Heraldo de Madrid - Storm Exploration Amends MOU with Naicatchewenin First Nation

The MOU establishes a framework for ongoing consultation with the NFN and provides the community with an opportunity to participate in the project through employment, training, and business development.

Under the terms of the amended MOU, the Company will make quarterly contributions to a community fund established by the NFN in an amount that is proportional to its exploration expenditures on the Project during the duration of the amended MOU as follows:

• 4% of all prior exploration costs incurred during the period commencing May 1^st, 2022 and ending on the date the amended MOU is accepted by the TSX Venture Exchange (the "TSXV");

• 3% of the first ten million dollars ($10,000,000) in exploration costs incurred from the date the amended MOU is accepted by the TSXV; and

• 2.5 % of exploration costs incurred in excess of ten million dollars ($10,000,000) incurred from the date the amended MOU is accepted by the TSXV.

In addition, the Company will issue common shares of Storm (each, a "Share") to the NFN, subject to the Company conducting exploration activities on the Project, as follows:

• $25,000 in Shares upon TSXV acceptance of the amended MOU;

• $25,000 in Shares on each of the first and second anniversaries of the amended MOU; and

• $50,000 in Shares on each of the third and fourth anniversaries of the amended MOU.

The number of common shares issued under the amended MOU will be calculated using the 20-day volume weighted average of Storm's share price on the date that is five business days prior to the respective issuance date, subject to a minimum price of $0.05 per Share.

Gold Standard Project

The Gold Standard 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) 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 shallow historical drill holes completed between 1969 and 1971 (see Storm news release dated 8-Feb-2023).

The road-accessible Gold Standard Project comprises 284 mineral claims covering 6,016 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.

Figure 1: Gold Standard Project

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 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.

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 cash and share payments under the amended MOU, exploration costs incurred, TSXV acceptance of the amended MOU and the Company's planned exploration activities. 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, including TSXV acceptance of the amended MOU, the Company's exploration activities on the Project and failure of the Company to have sufficient funds to make the payments required under the amended MOU. 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
[email protected]

SOURCE: Storm Exploration Inc.

View the original press release on ACCESS Newswire

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