American West Metals - Exceptional Copper Intersections at Storm Project
AW1 (AW1) Share Update September 2024 Thursday 26th
American West Metals Reports Exceptional Copper Intersections at Storm Project
American West Metals Limited (ASX: AW1) has reported outstanding drill results from their Storm Copper Project in Nunavut, Canada, highlighting the significant expansion potential of the Cyclone Deposit.
Instant Summary:
- Drill hole SR24-093 intersected 22.9m @ 8.5% Cu and 17.8g/t Ag.
- Drill hole SR24-070 intersected 27.4m @ 3.1% Cu and 14.6g/t Ag.
- Drill hole SR24-045 intersected 57.9m @ 1% Cu and 4.3g/t Ag.
- Completion of 2024 sealift operation delivering supplies for 2025 exploration, saving an estimated $4 million.
- Bulk samples containing copper transported offsite, demonstrating potential logistics for Direct Shipping Ore (DSO) mining operation.
Drill Results and Expansion Potential
The latest assays from the Cyclone Deposit at the Storm Copper Project have delivered some of the best copper intersections to date. Drill hole SR24-093, located 75m south of the current resource, intersected 22.9m @ 8.5% Cu and 17.8g/t Ag from 86.9m downhole, including 9.1m @ 14.4% Cu and 21.3g/t Ag from 93m downhole. This confirms the substantial expansion potential of the existing resources.
Drill hole SR24-070 intersected 27.4m @ 3.1% Cu and 14.6g/t Ag from 35.1m downhole, including 15.2m @ 4.2% Cu and 16.2g/t Ag. Drill hole SR24-045 intersected 57.9m @ 1% Cu and 4.3g/t Ag from 32m downhole, including 10.7m @ 3.2% Cu and 16.0g/t Ag from 65.5m downhole. These results highlight the high-grade copper mineralization present at the Cyclone Deposit.
Sealift and 2025 Program Preparation
The NEAS cargo ship MV Mitiq has successfully completed the 2024 sealift operation at Storm, delivering large quantities of supplies directly to Somerset Island for the 2025 exploration, resource expansion, and development programs. This operation is expected to save an estimated $4 million on the 2025 budget.
Additionally, bulk samples containing copper were transported offsite via the cargo ship, demonstrating the complete logistics chain for the potential Direct Shipping Ore (DSO) mining operation. This marks a significant milestone in the project's development.
Project Overview and Future Plans
American West Metals Limited continues to be impressed with the quality of the copper mineralization at the Storm Project. With over 22,500m of drilling completed, the project continues to show exceptional potential for expansion and growth. The company is looking forward to sharing further updates on this exciting program in the coming weeks.
The exceptional drill results from the Storm Project are likely to positively impact American West Metals' stock price as investors react to the high-grade copper intersections and the significant expansion potential. The completion of the sealift operation and the demonstration of the logistics chain for DSO mining further strengthen the project's viability and attractiveness.
Investor Reaction:
Analysts are expected to react positively to the high-grade copper intersections and the cost-saving measures achieved through the sealift operation. The potential for significant resource expansion at the Cyclone Deposit and the successful logistics demonstration for DSO mining are likely to boost investor confidence in the project.
Conclusion:
Investors should closely monitor further updates from American West Metals on the Storm Project, as the continued success of the drilling program and the strategic initiatives undertaken could significantly enhance the project's value. The company's ability to deliver high-grade intersections and innovative logistical solutions will be crucial in maintaining and growing investor confidence.