American West Metals Ltd (American West or the Company) (ASX: AW1 | OTCQB: AWMLF) is pleased to report exceptional drill results that confirm thick, high-grade copper – including bonanza grades – over an expansive and growing footprint at the Storm Copper Project (Storm or the Project) on Somerset Island, Nunavut.

Initial assay results from the summer drilling program at the 2750N and 4100N Zones have returned outstanding near-surface high-grade copper intervals including:

• Drill hole SM23-02 (4100N Zone) has intersected:
  • 46m @ 2.2% Cu from 64m, including,
    • 15.6m @ 4.2% Cu from 65m, including,
      • 0.3m @ 42.8% Cu from 67m
• Drill hole SR23-21 (2750N Zone) has intersected:
  • 27.4m @ 1.5% Cu from surface, including,
    • 7.6m @ 4% Cu from 7.6m, and,
  • 27.4m @ 1.3% Cu from 30.5m, including,
    • 9.1m @ 2.15% Cu from 33.5m
• Further assays for the summer drilling program expected regularly over the coming weeks

Another new discovery further expands the copper mineralisation footprint at Storm:

• Exploration RC drill hole SR23-52 has intersected a total of 19m of strong visual copper sulphide mineralisation in two zones from 32m downhole, delivering a new discovery in an underexplored area of the Project
• The discovery is interpreted to be fault related and is located between the high-grade 2750N and 2200N Zones, which are located approximately 1km apart
• The new copper zone has been named ‘Lightning Ridge’
• Over 10km of prospective structures have been identified in the immediate area with further potential across the Project tenure

“We are very pleased to provide an update on the drilling activities at Storm with the initial assays for the 2023 summer resource drill program now received. The assays continue the theme of strong results from the 2023 spring program with more high-grade mineralisation confirmed at both the 2750N and 4100N Zones. These results further emphasise the outstanding resource potential at Storm.

“The continuity and consistency of mineralisation at the 4100N Zone has been confirmed by the latest drilling results, including extremely rich zones with assays up to 43% copper. This is the highest-grade assay result to date at the 4100N Zone. Importantly, it is located in a key area that will underpin the resource classification of this prospect.

“As expected from the 2750N Zone, the drilling also continues to highlight the very high grades of the prospect. Significantly, the latest drilling has also shown that the very strong mineralisation continues to surface, which supports the potential for a high-grade, near-surface deposit suitable as a starter pit.

“We are also very pleased to report another new discovery of near-surface mineralisation. Exploration drilling between the 2750N and 2200N Zones has defined two thick intervals of strong visual sulphides associated with a large fault system and historical EM anomaly.

“The new discovery has been named Lightning Ridge due to the exposure of massive chalcocite near the gully ridge, and continues to highlight the exploration and growth opportunities within the Storm area.

“We look forward to providing further updates in the coming weeks.”

Figure 1: Drill core from resource diamond drill hole SM23-02 from the 4100N Zone showing chalcocite (dark grey) in dense brecciation, veining and faulting (now rubble). The interval is from approximately62.85m to 78m downhole and contains an average grade of 6.4% Cu between 65m and 73.3m.

DRILL RESULTS HIGHLIGHT EXCEPTIONAL RESOURCE AND EXPLORATION POTENTIAL AT STORM

The first batch of assay results from the summer 2023 resource drilling program have been received which includes all drill holes from the 2750N Zone, and five additional drill holes at the 4100N Zone (assays are still pending for the remainder of the 4100N Zone drilling). The resource drilling has included both Reverse Circulation (RC) and shallow diamond drilling in key areas of the near-surface prospects.

The initial assays have defined the highest copper grades to date at the 4100N Zone. The results continue to highlight the resource potential of the 2750N and 4100N Zones with consistent copper grades and excellent lateral continuity of the known copper mineralisation.

A single exploration RC drill hole has made another discovery of near-surface mineralisation in a large, underexplored area between the 2750N, 2200N and Thunder prospects.

The new discovery has been named ‘Lightning Ridge’ and is located in an area of outcropping massive chalcocite and large-scale faulting. The discovery hole was targeting a previously untested historical airborne Versatile Time-Domain Electromagnetic (VTEM) anomaly. A number of other EM anomalies and more than 10km of prospective strike of similar faults have been identified in the southern graben area and remain untested by drilling.

These latest results highlight the excellent potential for further expansion of the high-grade, near- surface mineralisation within the Storm Project area.

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