New Copper Discovery, But Is the Grade There? | Storm Exploration CEO Interview

Antonio (0:00)

This video is sponsored by Terrahutton, who makes the invisible, investible. Today on the CEO BBQ, VMS Exploration in Ontario, together with Storm Exploration. But if you're short on time, subscribe to our free newsletter, and once a week, we'll send you a five-minute summary of all interviews we put out, resourcetalks.com for a free weekly newsletter. Now, although this company has paid us for the production of this video, you should still understand that we are not financial advisors and this is not intended as financial advice. It is a broad, general, and impersonal piece of information intended only for those who know and understand the risks of junior mining, of which there are many. Before moving on, read the company's official filings on SitterPlus.ca and do your own due diligence. Pause the screen and read all the disclaimers I've shown you because your capital is at risk. If this isn't clear, go to the last section of this video for a longer explanation of the risks and biases and do not consume this content. If you don't agree with everything said therein. Moving on, this is not Storm's first time on the CEO BBQ. I don't know how many ever times Bruce has been on, but he's been on a couple of times at least. So if it's your first time hearing about this company, I'm gonna post a link to the Storm playlist. That's where all the previous interviews are gonna be. Please watch those first if you haven't heard about this company. That's where you're gonna find the basic smell test and the grilling and all those nice things. We're not gonna repeat that in here. Today we'll basically talk about Eric Sprott and the new VMS discovery. That's what we'll talk about today mostly.

In a nutshell though, Storm Exploration is currently focused on 100% owned project that's called Cold Standards, about 60 kilometers north of Fort Francis in Northwestern Ontario. Main target here is a vulcanogenic massive sulfide system, so a VMS, which they're targeting by a conductivity anomaly that they've now interpreted over roughly seven kilometers of strike.

They're currently drilling there or were drilling up until now. So as of September 23rd, they had completed five holes totaling about 1,000 meters across almost two kilometers. And all five of those holes had intersected, disseminated through semi-massive, two massive sulfides containing chalcopyrite and sphalerite. Though the acids are still pending, but of course, we'll talk about what they were seeing exactly and why that matters later on.

This was originally, I believe originally like before the program started, they were thinking of doing 3,000 meters. I think they've now committed to 2,000 meters. Again, half of that has been drilled.

And there's currently a pause of drilling. So it's a scheduled pause for the traditional First Nations moose hunt season that happened after or that's happening after September 27 They have two more projects in the portfolio there. And again, if you want to deep dive on those, go to the link in the description. That's where you find all those previous interviews that I did with Bruce. We're probably not going to talk about those projects, but if we have the time, I might touch upon them in the latter part of the conversation. Now for some of the numbers and a bit of the details, Storm is listed as, well, really Storm without the vowel. So no O, it's just STRM on the TSX-V where the average three-month volume is, or the average three-month daily volume is 74,000 units, which is up a lot since we last spoke. The stock's 52-week high is up a lot as well since we last spoke. It's now the 52-week high is 71 cents, and 52-week low is 17 cents. Last time they raised capital was about a month ago, raising $3.2 million at 40 cents per share, with a half a warrant at 55 for two years. Most notably, or a big part of that financing was taken up by Eric Sprott. I believe he took about 2 million bucks, so more than half of that financing went to him. Of course, we'll touch upon that later on in the conversation. But for this to actually become a conversation though, I'll have to shut up already and Bruce, I'll give you the word here, but thank you for sitting down with me first.

Bruce Counts (3:45)

Yeah, thanks for having me, Antonio.

Antonio (3:47)

I'm looking forward to the update. You've had a lot going on recently. I think last time we spoke must have been about three months ago. So in the grand scheme of things, if you look at our first past conversations, they used to be like six months in between, and sometimes even longer. And now I feel like they're becoming, the windows are becoming shorter, and I'm talking to you more often, which is good. But it might still be worth summarizing what you've done in those last three months.