Ownership of a prospective high-grade gold property in the Far North will soon be changing hands.
Storm Exploration is selling its Miminiska Project to European Electric Metals for $5.8 million in a cash and share transaction.
Located 350 kilometres north of Thunder Bay and 115 kilometres east of Pickle Lake, the Vancouver gold explorer once regarded Miminiska as its primary project, proclaiming it had the potential to be a multi-million-ounce deposit.
It’s one of a trio of remote gold properties held by Storm in the vicinity of Eabametoong First Nation.
A definitive agreement with European Electric to acquire the property was signed on Nov. 28. Storm made the announcement on Dec. 1. Neither company disclosed when the sale will be final, but it does require TSX-V approval.
European Electric Metals said it will be changing its name to Canadian Goldfields Discovery Corp. at a later date. John Booth will be CEO.
Miminiska is a float-plane accessible, high-grade gold exploration project, 350 kilometres north of Thunder Bay. The 5,500-hectare project site is within the traditional land of Eabemetoong First Nation.
In a letter to shareholders, Storm CEO Bruce Counts called it a “transformative deal that will reinvigorate the company,” and puts Storm on a solid footing heading into 2026.
Counts said the proposed transaction provides them with the funds to carry out exploration on its three other “compelling” gold projects in northwestern Ontario, two of which they want to begin drilling by year’s end. Storm also retains the benefits from any future discoveries made at Miminiska through shares in European Electric.
“This an excellent opportunity for Storm,” said Counts. “In addition, the proposed transaction will allow Storm to retain exposure to the potential for the discovery of a significant gold deposit at Miminiska through the issuance of shares in European Electric Metals.”
Storm’s other northwestern Ontario projects are Gold Standard, north of Fort Frances; Attwood, 320 kilometres north of Thunder Bay, near the Ogoki Forestry Road; and Keezhik, 380 kilometres north of Thunder Bay.
“These three district-scale properties cover more than 400 (square kilometres) of prospective geology, including the KeezhProject where historical drilling has confirmed high-grade gold intersections,” said Counts.
He said “Miminiska is going into strong hands.”
“The individuals behind European Electric Metals, which will soon be renamed Canadian Goldfields Discovery Corp., are well respected in the industry, have excellent access to capital and a history of successful junior mining ventures.”
Exploration at Miminiska dates back to the 1930s, with modern exploration and intermittent drilling beginning in the 1960s.
According to a European Electric Metals release, multiple high-grade gold drill hits have been reported in the past with 85 per cent of an identified strike length still largely untouched by drilling. The gold is lodged in banded iron formations with the area’s geology similar to the Orla Mining’s Musselwhite Mine, 150 kilometres to the northeast.
An exploration agreement is in place with Eabametoong, 40 kilometres to the east.
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