Star Metro - Drill Permit Received for Storm Exploration's Gold Standard Project

Highlights

• The permit allows drilling to be conducted along the entire 5-kilometre length of the VMS target

• The permit is in effect for three (3) years

• A request for proposal to conduct up to 3,000m of drilling has been submitted to several companies

"The receipt of the drill permit clears the way for us to begin testing and assessing the VMS target at Gold Standard. It is an important milestone towards advancing exploration at the property," says Bruce Counts, President & CEO of Storm Exploration. "The work conducted so far has already yielded compelling results and we are eager to commence drilling as soon as possible to advance our understanding of the target."

VMS Target

A Versatile Time Domain Electromagnetic ("VTEM") survey conducted in 2022 (see new release here) identified a well defined, 5-kilometre-long conductivity anomaly that is interpreted to represent a VMS system. Sulphide mineralization observed in drill core in four shallow historical holes drilled by International Nickel Co. of Canada Limited ("the Inco holes") in 1969 and 1970 supports this interpretation.

The historical Inco holes were completed using a small-diameter drill and all holes were terminated at a depth of less than 50 metres. Two of the holes encountered significant intervals of sulphide mineralization. Inco hole 42800¹ intersected a 21m interval of alternating massive sulphides and sulphide stringers that include pyrrhotite, chalcopyrite, and sphalerite. Inco hole 42727² intersected a 19m interval of massive pyrite and lesser amounts chalcopyrite from a depth of 14.9m followed by disseminated pyrite and minor pyrrhotite to the end of the hole at 44.8m

All of the Inco holes intersected altered and sheared mafic and ultramafic volcanics with three of the holes exhibiting significant disseminated and semi-massive pyrite-pyrrhotite-chalcopyrite-sphalerite mineralization. Hydrothermal alteration and deformation, evidenced by chlorite, pyrite, pyrrhotite, and magnetite in a schistose host rock, is consistent with a greenstone-belt style VMS setting.

Land Tenure and Permitting

The Gold Standard Project is located approximately 60km north of the city of Fort Frances and is accessible by all-weather forestry road. The property comprises 373 single cell mineral claims covering 7,869 ha. Gold Standard lies within the traditional territory of the Naicatchewenin and Nigigoonsiminikaaning First Nations, both with whom Storm has a Memorandum of Understanding.

Grant of Stock Options

The Company also announced that it has granted 810,000 stock options to certain directors, officers and consultants of the Company. Each stock option is exercisable at $0.40 per common share and expires on August 19, 2031.

Adoption of Semi-Annual Reporting

The Company announces adoption of semi-annual financial reporting ("SAR"). This news release is being filed pursuant to Coordinated Blanket Order 51 - 933 Exemptions to Permit Semi-Annual Reporting for Certain Venture Issuers ("CBO 51-933").

Coordinated Blanket Order 51-933 allows eligible venture issuers to voluntarily move from a quarterly to a semi-annual financial reporting framework. The Company's fiscal year ends on March 31. Under the provisions of CBO 51-933, the Company will be exempt from the requirements to file Q1 and Q3 financial statements and associated management's discussion and analysis ("MD&A") for so long as it continues to meet eligibility criteria under CBO 51-933. Accordingly, the Company will not be filing its interim financial statements for the three months ended June 30, 2026 and associated MD&A. The Company will also not be required to file any interim financial statements and associated MD&A for any subsequent quarters ended December 31 and June 30 in each financial year.

Qualified Person

The technical contents of this news release have been reviewed and approved by Jo Price, M.Sc., MBA, P. Geo., a Director of Storm Exploration Inc. and Qualified Person under National Instrument 43-101.

Footnotes

¹ Blanchard, P.R., Report on hole 42800, Napanee Lake Area, Canadian Nickle Co. Ltd., 1970, Ontario Assessment File 52F03NE0037

² Runion, Donald, Report on hole 42727, Napanee Lake Area, Canadian Nickle Co. Ltd., 1969, Ontario Assessment File 52F03NE0033

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 three district-scale projects in northwest Ontario: Keezhik, Attwood and Gold Standard.

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 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.
T: +1 (604) 506-2804
E: [email protected]

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.

SOURCE: Storm Exploration Inc.

View the original press release on ACCESS Newswire

L.Girard--SMC