American West Metals (ASX:AW1) has listed on the Australian Securities Exchange (ASX) today under the ticker AW1.
The company successfully raised A$12 million before costs through its Initial Public Offer, with strong support from both domestic and international institutional and mining investors.
It has already commenced exploration activities across the portfolio and will shortly be commencing a 7,500m drill programme at the flagship West Desert zinc-copper-silver-indium project (West Desert).
Managing Director, Dave O’Neill, said the strategic intent is to aggressively explore and ultimately grow the existing robust resource at the project, leveraging management’s proven in-country discovery expertise, and investigate a low footprint development strategy.
“We are excited to commence trading on the ASX following a strongly supported IPO. We are wasting no time getting started with exploration activities at our stable of high-quality North American base metals projects already underway,” Mr O’Neill said.
“I am grateful to be working alongside an extremely experienced board and management team which includes John Prineas (Chairman) and Michael Anderson (Non-Executive Director).
“On behalf of the Board, I would formally like to welcome those who participated in the IPO as shareholders in American West Metals and look forward to what we intend to be an exciting growth journey ahead.”
West Desert Project, Utah USA
The company’s flagship West Desert Project is located in west-central Utah and is 100% owned by American West.
The deposit is a large, zinc-copper-silver-indium Skarn and Carbonate Replacement Deposit (CRD), which is one element in a regional scale mineral system. It contains a Ni 43-101 compliant resource (historical and foreign) of over 59Mt @ 5.78% ZnEq, which includes a coherent higher-grade core of approximately 16.5Mt @ 6.3% Zn, 0.3% Cu and 33g/t In (1.03Mt Zn, 45Kt Cu and 545t In).
The estimates of mineralisation in respect to the West Desert Project that are referred to in this announcement are “foreign estimates” for the purposes of the ASX Listing Rules, and accordingly:
• the estimates are not reported in accordance with the JORC Code;
• a competent person has not done sufficient work to classify the foreign estimates as mineral resources or ore reservices in accordance with the JORC Code; and
• it is uncertain that following evaluation and/or further exploration work that the foreign estimates will be able to be reported as mineral resources or ore reserves in accordance with the JORC Code.
For further information please visit: https://www.americanwestmetals.com/site/content/
