Loandepot Inc V.LDI

Storm Exploration Identifies VMS Target at Gold Standard

[yukon_gold]

 

Storm Exploration Identifies Compelling VMS Target at 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.

 

Vancouver, B.C., February 8, 2023 – Storm Exploration Inc. (TSX-V: STRM) (the “Company”) today announced that it has identified a large conductivity anomaly in recently collected airborne magnetic and electromagnetic (“EM”) survey data. The anomaly has a strike length of more than five kilometres 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 historical drill holes.

 

Figure 1: Gold Standard Conductivity Anomaly – 2022 VTEM Survey

 

“This is an exciting development at Gold Standard,” commented Bruce Counts, President & CEO of Storm Exploration. “The size of the conductivity anomaly, coupled with the presence of chalcopyrite and sphalerite in historical drill holes suggest that it may represent a significant base metal VMS system. In addition, the area can be accessed using existing forestry roads; therefore, the planned follow-up work will be cost-effective.” 

 

The conductivity anomaly was identified in a property-wide airborne magnetic and electromagnetic survey flown in Q3/2022 using the Versatile Time Domain Electromagnetic (“VTEM”) system. Historical geophysics conducted in the late 1960’s across the property was subsequently drill tested using a small, man-portable drill between 1969 and 1970. Only four holes were drilled and all were terminated at a depth of less than 50 metres. Three of these holes encountered chalcopyrite and sphalerite, which are copper and zinc bearing minerals respectively (see Figure 1 & Figure 2).

 

The anomaly lies along the limbs of an apparent fold that is adjacent to the regional-scale Manitou Straits shear zone in the southwest of the property which hosts the gold bearing quartz veins that were mined between 1901 and 1903 (see news release dated 27 September, 2022: StormEx Reports up to 166 g/t Au from Grab Samples at Gold Standard). The newly identified conductivity anomaly can be accessed using exiting forestry roads, making its evaluation simple and cost-effective.

 

Figure 2: Gold Standard Total Magnetic Intensity – 2022 VTEM Survey

 

Next Steps

Ground reconnaissance exploration, including prospecting and surface mapping, will be conducted along the length of the conductivity anomaly once the snow has melted in the area. Targets of interest will be drill tested upon receipt of an Exploration Permit. Final hole selection will be based on results from the prospecting and sampling program with drilling expected to commence in Q3/2023.

 

First Nations

The Gold Standard property lies withing the traditional territory of he Naicatchewenin and Nigigoonsiminikaaning First Nations. Discussions have been initiated with both First Nations to develop a Memorandum of Understanding that support mineral exploration at Gold Standard.

 

Qualified Person

The technical contents of this news release have been reviewed and approved by Bruce Counts, P. Geo., President, CEO and a Director 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.

 

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. 

[phone]

[e-mail] 

 

stormex.ca

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