Highlights
- Financing: Closed an over-subscribed private placement financing
- Discovery: Identified a 5km long VMS target with Cu/Zn potential at Gold Standard
- Marketing: Meetings with high net worth and institutional clients in Europe
- First Nations: Advanced discussions on Exploration Agreements with three First Nations
Dear Investors, Colleagues and Friends,
Storm Exploration Inc. (“StormEx”) has had a busy start to 2023 and I wanted to take this opportunity to review all that has been accomplished.
The year began with a share consolidation and the successful completion of a private placement financing. The initial target for the financing was C$500,000 but, that was increased due to significant demand from existing and new investors. The company closed on just over C$1 million which included more than C$200,000 from management and senior advisors.
StormEx is aiming to drill on two projects in 2023. The company’s primary focus is the Miminiska project where a Banded Iron Formation hosted gold deposit, similar to the nearby Musselwhite Mine, is targeted. Historical drilling has demonstrated that the project is well endowed with high-grade gold and has the potential to host a multi-million-ounce deposit. StormEx is planning to commence drilling at Miminiska in Q2/2023.
The Miminiska project is located within the traditional territory of the Eabametoong First Nation and, in February StormEx met with Chief and Council to discuss elements of an Exploration Agreement. The company also met with members of the community to provide information and answer questions about its exploration plans for 2023. The visit was positive and, the goal is to have an Exploration Agreement in place as soon as possible.
The company is also planning to drill at its Gold Standard project in Q4/2023. In February StormEx announced that it had identified a compelling VMS target with base metal potential (link). The target, which has a strike length of 5km, was detected in airborne electromagnetic data collected by StormEx in 2022.
The Gold Standard Project is located within the traditional territory of the Naicatchewenin First Nation and the Nigigoonsiminikaaning First Nation. StormEx aims to have Exploration Agreements in place with both First Nations in early Q2/2023. The company met with leadership from the Naicatchewenin First Nation in autumn 2022 and discussions on an Exploration Agreement, which began in January, are well advanced. Initial discussions with Nigigoonsiminikaaning First Nation have begun and an in-person meeting with the Chief and Council is targeted for later this month.
Beginning in early February, the company commenced a marketing campaign. Presentations were made to new and existing investors in Frankfurt, Munich and Zurich as well as on-line with podcasts from Radius Research (link) and Resource Talks (link). Marketing of the company will continue with management attending the Prospectors and Developers Convention in Toronto next week.
StormEx is well positioned for an exciting 2023. The company continues to be supported by its existing shareholders and has attracted new sophisticated investors that are committed to backing the company’s plans for 2023.
There are several value catalysts for the company on the horizon. First is the signing of an Exploration Agreement with the Eabametoong First Nation followed by a drill program focused on expanding and extending the footprint of high-grade gold mineralization at Miminiska. StormEx is also planning a drill program later in 2023 to test the recently identified base metal target at Gold Standard. Finally, the company expects to complete the work required to define potential drill targets at its Keezhik and Attwood projects.
Stay tuned, it is going to be a busy and exciting year for Storm Exploration!
Sincerely,
Bruce Counts
President & CEO
Storm Exploration Inc.