally significant, low-cost copper project,” he added.
“The continued drilling success at the 4100N Zone provides further encouragement for the potential of the recently defined and exceptional exploration targets at depth. The largest of the geophysical targets is located directly below the 4100N Zone, and immediately adjacent to the large fault that we interpret as the main conduit for the copper mineralisation coming to surface.”
Plan view of the 4100N Zone showing interpreted copper mineralisation footprint
Forward plan
American West plan resource definition drilling at two zones where previous exploration intersected more high-grade copper sulphides close to the surface, with more drilling planned once interpretation of MLEM data is complete.
Diamond drilling is also scheduled to test large geophysical targets beneath near surface mineralisation as ore sorting, beneficiation, and process optimisation continues.
It remains to be seen what will happen when American West leaves its trading halt, but thick copper intercepts from a system holding key features similar to the some of the world’s most eminent sediment-hosted copper systems is sure to draw some interest.
New results
Drill hole SR23-13:
- 29m @ 1.2% Cu from 62.5m, including,
• 3m @ 5% Cu from 86.9m, including, 1.5m @ 8.2% Cu from 86.9m
Drill hole SR23-14:
- 25.9m @ 1.3% Cu from 61m, including,
• 9.1m @ 2.1% Cu from 76.2m, including, 3m @ 3.7% Cu from 82.3m
Drill hole SR23-07:
- 10.7m @ 1.3% Cu from 76.2m, including,
• 4.6m @ 2.9% Cu from 76.2m, including, 1.5m @ 6.5% Cu from 76.2m
Drill hole SR23-09:
- 10.6m @ 1% Cu from 67.1m, including,
• 4.6m @ 2% Cu from 71.6m
$0.051
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