VANCOUVER, BC / ACCESSWIRE / December 27, 2023 / Storm Exploration Inc. (TSXV:STRM) ("Storm" or the "Company") today announced that it has amended the terms of the Toogood Option Agreement (the "Toogood Agreement") with Prospector Metals Corp. ("Prospector") as previously announced on September 25, 2023 (see news release here).
Toogood Agreement Amendment
Under the terms of the amended Toogood Agreement, Storm may exercise the Second Option by paying Prospector $12,000,000 in any combination of cash and Storm shares, as determined by Storm in its sole discretion, subject to the following conditions:
- on the exercise of the Second Option, Prospector shall not own or control more than 9.9% of the then issued shares of Storm;
- on the exercise of the Second Option, no more than 25,000,000 Storm Shares shall have been issued to Prospector under the Property Option Agreement, as amended.
Toogood Gold Project Highlights
- District scale land package covering 118 sq-km and 28 km of strike length along a regional structural corridor that has proven to be prospective for gold deposits,
- Includes the drill-confirmed high-grade Quinlan Zone:
- Assay results from maiden drill program (2022) include: 23.90 g/t Au over 3.65 m, 18.27 g/t Au over 4.25 m and 9.40 g/t over 3.18 m.
- High-grade gold mineralization is hosted within a felsic dyke and has been confirmed for 200 m along strike, 120 m down-dip and remains open in all directions.
- Road accessible and fully permitted for drilling,
- Numerous additional occurrences with visible gold identified across the property.
Toogood Gold Project Overview
The Toogood Gold Project is located on New World Island, approximately 65 km north of Gander, Newfoundland. The property is road accessible and lies at the northeast extent of the Exploits Subzone, a major structural corridor in central Newfoundland. The Exploits Subzone trends 200km northeast / southwest across the island of Newfoundland, and hosts many of the significant gold deposits in the province, including Marathon Gold's Valentine Project which has an established resource of 2.7 Moz at 1.62 g/t Au (Reserve) and 3.96 Moz Au at 1.90 g/t (M+I).
Gold mineralization at Toogood is hosted by a suite of Devonian felsic dykes which crosscut the property, emplaced in the latter stages of a complex tectonic history. Gold mineralization is associated with arsenopyrite, pyrite, trace chalcopyrite, and fine-grained native gold and is concentrated along brittle fault intersections.
Numerous gold occurrences have been identified on the property with the Quinlan Prospect being the most advanced. Drilling conducted by Prospector in 2022 confirmed high-grade gold at the prospect with a 857 m drill program. Drilling has demonstrated that the gold bearing dykes have a remarkably consistent dip and thickness. Mineralization has been confirmed along a 200m strike and 120m down-dip and remains open in all directions.
Next Steps
Storm plans to take a two-pronged approach to exploration on the Toogood project.
Drilling: The primary focus will be to extend gold mineralization at the Quinlan Prospect which is permitted for additional drilling and targets have been identified by Prospector.
Target Generation: Simultaneously, the Company will conduct a prospecting and soil sampling program over the numerous showings on the property with the goal of developing a pipeline of compelling drill targets.
Qualified Person
The technical contents of this news release have been reviewed and approved by Bruce Counts, P. Geo., President and CEO 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 five district-scale projects in Canada: Miminiska, Toogood, 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 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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