Storm Exploration to Acquire the Toogood Gold Project
News Release
September 25, 2023
TSX-V: STRM
Storm Exploration to Acquire the Toogood Gold Project
Vancouver, B.C., September 25, 2023 – Storm Exploration Inc. (TSX-V: STRM) (“Storm” or the
“Company”) is pleased to announce that it has executed an option agreement with Prospector
Metals Corp. (“Prospector”) in which Storm can earn up to 100% in the Toogood Gold Project
located along the north shore of Newfoundland, Canada (See Figure 1).
Project Highlights
• District scale land package covering 118 sq-km and 28 km of strike length along a
regional structural corridor that has proven to be prospective for gold deposits,
• Includes the drill-confirmed high-grade Quinlan Zone:
o Assay results from maiden drill program (2022) include: 23.90 g/t Au over 3.65 m,
18.27 g/t Au over 4.25 m and 9.40 g/t over 3.18 m.
o High-grade gold mineralization is hosted within a felsic dyke and has been confirmed
for 200 m along strike, 120 m down-dip and remains open in all directions.
• Road accessible and fully permitted for drilling,
• Numerous additional occurrences with visible gold identified across the property.
“The Toogood Gold Project is an exceptional opportunity for Storm,” stated Bruce Counts,
President and CEO of Storm. “The drill-confirmed high-grade gold at the Quinlan Zone
underscores the potential for the discovery of a multi-million-ounce gold deposit.”
Mr. Counts continued, “in addition, plans and permits are in place to expand and extend
mineralization at the Quinlan Zone allowing Storm to begin advancing the project quickly.”
Toogood Gold Project Overview
The Toogood Gold Project located on New World Island, approximately 65 km north of Gander,
Newfoundland. The property is road accessible and lies at the northeast extent of the Exploits
Subzone, a major structural corridor in central Newfoundland. The Exploits Subzone trends
200km northeast / southwest across the island of Newfoundland, and hosts many of the
significant gold deposits in the province, including Marathon Gold’s Valentine Project which has an
established resource of 2.7 Moz at 1.62 g/t Au (Reserve) and 3.96 Moz Au at 1.90 g/t (M+I).
Gold mineralization at Toogood is hosted by a suite of Devonian felsic dykes which crosscut the
property, emplaced in the latter stages of a complex tectonic history. Gold mineralization is
associated with arsenopyrite, pyrite, trace chalcopyrite, and fine-grained native gold and is
concentrated along brittle fault intersections.
Numerous gold occurrences have been identified on the property with the Quinlan Prospect being
the most advanced. Drilling conducted by Prospector in 2022 confirmed high-grade gold at the
prospect with a 857 m drill program. Drilling has demonstrated that the gold bearing dykes have a
remarkably consistent dip and thickness. Mineralization has been confirmed along a 200m strike
and 120m down-dip and remains open in all directions.
2
Next Steps
Storm plans to take a two-pronged approach to exploration on the Toogood project.
Drilling: The primary focus will be to extend gold mineralization at the Quinlan Prospect which is
permitted for additional drilling and targets have been identified by Prospector.
3
Target Generation: Simultaneously, the Company will conduct a prospecting and soil sampling
program over the numerous showings on the property with the goal of developing a pipeline of
compelling drill targets.
Transaction Terms
Storm can earn up to a 100% interest in the Toogood Gold property by meeting two option
milestones.
First Option
To earn an initial 55% interest in the Toogood Gold property, Storm must complete the following:
1) pay $10,000 in cash to Prospector within 90 days of the execution of the Option Agreement;
2) issue an aggregate of 4,000,000 Storm s hares to Prospector, registered in the name of
Prospector, or as otherwise directed by Prospector, as follows:
a) 300,000 Storm shares, upon receipt of TSXV Acceptance (the “Effective Date”);
b) 400,000 Storm shares, on the first anniversary of the Effective Date;
c) 500,000 Storm shares, on the second anniversary of the Effective Date; and
d) 2,800,000 Storm shares, on the third anniversary of the Effective Date;
3) incur an aggregate of $3,500,000 in Expenditures on the Property, as follows:
a) $1,500,000, within 18 months following the Effective Date;
b) an additional $1,750,000, within 36 months following the Effective Date; and
c) a supplementary $250,000, within 36 months following the Effective Date should certain
additional prospective licenses be acquired;
4) pay the remaining cash payments to the underlying vendors of the Toogood property (totaling
$320,000 through June 2024).
Second Option
For Storm to exercise the Second Option (for 100% interest), the Company must issue to
Prospector, the lesser of the following:
• the number of Storm shares equal to 19.9% of the non-diluted share capital of Storm (after
accounting for such issuance) on such date les s any previously issued Storm Shares to
Prospector pursuant to this Agreement, and
• such number of Storm shares as shall have a value of $12,000,000,
Storm shares will be issued at the great of: (a) the 10-day volume weighted average price as of the
trading date prior to the issuance date, (b) the issue price permitted under the rules and policies of
the TSXV, or such other exchange on which the Storm shares are listed for trading.
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.
4
About Storm Exploration Inc.
Storm Exploration Inc. is a Canadian mineral exploration company focused on the discovery and
development of economic precious and base metal deposits on five district-scale projects:
Toogood, 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.
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 a number of 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 those 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