In this arvo's $tockhead.... AMERICAN WEST METALS (ASX:AW1) (Up...

In this arvo's $tockhead....

AMERICAN WEST METALS (ASX:AW1)
(Up on no news)

AW1’s West Desert project in Utah – ~150km from Rio Tinto’s legendary Bingham Canyon mine — now has a maiden JORC resource of 33.7Mt at 3.83% zinc, 0.15% copper and 9g/t silver for 1.3Mt zinc, 49,000t copper and 10Moz silver.

There is “considerable” potential to expand this resource, the company said earlier this month. Furthermore, indium and iron ore have not been included, yet.

West Desert is recognised as the largest indium deposit in the US, while an old non-JORC resource estimated 28Mt of iron ore grading up to 68% fe (that’s high) could also be recovered.

AW1’s near term focus is expanding resources, followed by economic studies. Drilling is set to resume during Q2, 2023.

Th $8m capped stock is down 50% year-to-date. It had just $619,000 in the bank at the end of December, which means a cap raise is probably in the works.