TSXV:STRM - Post Discussion
Post by
yukon_gold on Jan 22, 2024 10:12am
Storm Exploration to Advance Gold Standard Project
| 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. 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 Conductivity Anomaly – 2022 VTEM Survey | | | TThe 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). 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. For further information, please contact: Storm Exploration Inc. +1 (604) 506-2804 bcounts@stormex.ca | | | | | | |
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