American West Metals (ASX:AW1) has raised $3,087,500 via a placement at $0.095 per share to expand drilling at its Storm Copper Project in Canada. 

The company says strong investor support for the placement highlights the rarity of projects like Storm copper – a high-grade copper project located in a tier one mining jurisdiction – and the potential for upcoming drilling of new geophysical targets to deliver a significant discovery.  

“We thank investors for their support of the Placement as we continue to advance the Storm copper project,” said American West Metals’ Managing Director, Dave O’Neill. 

“It is very pleasing to be able to expand the 2023 drill program so that we can aggressively test the new geophysical targets and to provide further opportunity to significantly increase the known copper endowment at Storm.”  

Extensive drilling planned 

 Reverse circulation (RC) drilling program is continuing at the 4100N Zone and will be followed by resource definition drilling at the 2200N and 2750N zones – where previous drilling by the company during 2022 intersected high-grade copper sulphides close to surface including 41m at 4.18% copper from 38m.  

Processing and interpretation of MLEM data is almost complete and drilling is being planned to follow-up any new MLEM anomalies.  

The company has also scheduled diamond drilling to test the large geophysical copper targets below the near-surface mineralisation defined in recent EM and gravity surveys while ore sorting, beneficiation and process optimisation is continuing on a range of ore types.   

This article was developed in collaboration with American West Metals, a Stockhead advertiser at the time of publishing.  

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.