- Storm Exploration (TSXV:STRM) has signed a memorandum of understanding with the Naicatchewenin First Nation
- The MOU relates to the company’s Gold Standard Project
- The company will contribute to community funds that amount to its exploration expenditures
- Shares of Storm Exploration are unchanged at C$0.06 as of 9:53 a.m. ET
Storm Exploration (TSXV:STRM) has signed a memorandum of understanding (MOU) with the Naicatchewenin First Nation.
In a news release, the company said the MOU relates to its Gold Standard Project in northwest Ontario.
As part of the MOU, Storm Exploration will contribute to a community fund that amounts to similar exploration expenditures it will undertake.
“This is an important milestone for the company,” Bruce Counts, CEO of Storm Exploration, said in a statement. “Storm firmly believes that the participation of local first nations is critical to the success of a project, and I am looking forward to working with the Naicatchewenin on the exploration and development of the Gold Standard property.”
The Gold Standard is in the Manitou-Stormy Lake greenstone belt and hosts three historical small-scale gold-mining operations dated between 1901 and 1903. In 2022, the company confirmed the high-grade nature of the old workings with grab samples that returned grades up to 166 g/t gold.
Shares of Storm Exploration are unchanged at C$0.06 as of 9:53 a.m. ET.
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