Exploration update at Storm Copper Project

American West Metals Limited (ASX: $AW1) has announced the successful identification of numerous conductive anomalies at the Storm Copper Project in Nunavut, Canada. The high-powered Moving Loop Electromagnetic (MLEM) survey has revealed several new high-priority exploration targets, indicating excellent potential for resource growth. The preliminary interpretation of the MLEM results has highlighted the likelihood of extensions to the high-grade copper mineralisation at the Cyclone Deposit and new EM anomalies at the Chinook Deposit and other 2023 discoveries. The company is currently conducting track-mounted Reverse-Circulation (RC) drilling to test these new targets and historical EM anomalies, with a second RC drill rig being mobilised to site.

Executive commentary on exploration progress

We are very pleased to report that the drilling and exploration program for 2024 is advancing rapidly at the Storm Copper Project in Nunavut, Canada. The initial data from the Moving Loop Electromagnetic (MLEM) survey has been received and is highlighting new high-priority targets along strike of known high-grade mineralisation, and also around and along strike from the known copper deposits. The scale and strength of some of the new anomalies, and the low false positive rate when using EM systems at Storm, make them compelling targets that are ready to be tested with drilling. The MLEM data has reinforced our belief in the outstanding growth potential of the project and that further, undiscovered zones of high-grade copper mineralisation exist in unexplored areas of the project. Given the MLEM only detects the higher-grade copper mineralisation at Storm, the potential copper endowment in the vicinity of the EM targets may be much more than the scale of the EM anomalies, further highlighting the resource expansion opportunity. Drilling activities are also continuing in the Storm area, with the mobilisation of the second Reverse Circulation (RC) drilling rig currently underway. The ongoing drilling will aim to test these exciting new exploration and resource targets, amongst others, in the coming weeks. We look forward to providing regular updates as the drilling and MLEM programs continue.

Exploration update summary and outlook

American West Metals Limited (ASX: $AW1) has made significant progress in the exploration activities at the Storm Copper Project, with the identification of new high-priority copper targets through high-powered electromagnetic surveys. The preliminary interpretation of the Moving Loop Electromagnetic (MLEM) results has revealed the potential for resource growth, extensions to known high-grade copper mineralisation, and the existence of undiscovered zones of high-grade copper mineralisation in unexplored areas of the project. The ongoing track-mounted Reverse-Circulation (RC) drilling and mobilisation of a second RC drill rig demonstrate the company's commitment to testing these new targets and historical EM anomalies. With the potential for rapid resource growth and the outstanding growth potential of the project, American West Metals is poised for further advancements in its exploration and resource expansion efforts at the Storm Copper Project.