American West acquires 80% of Storm Project

American West Metals (ASX AW1) has completed the expenditure required to acquire 80% of the Storm Project from Aston Bay Holdings (TSXV:BAY).

The $96.6 million market capitalisation company and Aston Bay entered into an option agreement on 9 March 2021 whereby American West was granted the exclusive right and option to acquire the majority interest upon completion of project exploration expenditure of CAD$10 million.

That exploration expenditure was completed during the 2023 drilling program and American West has exercised the option to acquire 80% of Storm.

An unincorporated joint venture with Aston Bay will be formed between the parties – 80% American West, 20% Aston Bay – with American West as manager of the JV.

Under the new JV with Aston Bay, American West plans to increase the resource and exploration programs at the Storm Project with a ramp-up of activities during 2024.

The Storm Project is located in a historical and tier-one mining district with nearby mines including the Polaris Zinc-Lead mine (22Mt @ 14.1% Zn, 4% Pb) and the Nanisivik Zinc-Lead-Silver mine (18Mt @ 9% Zn, 0.7% Pb, 35g/t Ag).

Storm is located some 15km from the coast with access to a deepwater bay and a designated shipping route, providing robust logistics. The land package at Storm comprises 219,257 hectares and hosts over 80km strike of prospective stratigraphy – representing a rare, district scale opportunity.

Since commencement of the Storm option agreement in 2021, American West has advanced the project with systematic exploration focused on 2 clear strategies – define maiden resources and expand the footprint of the high-grade, near-surface copper mineralisation, and, explore for sediment-hosted copper at depth and within the broader project area.

Addressing the deal, Managing Director of American West Metals Managing Director Dave O’Neill says: “Building on the outstanding and ongoing success of the drilling and exploration programs 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.

Securing an 80% interest in Storm through the efficient and timely completion of exploration programs required under the option agreement is a fantastic outcome for the Company and our shareholders.”

American West has deployed a broad range of geophysics – including high-resolution Electromagnetics (EM), ground gravity and ground magnetics surveys – to establish targets for both resource expansion and exploration drilling.

About 11,290m of reverse circulation (RC) and diamond drilling have been completed by American West for a total of 73 drill holes. The company says the geophysics have proven to be a very effective targeting tool with expansion of the footprint of the near-surface mineralisation – including the discovery of the Thunder and Lightning Ridge deposits – and the highly significant discovery of the deeper, regional scale sediment-hosted copper system.

Gravity and EM anomalies – similar to those drilled in 2023 and confirmed as significant copper mineralisation – extend for several kilometres within the Storm tenure and highlight the vast size of the Storm copper system and the enormous exploration potential.

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Written By Adam Orlando Managing Editor Adam Orlando has more than 20 years’ experience in the media having held senior roles at various publications, including as Asia-Pacific Sector Head (Mining) at global newswire Acuris (formerly Mergermarket). Adam has worked in newsrooms around the world including Hong Kong, Singapore, London, and Sydney.