Each project has the potential to host a multi-million ounce orogenic gold deposit
After nearly two years of negotiations, Storm Exploration Inc. (TSX-V: STRM, FRA: L84) has signed an Exploration Agreement (‘EA’) with the local Eabametoong First Nation (‘EFN’) regarding its Fort Hope projects Miminiska, Keezhik and Attwood, located approximately 350 kilometers north of Thunder Bay, Ontario. Each of the Miminiska, Keezhik and Attwood projects has the potential to host a multi-million ounce orogenic gold deposit. Additionally, the Attwood project also has the potential to host a significant base metal deposit.
Storm’s President and CEO Bruce Counts commented:
“The signing of an Exploration Agreement between Storm and the Eabametoong First Nation is a significant milestone. I would like to thank the Chief and Council for their dedicated time and efforts in implementing this agreement and ensuring it is beneficial for both parties. Storm firmly believes that the involvement of local First Nations is crucial for the success of a project, and I look forward to working with the EFN in advancing the promising properties in Fort Hope.”
Chief Solomon Atlookan said: “The completion of this Exploration Agreement is an important step for the Eabametoong First Nation. For far too long, other exploration companies have tried to obtain permits from Ontario before working with us or other First Nations. What’s special about this new agreement is that it recognizes our community’s role in approving, monitoring, and regulating all activities on the land before and beyond government permits. Mr. Counts has been very respectful in working with EFN, and this approach should be a model for others to follow. EFN expects all resource companies to work with us on shared interests, but also to respect where certain activities cannot take place. We look forward to working with Storm to protect and manage the land while exploring this beautiful area entrusted to us.”
The agreement now reached creates a framework for ongoing consultations with the EFN and provides the community with the opportunity to participate in the project through employment, training, and business development. Under the terms of the EA, Storm will make contributions to a community fund in an amount proportional to its exploration expenditures in the EFN area. Additionally, the company will issue Storm common shares valued at $275,000 to the EFN over a four-year period, with the issuance of common shares worth $25,000 starting within 90 days of TSXV approval of the EA.
As the next step, Storm plans a drilling program to expand and extend the known mineralization on the Miminiska property. Drilling is expected to begin in Q3/2024.
