The S&P/ASX 200 Materials Index may be falling nearly 4% today, but one ASX mining share is bucking the trend.
The American West Metals Ltd (ASX: AW1) share price is soaring 74% today to 23.5 cents.
Let's take a look at what this mineral explorer reported to the market today.
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What did this ASX mining share discover?
Investors are buying up American West shares after drill results showed "spectacular" copper grades with "significant thickness".
The company reported its first assay results from diamond drilling at the company's Storm Copper Project. This is located on Somerset Island in Nunavut, Canada.
Results from drill hole ST22-05 include:
- 41m at 4.18% copper from 38 metres
- 15m at 10.05% copper from 47 meters
- 5m at 24.28% copper from 48 metres
The company said all drill holes at what is known as the 2750N zone have intersected with thick zones of breccia, and, or, massive copper sulphides.
American West is planning further diamond drilling and will provide additional assay results in future days and weeks.
Drilling will focus on expanding the 2750 zone and defining the resource at zones 4100N and 2200. Commenting on the news, managing director Dave O'Neill said:
These results immediately validate the historical high-grade intersections within the 2750N Zone, and highlight the quality of the Storm mineral system.
These kind of grades and thicknesses are exactly what we want to see as we work to define a shallow high-grade copper resource.
The 2750N Zone is currently over 200m long and still open along strike and at depth, with excellent potential for further drilling to significantly expand the high-grade mineralisation
American West share price recap
This ASX mining share has soared 80% in the year to date. In the past month, the American West share price has rocketed 57%.
For perspective, the ASX 200 Materials Index has slid nearly 7% in the past year.
American West has a market capitalisation of about $26 million based on the current share price.
