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Storm Exploration Amends Option Agreement for Miminiska & Keezhik
VANCOUVER, BC / ACCESSWIRE / June 4, 2024 / Storm Exploration Inc. (TSX-V:STRM) ("StormEx" or th...
About this update from Storm Exploration Inc
[{"type":"text","content":"Storm Exploration Amends Option Agreement for Miminiska & KeezhikVANCOUVER, BC / ACCESSWIRE / June 4, 2024 / Storm Exploration Inc. (TSX-V:STRM) (\"StormEx\" or the \"Company\") today announced that the Option Agreement to acquire a 100% interest the Miminiska and Keezhik properties has been amended.Option Agreement AmendmentStormEx and Landore Resources Canada Inc. have agreed to amend the Option Agreement to acquire a 100% interest in the Miminiska and Keezhik Properties (see news release dated May 10th, 2021: StormEx Signs Option Agreement to Acquire 100% Interest in Miminiska & Keezhik Properties). The amendment modifies the schedule of remaining option payments which are outlined in Table 1. All other aspects of the Option Agreement remain unchanged.Table 1: Remaining Option Payments for a 100% interest in Miminiska and Keezhik PropertiesPayment DateCashConvertible Stock1June 28th, 2024$262,500$525,000November 24th, 2024$525,000$787,500Total$787,500$1,312,5001StormEx can elect to make Convertible Stock payments in cash or STRM shares with number of shares defined by the 30-day volume weighted average price prior to the date of election.About the Miminiska & Keezhik ProjectsThe Miminiska, Keezhik are located within the traditional territory of the Eabametoong First Nation with whom Storm recently signed an Exploration Agreement (see news release dated May 23rd, 2024: Storm Exploration and Eabametoong First Nation Sign Exploration Agreement). The projects lie within the prospective geology of the Miminiska-Fort Hope greenstone belt, approximately 350 kilometres north of the city of Thunder Bay, Ontario. Each project has the potential to host a multi-million-ounce orogenic gold deposit.The Miminiska property is the Company's primary focus and hosts drill confirmed, high-grade gold mineralization at two primary prospects: Miminiska and Frond (refer to Figure 1). Historical assays include 5.75g/t Au over 20.84m* and 13.95g/t Au over 5.32m* with mineralization hosted in banded iron formation and associated shear zones.Figure 1: Miminiska Property * Historical results have not been independently verified by Storm; and, there is no guarantee that the Company can reproduce the results in whole or in part. Potential investors should not rely on these historical results when making an investment decision.Qualified PersonThe te...