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Storm Exploration’s focus right now is its 100% owned Gold Standard project, about 60 km north of Fort Frances in northwestern Ontario. Storm is targeting a copper and zinc VMS system there, defined by a conductor that it now interprets as running about 7 km. It also has two other projects in the portfolio, Keezhik and Attwood. In this interview, I asked for an update on the drilling, as well as about the first drill program at Gold Standard, Eric Sprott’s investment, and the plan for 2027.
TL;DR
CEO Bruce Counts told me they drilled just over 1,500 m in eight holes along 1.9 km of the north-south arm of the conductor. Every hole hit sulphides with copper and zinc, so he considers the VMS system confirmed. Grades and thicknesses are still unknown until assays arrive, which he expects in early January 2027. Treasury is roughly C$5 to 5.5 million after a C$3.2 million raise in which Eric Sprott took about C$2 million. There will be no more drilling until spring 2027. The size of that program, somewhere between 5,000 m and 15,000 m, depends on the assays.
What have they done for shareholders lately?
Since we last spoke, Bruce said they did field work to sharpen the conductivity anomaly, mapped the surface geology, got their drill permits, and drilled through September. Permitting took longer than expected, so the program was shorter than planned. They hit massive sulphides in the northernmost hole, the southernmost hole, and holes in between. They also saw stringer and disseminated sulphides and exhalative layers, all of which fit a VMS model. Dr. Stephen Piercey of Memorial University spent time on site and with the core, and Bruce says he agrees it is a VMS system. They also brought in Eric Sprott as a shareholder through the recent financing.
How much money do they have and what are they spending it on?
Bruce estimated the treasury at around C$5 to 5.5 million, against a market cap he put at about C$25 million. The last raise was C$3.2 million at C$0.40, with a half warrant at C$0.55 for two years. Sprott took about C$2 million of it. Storm has C$1.5 million in flow-through to spend by year end. That money is going to the drill program, more mapping and geophysics at Gold Standard, and airborne geophysics on the other two projects. G&A is up slightly because of extra marketing, but they haven’t hired anyone. Storm also holds Canadian Goldfields shares from the Miminiska sale and has one more payment due in November. The transcript gives that payment as C$25,000 cash plus about C$787,000 in stock. Bruce says they won’t sell those shares before Canadian Goldfields drills.
Upcoming catalysts
On the technical side, they plan to finish detailed core logging in about three weeks and then put out a hole-by-hole geology summary. Assays should follow around early January 2027, and there will be more mapping and ground geophysics before the snow. Operationally, they need to permit and build a camp, and then drill in spring 2027 with 5,000 to 15,000 m depending on assays. Keezhik is now aimed at being drill-ready in 2027. On the corporate side, Bruce will be in Europe in November for a conference in Munich, the Deutsche Goldmesse in Frankfurt, and an investor dinner in Zurich. The Canadian Goldfields payment is also due in November, and Bruce plans to meet the First Nations once the geology results are public.
Risks
Bruce named geological risk as the biggest one. They know they have a VMS system, but not whether it has grade or thickness. He admitted eight holes over 1.9 km is a tiny test, and that it is too early to say where they sit in a high-grade system. There will be roughly three months of waiting with no assays, made longer by a backed-up lab. Winter access depends on unmaintained logging roads, and the camp still needs a permit. One of their other projects, Keezhik, has already slipped a year because of problems in the community. Bruce also said that if Gold Standard becomes the flagship, the other projects may become a drain on focus and cash.
Storm Exploration CEO Interview
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