Storm Exploration to Advance Gold Standard Project
News Release
January 22, 2024
TSX-V: STRM
Storm Exploration to Advance Gold Standard Project
Vancouver, B.C., January 22, 2024 – Storm Exploration Inc. (TSX-V: STRM) (“Storm” or the
“Company”) today announced that it has terminated the Toogood Option Agreement with
Prospector Metals Corp. announced on September 25, 2023 due to regulatory and market
conditions. Instead, the Company will focus on advancing the Copper-Zinc VMS target
identified on its road accessible Gold Standard Project located approximately 60 km north of
the community of Fort Frances in northwestern Ontario.
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 2). The project lies
withing the traditional territory of the Naicatchewenin and Nigigoonsiminikaaning First
Nations and Storm now has agreements in place with both groups.
Figure 1: Gold Standard Project Conductivity Anomaly – 2022 VTEM Survey
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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 1) 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).
Figure 2: Gold Standard Project Location Map
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Next Steps at Gold Standard
Planning for a scout drill program to test the large VMS target has commenced. The Cu-Zn
target can be accessed by an existing network of forestry roads, and it is expected that
drilling will commence in Q2/2024. In addition, exploration work aimed at extending the
high-grade gold mineralization in the southern part of the property is planned for Q3/2024.
Financing
Storm has elected to cancel the non-brokered private placement financing that was
announced on November 30, 2023 to support the acquisition and advancement of the
Toogood Gold Property. Terms for a private placement to fund work on the Gold Standard
Project will be announced in the coming weeks.
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 Inc. 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 Canada: 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 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