- Storm Exploration (TSXV:STRM) has signed a memorandum of understanding with the Nigigoonsiminikaaning First Nation (NFN) related to the company’s Gold Standard Project in Ontario
- The MOU establishes a framework for continued consultation with the NFN
- Storm Exploration will contribute to a community fund an amount that is comparable to its exploration expenditures
- Shares of Storm Exploration are unchanged at C$0.08
Storm Exploration (TSXV:STRM) has announced it has signed a memorandum of understanding with the Nigigoonsiminikaaning First Nation (NFN) related to the company’s Gold Standard Project in Ontario.
In a news release, the company stated the MOU establishes a framework for continued consultation with the NFN and that it will contribute to a community fund that is comparable to its exploration expenditures.
“Storm is pleased to be working with the Nigigoonsiminikaaning on the exploration and development of the Gold Standard Project,” Bruce Counts, CEO of Storm Exploration, said in a statement. “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 project is in Ontario’s Manitou-Stormy Lake greenstone belt and is prospective for gold and base metals. Three historical small-scale gold mining operations took place between 1901 and 1903, which have seen very little exploration since then and have never been tested with drilling.
Storm Exploration confirmed the high-grade nature of the old workings in 2022 with grab sampling that returned grades of up to 166 g/t gold.
Moving forward, the company is planning for a scout drill program to test the large VMS target. with drilling expected to begin in Q1 of next year.
Storm Exploration is an exploration company focused on precious and base metal deposits on five district-scale projects in Canada: Miminiska, Toogood, Keezhik, Attwood and Gold Standard.
Shares of Storm Exploration are unchanged at C$0.08.
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