The American West Metals Ltd (ASX: AW1) share price is on fire on Wednesday.
In early trade, the North America-focused clean energy mining company's shares were up as much as 55% to 31 cents.
The ASX mining share has pulled back a touch since then but remains up 35% to 27 cents currently.
Image source: Getty Images
Why is this ASX mining share racing higher?
Investors have been bidding this ASX mining share higher today in response to the release of a promising update on drilling at the Storm Copper Project in Canada.
According to the release, diamond drilling of a large gravity target has intersected thick intervals of copper sulphides.
Management notes that the discovery of drill holes show similarities to many of the world's major sediment-hosted copper systems. This includes the deposits of the Kalahari Copper Belt and Central African Copper Belt.
Positively, the two diamond drill holes are located 680m apart, which suggests that the drilling has potentially identified a very large copper deposit.
The diamond drilling will now continue on high-priority copper targets with first assays expected in the next four weeks.
'Spectacular results'
The ASX mining share's managing director, Dave O'Neill, was excited by the results. He said:
We are very excited to announce that the diamond drilling has had immediate success and produced spectacular results confirming the presence of a major copper system within the Storm Project. These outstanding results are the product of systematic and persistent exploration, and further highlight the quality and huge exploration potential of the landholding.
The drill holes were targeting the first of a series of extensive gravity anomalies that were defined earlier this year, and have intersected a thick, sulphide and organic- rich unit. We believe this to be the source of the gravity anomalism, and given the large spacing between drill holes and size of the modelled gravity anomalies, the potential volume of mineralisation is very significant. This is a major copper discovery.
