Storm Exploration Provides Update on Consultation with First Nations
Amends Option Agreement for Miminiska & Keezhik
VANCOUVER, December 7, 2022 - Storm Exploration Inc. (TSXV:STRM) ("StormEx" or the "Company") today provided an update on its consultation with the Eabametoong First Nation (the "EFN"). The Company also announced that the Option Agreement to acquire a 100% interest the Miminiska and Keezhik properties has been amended.
Update on Consultation with the Eabametoong First Nation
The Miminiska, Keezhik and Attwood properties are located within the traditional territory of the EFN. StormEx recently visited the community and is pleased to provide the following statement from the EFN Chief and Council:
"As part of our engagement process, the EFN hosted Mr. Counts for a discussion with the Chief and Council, as well as many of the rights holders who are actively using and practicing traditional harvesting activities in the proposed project areas. Our discussions this fall have been positive, and we look forward to more in-community dialogue in the near future focused on a potential exploration Memorandum of Understanding."
Option Agreement Amendment
StormEx and Landore Resources Canada Inc. have agreed to amend the Option Agreement to acquire a 100% interest in the Miminiska and Keezhik Properties (see news release dated May 10th, 2021: StormEx Signs Option Agreement to Acquire 100% Interest in Miminiska & Keezhik Properties). The amendment modifies the schedule of remaining option payments which are outlined in Table 1. All other aspects of the Option Agreement remain unchanged.
Key Points
- Price to acquire a 100% interest in Miminiska and Keezhik remains unchanged
- Payment of next instalment has been extended by one month to January 24th, 2023
- Schedule of remaining payments has been extended by an additional seven months
Table 1: Remaining Option Payments for a 100% interest in Miminiska and Keezhik Properties
| Payment Date | Cash | Convertible Cash1 |
|---|---|---|
| January 24th, 2023 | $250,000 | $250,000 |
| July 24th, 2023 | $250,000 | $500,000 |
| January 24th, 2024 | $500,000 | $750,000 |
| Total | $1,000,000 | $1,500,000 |
1StormEx can elect to make Convertible Cash payments in cash or STRM shares with number of shares defined by the 30-day volume weighted average price prior to the date of election.
About the Miminiska Property
The Miminiska Property is the Company's key focus and comprises approximately 5,500 ha of patented and unpatented mineral claims covering abundant banded iron formation. The property includes the Miminiska and Frond Prospects where historical drilling has confirmed the presence of high-grade gold. Exploration work in the project area has identified several gold occurrences between the Miminiska and Frond (see Figure 1). These previous results highlight the potential for additional discoveries of high-grade gold on the project.
Figure 1: Miminiska Property
* Historical results have not been independently verified by StormEx; and, there is no guarantee that the Company can reproduce the results in whole or in part. Potential investors should not rely on these historical results when making an investment decision
Qualified Person
The technical contents of this news release have been reviewed and approved by Bruce Counts, 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.
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