American West Metals’ (ASX:AW1) shares surge up to 40%; here’s why

August 23, 2022 04:10 AM BST | By Khushboo Joshi
 American West Metals’ (ASX:AW1) shares surge up to 40%; here’s why
Image source: © Buranatrakul | Megapixl.com

Highlights:

  • American West Metals has made a vital new copper discovery at its Storm Project on in Canada.
  • The shares zoomed upto 40% on the ASX, thanks to the positive update from the company.
  • The company has gained more than 21% on ASX, in last six months.

Perth-based Australian metals firm, American West Metals Limited (ASX:AW1) shared on Tuesday (23 August 2022) that it has made a significant new copper discovery at the Storm Project, Canada. Backed by the same update, the shares of the stock AW1 gained up to 40% in the early trading hours on ASX.

The company’s shares were 34% up at AU$0.167 apiece on  ASX at 11:33 AM AEST.

 

American West Metals informed that the copper discovery at the Storm Copper Project on Somerset Island, Nunavut, Canada, is a game-changing one.

Exploration drilling defines major discovery

American West Metals shared via the release that drill hole ST22-10 has met an abundant sequence of copper sulphide mineralisation associated with a large, previously untested EM anomaly that was defined in the fixed loop EM (FLEM) survey completed over the Storm Copper Project area in 2021.

Approximately 68.8m of chalcopyrite dominant mineralisation was intersected from 277m downhole in drill hole ST22-10 (approx. 230m vertical depth). The mineralisation is understood to be stratiform and is hosted within a vuggy, bituminous and fossiliferous carbonate unit.

American West Metals’ share price performance

As of 12:01 PM AEST, 23 August, the stock AW1 has shed off 3.13% in last one month on the ASX. In past six months, the stock has moved up 10.71% and on year-to-date basis, it has gained 19.23%.


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