American West Metals Ltd Is Drilling Deeper Into Copper In Canada

American West Metals Ltd (ASX: AW1) unearthed a promising copper lode with its maiden JORC mineral resource report for the Storm Project in Canada. Buoyed by these impressive results, the company gears up for an ambitious exploration campaign in 2024, targeting both copper and indium expansion.

The results delivered a copper bounty and sparked an exploration and share price surge.

A Rich Vein

The reported resource at the Storm Project boasts 17.5 million tonnes of ore, averaging 1.2% copper and 3.4g/t silver, representing a total metal content of 205,000 tonnes of copper and 1.9 million ounces of silver.

A high-grade core of 11.2Mt stands out with 1.5% copper and 4.3g/t silver, holding 173,000 tonnes of copper and 1.5 million ounces of silver.

Untapped Potential

The resource remains open in all directions, hinting at significant growth potential through 2024 and beyond.

Recent high-grade copper discoveries like Thunder, Lightning Ridge, and Cyclone North are yet to be integrated, adding further upside.

Multiple copper deposits have already been identified, forming an emerging mining camp. Six near-surface, high-priority EM anomalies await testing, demonstrating a 100% correlation with high-grade copper sulphides.

Only 5% of the 100km copper-bearing horizon has been explored, including the Tempest Prospect with its 4km surface gossan.

Low-Cost Advantage

The near-surface resource suggests potential for cost-effective development, with mineralization starting close to the surface and amenable to open-pit mining.

Critical Mineral Bonus

American West holds a potentially world-class indium resource at the West Desert Deposit, adding another valuable dimension.

This updated MRE estimates 33.7Mt of ore with 20g/t indium and 0.1g/t gold, making it the sole US indium deposit and one of the largest globally.

Indium, classified as a critical mineral in the US, enjoys strong demand for use in touchscreens, solar panels, and semiconductors.

2024: A Defining Year

Following the share price surge from $0.05 to $0.30, 2024 promises to be pivotal for the company, with a market cap of $52 million (based on 0.11 share price).

A major drilling program aims to significantly expand the mineral resource, investigate the Storm area and other discoveries, and explore regional targets.

While the December quarter saw significant exploration spending of $2.7 million, leading to key discoveries, future outflows are expected to decrease.

A potential capital raise in February is anticipated to bolster exploration funds.




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