Storm Exploration Signs MOU with First Nation on 100% Owned Gold Standard Project

Plans Drill Program to Test Large VMS Target at Gold Standard

VANCOUVER, BC / ACCESSWIRE / November 6, 2023 / Storm Exploration Inc. (TSX-V:STRM) ("Storm" or the "Company") is pleased to announce that it has signed a Memorandum of Understanding ("MOU") with the Nigigoonsiminikaaning First Nation (the "NFN") concerning the Company's 100% owned Gold Standard Project located 65 km north of the community of Fort Frances in northwestern Ontario. The Gold Standard Project hosts multiple high-grade gold showings as well as a large, untested VMS target.

"Storm is pleased to be working with the Nigigoonsiminikaaning on the exploration and development of the Gold Standard Project," said Storm's President and CEO Bruce Counts. "Involvement of local first nations is an important component to the success of a project, and with this agreement in place, Storm is in a position to plan a drill program that will test the large VMS target identified on the project earlier this year."

The MOU establishes a framework for ongoing consultation with the NFN and provides the community with an opportunity to participate in the project through employment, training, and business development. Under the terms of the MOU, the Company will contribute to a community fund an amount that is proportional to its exploration expenditures and will issue 1,300,000 common shares of Storm over four years, commencing with 100,000 common shares upon TSXV acceptance.

Gold Standard Project

The Gold Standard 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) and 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).