Mr. Bruce Counts reports

STORM EXPLORATION TO ADVANCE GOLD STANDARD PROJECT

Storm Exploration Inc. has terminated the Toogood option agreement with Prospector Metals Corp. announced on Sept. 25, 2023, due to regulatory and market conditions. Instead, the company will focus on advancing the copper-zinc VMS (volcanic massive sulphide) target identified on its road accessible Gold Standard project located approximately 60 kilometres north of the community of Fort Frances in Northwestern Ontario.

Gold Standard project

The road-accessible Gold Standard project comprises 284 mineral claims covering 6,016 hectares (ha) and is located 65 kilometres north of the community of Fort Frances. The project lies withing the traditional territory of the Naicatchewenin and Nigigoonsiminikaaning First Nations and Storm now has agreements in place with both groups.

The Gold Standard property 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 mining operations that date from 1901 to 1903. These gold showings have seen little modern exploration and have never been tested with drilling. In 2022, Storm confirmed the high-grade nature of the old workings with grab samples that returned grades up to 166 grams per tonne gold.

A property-wide airborne electromagnetic survey conducted by Storm in October, 2022, identified a large conductivity anomaly with a strike length of more than five kilometres that occurs in host rocks that are often associated with volcanogenic massive sulphide mineralization. This is supported by copper and zinc mineralization noted in shallow historical drill holes completed between 1969 and 1971.

Next steps at Gold Standard

Planning for a scout drill program to test the large VMS target has commenced. The copper-zinc (Cu-Zn) target can be accessed by an existing network of forestry roads, and it is expected that drilling will commence in Q2 2024. In addition, exploration work aimed at extending the high-grade gold mineralization in the southern part of the property is planned for Q3 2024.

Financing

Storm has elected to cancel the non-brokered private placement financing that was announced on Nov. 30, 2023, to support the acquisition and advancement of the Toogood gold property. Terms for a private placement to finance work on the Gold Standard project will be announced in the coming weeks.

Qualified person

The technical contents of this news release have been reviewed and approved by Bruce Counts, PGeo, president and chief executive officer of Storm Exploration and qualified person under National Instrument 43-101.

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 four district-scale projects in Canada: Miminiska, Keezhik, Attwood and Gold Standard.

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