Storm Exploration: The Exploration Activities Are Progressing Well
Storm Exploration (TSX.V: STRM, FSE: L84, WKN: A3D37E) has made good progress on its various exploration projects in recent months. Important agreements have been reached with three groups of Canadian Indigenous peoples, and on the Gold Standard project, Storm Exploration is moving forward to test the conductivity anomaly identified during the 2022 airborne electromagnetic survey.
For any exploration and mining company operating in Canada, relationships with First Nations are of fundamental importance. If they can be harmoniously developed, work usually progresses well. While problems that arise here can even lead to projects failing entirely.
Focus on Relationships with First Nations
Against this background, it is understandable that Storm Exploration has focused on reaching formal agreements with the three First Nations in whose traditional territory their own projects are located over the past year. The process has been lengthy in recent years, particularly due to the Corona pandemic as well as a recent water crisis.
Despite these difficulties, Storm Exploration has managed to reach an understanding with the Eabametoong, Naicatchewenin, and Nigigoonsiminikaaning on how to advance the development of the projects in mutual interest. While this process is not yet fully complete, it is nearing its end and thus represents an important prerequisite for the successful further development of the individual properties.
Focus on the Miminiska Project
The Miminiska project is the highest priority for Storm Exploration. Discussions here are in the final stage. A memorandum of understanding is to be signed before the planned start of drilling, outlining how the company will work with and communicate with the Indigenous peoples as the projects progress further.
The agreement is important as a drilling program is set to begin on the Miminiska project before the end of the year. Previous drilling here has demonstrated the presence of significant gold in a banded iron formation over a distance of twelve kilometers. Historical results on Miminiska include 5.75 g/t gold over 20.8 meters and 13.95 g/t gold over 5.3 meters. There are also several untested targets. They have the potential to significantly expand the footprint of gold mineralization.
Preparations for the New Drilling Program Are Underway on the Gold Standard Project
The Gold Standard project, located 60 kilometers north of Fort Frances in Ontario, lies within the traditional territory of two First Nation communities, the Naicatchewenin and the Nigigoonsiminikaaning. An agreement was reached with the Naicatchewenin in early August, establishing a framework for ongoing consultations and providing the community with opportunities to participate in the project through employment, training, and business development.
Storm Exploration now aims to conclude a similar agreement with the Nigigoonsiminikaaning. The company’s goal is to finalize this contract in time so as not to affect the start of a new drilling program planned for the beginning of the fourth quarter of 2023.
This drilling program focuses on the large conductivity anomaly identified during the 2022 airborne electromagnetic survey. It has a strike length of more than five kilometers and occurs in host rock often associated with volcanogenic massive sulfide mineralizations. This finding is confirmed by copper and zinc mineralization observed in near-surface historical drill holes completed between 1969 and 1971.
Particularly encouraging is that Storm Exploration was recently included in the Ontario Junior Exploration Program and will receive a grant of approximately 60,000 Canadian dollars to support its exploration. The program is administered by the Ontario Ministry of Mines and was established to support early-stage exploration.
