AW1 expands the USA’s biggest indium deposit - more assays due inside the next week

Published 04-JUN-2026 13:23 P.M.

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Our US critical minerals Investment American West Metals (ASX: AW1 | OTCQB: AWMLF) just upgraded the results from old drillcore on its project in Utah, USA.

AW1’s project currently has the biggest undeveloped indium JORC resource in the USA.

AW1’s currently drilling the project with the first hole already having hit extensions to the deposit ~430m to the east of the existing resource.

(source)

Today, AW1 released resampled assays from old drillcore that upgrade the prospectivity of the deposit.

The resampling returned peak grades of 155g/t indium, 40.4g/t gallium and 1,065g/t silver.

Our main takeaway was the increase in intercept length across those resampled drillcores:

(source)

Bigger intercepts COULD mean an upgraded Mineral Resource Estimate (MRE), which would make the biggest undeveloped indium resource in the US, even bigger…

Here is where those resampled results came from relative to the projects current resource:

(source) (source)

There is also the potential increase the resource from the ~10,000m drill program AW1 is running on the project…

More on the expanded drill program AW1 is currently running

As mentioned earlier, AW1’s already hit extensions ~430m to the east of its resource and today confirmed that a second diamond drill rig was on the way to site.

Based on today’s announcement it looks like AW1 is continuing to step out the next batch of holes further to the east, all along that ~4km long magnetic trend:

(source)

Both of the new holes are being prepared for down-hole electromagnetic (DHEM) surveys to define further targets along the mine corridor.

We went into more detail on the aims of the drilling here in our prior Quick Take article: AW1 expands US critical metals drill program to up to 10,000m

What we want to see next from AW1

🔄US indium-germanium-gallium project (drilling ongoing)

AW1 expects assays for the first 2026 drill hole, WD26-01, within about a week, with assays from the second hole, WD26-02, in the next 3 to 5 weeks.

Results from hole #1 should be interesting given the 77.65m of visual sulphides that were intersected ~430m east of the resource.

Beyond the drilling program we are also looking forward to seeing AW1 upgrade its JORC resource.

Here are the milestones we are tracking for the drill program:

Here are the milestones we are tracking:

✅Drilling commenced
✅First hole hits 77.65m of structure 430m east of resource, along the 4km magnetic anomaly
🔄 Historical core resampling for gallium & germanium.
🔲 Assays from drilling
🔲 Resampling assay results

🔄Strategic / Government Engagement

We also noticed in today’s announcement AW1 attended the Aerospace & Defence 2026 conference in Washington DC and held discussions with senior US Government officials at the White House Complex on West Desert's potential as a domestic critical metals source.

This is the part of the story we're most interested in.

Previously we covered where in a AW1’s MD said during a presentation “We have been approached by the Department of War, Department of Energy and local government to move this forward” (listen to the soundbite here)

The US has been taking direct equity stakes in the biggest domestic project for each critical mineral (MP Materials for rare earths, Lithium Americas for lithium), and AW1 owns the biggest indium resource in the country.

Government engagement is exactly what we want to see - but engagement is not the same as a funding deal (no guarantees of course, this type of process is unpredictable and may never eventuate).

Here are some milestones we are tracking: