Shares in Australian-Canadian exploration partners American West Metals (ASX: AW1) and Aston Bay Metals (TSXV: BAY) shot to 12-month highs on Tuesday after announcing a major copper discovery at the Storm property in Canada’s Nunavut Territory.
The discovery comes after the company’s ongoing diamond drilling campaign, led by American West, yielded promising results for copper sulphides.
The discovery sent American West shares in Sydney up 1% to a new 12-month high at A35¢ per share before closing 13% lower at A29.5¢, while Aston Bay jumped 83% to 22¢ per share in Toronto – a fresh 12-month high and up 471% over the 12 months.
The Storm copper project on Somerset Island, Nunavut, has been the focus of intensive exploration efforts. Drilling aims to uncover hidden gravity targets beneath the established near-surface mineralization.