Storm Exploration Completes Option Payment on Gold Standard Project

VANCOUVER, BC / ACCESSWIRE / 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.