Storm Exploration Inc. converts cash payment into shares as it advances gold projects
- Storm Exploration Inc. plans to convert a cash payment of $275,000 into shares as part of its acquisition strategy.
- The company aims to advance its exploration efforts on the Miminiska and Keezhik properties, which show high-grade gold potential.
- This strategic decision reflects Storm's commitment to enhancing its asset portfolio in the mining sector.
In Canada, specifically Vancouver, BC on March 21, 2025, Storm Exploration Inc. announced a strategic move regarding its financial commitments tied to its mining projects. The company revealed that it will convert an upcoming cash installment payment of $275,000 into shares. This decision is part of an option agreement with Landore Resources Canada Inc., enabling Storm to acquire a 100% interest in two significant gold properties, Miminiska and Keezhik. The firm plans to issue a total of 8,332,071 common shares at a deemed price of $0.033005 per share as part of the payment, reflecting a calculated approach to enhance its asset holdings without immediate cash outflow. This option agreement was established to ensure future exploration and development of the Miminiska and Keezhik projects, which are noted for their extensive, drill-confirmed high-grade gold potential. Bruce Counts, President and CEO of the company, expressed optimism about advancing both properties, particularly highlighting Miminiska's readiness for drilling as a target with significant gold deposit potential. The Miminiska property is already the primary focus of the company's efforts, boasting historical assays revealing high-grade gold mineralization. Approximately 3,000 meters of drilling is planned for this target to further assess its potential and expand the known high-grade gold mineralization. The company's endeavors align with its strategic goals to strengthen its position in the mining sector, especially given the promising geological context of the Miminiska-Fort Hope greenstone belt. Storm has engaged with local First Nations, having signed an Exploration Agreement with the Eabametoong First Nation, ensuring respectful collaboration as they pursue exploration in traditional territories. This collaborative approach reflects the company’s commitment to responsible mining practices and community engagement as they seek to realize the projects' full gold potential.