Business
Storm Exploration MOU with Nigigoonsiminikaaning First Nation
VANCOUVER, BC / ACCESS Newswire / May 22, 2025 / Storm Exploration Inc. (TSX-V:STRM) ("Storm" ...
About this update from Storm Exploration Inc
[{"type":"text","content":"Storm Exploration MOU with Nigigoonsiminikaaning First Nation VANCOUVER, BC / ACCESS Newswire / May 22, 2025 / Storm Exploration Inc. (TSX-V:STRM) (\"Storm\" or the \"Company\") announced today that, further to its news release dated November 6, 2023, the Company is providing additional details regarding its Memorandum Of Understanding (\"MOU\") signed on October 27th, 2023 with the Nigigoonsiminikaaning First Nation (the \"NFN\") concerning the Company's Gold Standard Project (the \"Project\") located 65 km north of the community of Fort Frances in northwestern Ontario.\"Storm is pleased to be working with the Nigigoonsiminikaaning on the exploration and development of the Gold Standard Project,\" said Storm's President and CEO, Bruce Counts. \"With this agreement in place, Storm is in a position to plan a drill program to test the large VMS target identified on the project.\"The MOU establishes a framework for ongoing consultation with the NFN and provides the community with an opportunity to participate in the project through employment, training, and business development.Under the terms of the MOU, the Company will make quarterly contributions to a community fund established by the NFN in an amount that is proportional to its exploration expenditures on the Project during the duration of the MOU as follows:4% of all prior exploration costs incurred during the period commencing May 1st, 2022 and ending on the date the MOU is accepted by the TSX Venture Exchange (the \"TSXV\");3% of the first ten million dollars ($10,000,000) in exploration costs incurred from the date the MOU is accepted by the TSXV; and2.5 % of exploration costs incurred in excess of ten million dollars ($10,000,000) incurred from the date the MOU is accepted by the TSXV.In addition, the Company will issue an aggregate of 1,300,000 common shares of Storm (each, a \"Share\") to the NFN, subject to the Company conducting exploration activities on the Project, as follows:100,000 Shares upon TSXV acceptance of the MOU;200,000 in Shares on each of the first and second anniversaries of the MOU; and400,000 in Shares on each of the third and fourth anniversaries of the MOU.Gold Standard ProjectThe Gold Standard is located within the Manitou-Stormy Lake greenstone belt and is prospective for gold and base metals. The property hosts three historical small-scale gold m...