American West Metals Limited (ASX: AW1 | OTCQB: AWMLF) has successfully acquired 80% of the Storm Project from Aston Bay Holdings Ltd (TSXV: BAY), after completing the exploration expenditure requirement of C$10M.
Dave O’Neill, managing director, American West, “Building on the outstanding and ongoing success of the drilling and exploration programmes at Storm, we are pleased to report that American West has now completed the earn-in for an 80% interest in the Storm Project.”
“This has been a defining year for the Storm Project with significant expansion of the near-surface high-grade copper and a breakthrough discovery of the deeper, regional sediment-hosted copper system.”
On 9 March 2021, the two companies entered into an option agreement whereby American West was granted the exclusive right and option to acquire an 80% interest in the Storm Project if the target was completed. That exploration expenditure was completed during the 2023 drilling programme and American West has now completed the option.
Highlights of the drilling programme include:
- 41m @4.18% Cu from 38m (Drill hole ST22-05)
- 57m @2.5% Cu from 8m (Drill hole ST22-02)
- 46m @2.2% Cu from 64m, including 15.6m @4.2% Cu from 65m (Drill hole SM23-02)
- 67.1m @1.1% Cu from 54.9m (Drill hole SR23-03)
Mr. O’Neill continued, “Securing an 80% interest in Storm through the efficient and timely completion of exploration programmes required under the option agreement is a fantastic outcome for the company and our shareholders. We look forward to continuing the partnership with Aston Bay on this exciting Project.”
Additionally, the company will undertake a further drilling programme in 2024 with the aim to expand the footprint of copper mineralization, particularly around the new discoveries, Thunder and Lightening Ridge.
To find out more, please visit www.americanwestmetals.com
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