American West Metals’ Storm project in Canada has continued to deliver high-grade, near-surface copper intervals at its 4100N zone in what it says is further proof of a “significant copper story” unfolding.
The latest assays results include 15.3m at 1.6 per cent copper from 59m, containing 3.1m going 4.8 per cent copper from 64m. Other headline results reveal a 9.1m hit running 1.1 per cent copper from 62.5m, including 1.5m tossing up 2.8 per cent copper from 62.5m.
A further hole produced a 7.6m intersection at 1.1 per cent copper from 107m, containing 3.1m going 2.1 per cent copper from 109.7m.
American West Metals managing director Dave O’Neill said: “The 4100N Zone has grown into a significant copper story. The results from the latest batch of assays, along with geophysical interpretation, shows that the copper mineralisation is now over 1.3km long, 300m wide and open laterally in every direction. Additional extension and resource drilling will be completed to expand the footprint further.”
Management says a planned diamond drilling campaign will soon begin in a bid to test the geophysical targets below the known near-surface copper deposits. It believes the new targets could prove to be a turning point in the exploration of the sediment-hosted copper system that is interpreted to be the potential source of the mineral that is turning up at the surface.
The biggest of the geophysical targets is directly below the 4100N zone and is seen in both gravity and IP data. The company sees this as a highly-significant association which indicates both a dense and electrically-chargeable body.
While the price of copper has been bearish this year, its long-term value remains underlined by the fact it holds top spot on the podium in terms of its value to the green-energy transition.
With energy research firm Wood Mackenzie forecasting major deficits in copper all the way out to 2030, it is difficult to see the price slump continuing, especially with sales of electric vehicles reaching record levels across major international markets. And it seems certain that the need for greater charging infrastructure is only going to drive demand further.
With American West now flush with cash after a $3 million capital raise and a grant from the Nunavut Government in Canada to support its diamond drilling campaign to the tune of CA$250,000 (AU$283,000), it can roll its sleeves up with confidence in its mission to try and tap into the mother lode.
Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au
By Steve Kaless
