American West Metals Limited (ASX: AW1) Announces Significant Growth in Mineral Resource Estimate for Storm Copper Project
American West Metals Limited (ASX: AW1) has reported a significant increase in the JORC 2012 compliant Indicated and Inferred Mineral Resource Estimate (MRE) for its 80% owned Storm Copper Project in Nunavut, Canada. The updated MRE now totals 20.6 million tonnes at a grade of 1.1% copper and 3.3g/t silver, amounting to approximately 229,000 tonnes of copper and 2.2 million ounces of silver.
Resource Growth and Potential
The new resource estimate reflects a 117% increase in Indicated resources, with over 61% of the contained metal classified as Indicated. This includes 10.6 million tonnes of Indicated resources grading 1.3% Cu and 4.1 g/t Ag.
Importantly, 100% of the MRE is located less than 200m below surface, indicating strong potential for open-pit mining. All mineralisation is fresh and predominantly chalcocite copper sulphide, confirming the amenability to simple beneficiation techniques for the project.
Next Steps and Drilling Plans
Drilling activities have confirmed significant expansion opportunities at multiple deposits within the project. Copper mineralisation remains open in nearly all directions, with new discoveries at the Cyclone Deeps and high-grade finds at prospects such as The Gap and Squall.
American West plans to advance mining and economic studies and is preparing for future drilling programs aimed at further resource definition. The successful MRE increase will support the development of robust mine plans and economic models.
Dave O’Neill, Managing Director of American West Metals, stated, “The updated JORC compliant MRE for the Storm Project has delivered what we believe will be the foundations for Canada’s next copper mining camp.” He further noted that the classification of resources was vital for permitting and ongoing assessments of the project.
The company will hold a webinar on December 17, 2024, to provide further updates to investors and project stakeholders.
Motley Fool contributor Lauren Surplice has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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