Storm Exploration Completes Option Payment on Gold Standard Project
News Release
May 13, 2024
TSX-V: STRM
Storm Exploration Completes Option Payment on Gold Standard Project
Vancouver, B.C., May 13, 2024 – Storm Exploration Inc. (TSX-V: STRM) (the “Company”) is
pleased to announce that it has completed the twenty four-month option payment in connection
with its Option Agreement to acquire a 100% interest in the Gold Standard Project located in
northwest Ontario. The payment consisted of $25,000 cash and the issuance of 59,524 common
shares at a deemed price of $0.42 per share to the property vendors.
The Company has now completed its payment obligations under the Option Agreement and has
acquired a 100% interest in the Gold Standard Project. The property vendors are entitled to
receive a 2.0% Net Smelter Returns Royalty on minerals produced from the property which the
Company can reduce at any time to 1.0% by paying the property vendors $750,000.
About the Gold Standard Project
The road-accessible Gold Standard Project comprises 284 mineral claims covering 6,016 ha and is
located 65 km north of the community of Fort Frances (see Figure 1). The project lies within the
traditional territory of the Naicatchewenin and Nigigoonsiminikaaning First Nations and Storm now
has agreements in place with both groups.
The Gold Standard property is located within the Manitou-Stormy Lake greenstone belt and is
prospective for gold and base metals. The property hosts three historical small-scale gold mining
operations that date from 1901 to 1903. These gold showings have seen little modern exploration
and have never been tested with drilling. In 2022, Storm confirmed the high-grade nature of the
old workings with grab samples that returned grades up to 166 g/t Au (see Storm news release
dated 27-Sep-2022).
A property-wide airborne electromagnetic survey conducted by Storm in October of 2022
identified a large conductivity anomaly with a strike length of more than five kilometres ( see
Figure 2) that occurs in host rocks that are often associated with Volcanogenic Massive Sulphide
(“VMS”) mineralization. This is supported by copper and zinc mineralization noted in shallow
historical drill holes completed between 1969 and 1971 (see Storm news release dated 8-Feb-
2023).
Next Steps at Gold Standard
Plans are in place for a scout drill program to test the large VMS target. The Cu-Zn target can be
accessed by an existing network of forestry roads, and it is expected that drilling will commence in
Q3/2024. Exploration work aimed at extending the high-grade gold mineralization in the southern
part of the property is also planned for Q3/2024.
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Figure 1: Gold Standard Project Location Map
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Figure 2: Gold Standard Project Conductivity Anomaly – 2022 VTEM Survey
Qualified Person
The technical contents of this news release have been reviewed and approved by Bruce Counts, P.
Geo., President and CEO of Storm Exploration Inc. and Qualified Person under National
Instrument 43-101.
About Storm Exploration Inc.
Storm Exploration is a Canadian mineral exploration company focused on the discovery and
development of economic precious and base metal deposits on four district-scale projects in
northwest Ontario: Miminiska, Keezhik, Attwood and Gold Standard.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in
the policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy
or accuracy of this release.
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Forward Looking Information
This news release includes certain information that may constitute “forward-looking information”
under applicable Canadian securities legislation. Forward-looking information includes, but is not
limited to, the Company’s strategic plans, future operations, future work programs and objectives.
Forward-looking information is necessarily based upon estimates and assumptions that, while
considered reasonable, are subject to known and unknown risks, uncertainties, and other factors
which may cause the actual results and future events to differ materially from those expressed or
implied by such forward-looking information. There can be no assurance that such information will
prove to be accurate, as actual results and future events could differ materially from th ose
anticipated in such information. Accordingly, readers should not place undue reliance on forward -
looking information. All forward-looking information contained in this press release is given as of
the date hereof and is based upon the opinions and estimates of management and information
available to management as at the date hereof. The Company disclaims any intention or
obligation to update or revise any forward-looking information, whether as a result of new
information, future events or otherwise, except as required by law.
For further information, please contact:
Storm Exploration Inc.
+1 (604) 506-2804