VANCOUVER, BC / ACCESSWIRE / November 12, 2024 / Storm Exploration Inc. (TSXV:STRM) (the "Company") is pleased to announce that it has completed an option payment consisting of $262,500 cash and the issuance of 4,740,864 common STRM shares at a deemed price of $0.052733 per share in connection with its Option Agreement with Landore Resources Canada Inc. ("Landore") to acquire a 100% interest in Miminiska and Keezhik Project.
The payment to Landore was made in conjunction with the amendment to the option agreement announced August 19, 2024 (see news release here). The remaining option payments under the amended agreement are subject to TSX Venture Exchange acceptance.
"It is rare to have an opportunity to acquire district-scale projects like Miminiska and Keezhik, that have extensive, drill-confirmed high-grade gold endowment but are largely unexplored," commented Bruce Counts, President and CEO of Storm. "We are eager to advance both properties beginning with the drill-ready Miminiska target, which has the potential to host a significant gold deposit."
About the Miminiska & Keezhik Projects
The Miminiska and Keezhik projects are located within the traditional territory of the Eabametoong First Nation with whom Storm signed an Exploration Agreement (see news release dated May 23rd, 2024: Storm Exploration and Eabametoong First Nation Sign Exploration Agreement). The projects lie within the prospective geology of the Miminiska-Fort Hope greenstone belt, approximately 350 kilometres north of the city of Thunder Bay, Ontario. Each project has the potential to host a multi-million-ounce orogenic gold deposit.
The Miminiska property is the Company's primary focus and hosts drill-confirmed, high-grade gold mineralization at two primary prospects: Miminiska and Frond (refer to Figure 1). Historical assays include 5.75g/t Au over 20.84m* and 13.95g/t Au over 5.32m* with mineralization hosted in banded iron formation and associated shear zones.
Approximately 3,000m of drilling is planned for the Miminiska Target, which is located at the western end of Miminiska property. The goal of upcoming drill program is to confirm the target's potential by expanding and extending the known high-grade, near-surface gold mineralization.
Figure 1: Miminiska Property
Qualified Person
The technical contents of this news release have been reviewed and approved by Bruce Counts, B.A.Sc., 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 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 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.
+1 (604) 506-2804
bcounts@stormex.ca
SOURCE: Storm Exploration Inc.
View the original press release on accesswire.com
