New MLEM data shows AW1 just can’t stop clocking copper in Canada

Special Report: Meanwhile in Canada, the globe-trotting, Aussie-listed American West Metals has clocked onto another string of “outstanding” new copper targets during the team’s latest exploration activities at the Storm Copper Project on Somerset Island in Nunavut – the largest and northernmost territory of Canada.

That’s somewhere around here…

Pic: Getty Images

The latest update from Storm follows American West Metals (ASX:AW1) successful and ongoing 2024 high-powered Moving Loop Electromagnetic survey, which has already identified a growing collection of conductive anomalies.

They include multiple anomalies adjacent to known copper deposits and mineralisation, adding further prospective targets untested by drilling.

AW1 says the latest hits have “outstanding potential for rapid resource growth.”

Pic: AW1

The maiden Mineral Resource Estimation (MRE) for Storm, announced earlier this year, and included 17.5Mt at 1.2% Cu and 3.4g/t Ag and the new targets only add to the prospect of an MRE well beyond those numbers.

American West Metals MD Dave O’Neill, said initial data from the MLEM has brought into stark relief the new set of high-priority targets both 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,” O’Neill said.

Resource expansion

“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,” O’Neill added.

“The survey results 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.”

The MLEM data indicates that the high-grade copper mineralisation at the Cyclone Deposit – already defined as a JORC compliant 12.1Mt at 1.2% Cu over a zone of 1300m by 400m – “likely extends in most directions.”

Extensions on extensions

What’s also got the AW1 team pumped with the latest MLEM returns is the string of new EM anomalies that have also been identified over 1000m along strike from the Chinook Deposit (2.2Mt at 1.5% Cu), as well as in the areas of the 2023 discoveries at the Thunder, Lightning Ridge and Gap Prospects.

O’Neill says the signs scream of the strong indicative potential for extensions to the already known high-grade copper mineralisation.

Track-mounted Reverse-Circulation (RC) drilling is underway and will test these new targets as well as several historical EM anomalies and other high-priority targets for near-surface high-grade copper mineralisation.

O’Neill says that drilling activities are also continuing in the Storm area, with the mobilisation of a second reverse circulation rig currently underway.

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,” he said.

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.