Storm Exploration Inc. announced that it has completed the twenty four-month option payment in connection with its Option Agreement to acquire a 100% interest in the Gold Standard Project located in northwest Ontario. The payment consisted of $25,000 cash and the issuance of 59,524 common shares at a deemed price of $0.42 per share to the property vendors. The Company has now completed its payment obligations under the Option Agreement and has acquired a 100% interest in the Gold Standard Project.

The property vendors are entitled to receive a 2.0% Net Smelter Returns Royalty on minerals produced from the property which the Company can reduce at any time to 1.0% by paying the property vendors $750,000. 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 within the traditional territory of the Naicatchewenin and Nigigoonsiminikaaning First Nations and Storm now has agreements in place with both groups.

The 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. Plans are in place for a scout drill program to test the large VMS target. The Cu-Zn target can be accessed by an existing network of forestry roads, and it is expected that drilling will commence in third quarter 2024.

Exploration work aimed at extending the high-grade gold mineralization in the southern part of the property is also planned for third quarter 2024.