Cloudbreak Discovery PLC Icefall Project Optioned to 1311516 BC Ltd. (0949E)
09 Marzo 2022 - 1:00AM
UK Regulatory
TIDMCDL
RNS Number : 0949E
Cloudbreak Discovery PLC
09 March 2022
9(th) March 2022
Cloudbreak Discovery Plc
("Cloudbreak" or the "Company")
Icefall Project Optioned to 1311516 BC Ltd.
Cloudbreak Discovery Plc ("Cloudbreak") (LSE: CDL), a natural r
esource project generator, is pleased to announce that it has
entered into an Option Agreement (the "Option") on the Icefall
Project (the "Project") with 1311516 BC Ltd. ("BCCo") with the
effective date being 7 March 2022 ("Effective Date").
The Icefall Project is located approximately 90 kilometres south
of Atlin, British Columbia and forms part of the Northwest
Portfolio originally announced on 27 September 2021. Several
surface showings have been observed within the same geologic
setting and structural corridor as the New Polaris and Tulsequah
Chief projects which are targeting polymetallic mineralisation.
Icefall Option Agreement Highlights
-- To earn a 75% interest in the Project, BCCo will spend a
total of CAD $700,000 over a three-year period in exploration
expenditures on the property, with at least CAD $50,000 being spent
prior to the first anniversary of the Effective Date;
-- Issue of 2,000,000 common shares in BCCo to Cloudbreak's
subsidiary company Cloudbreak Discovery (Canada) Limited ("CDL")
immediately; and
-- Make an aggregate of CAD $120,000 in cash payments to CDL of
which CAD $25,000 is payable immediately, CAD $25,000 is due on the
earlier of BCCo entering into a definitive agreement for admission
or trading of its shares on an established Canadian or U.S.
securities exchange or two months from the Effective Date, CAD
$25,000 is due on or before the first anniversary of the Effective
Date and CAD $50,000 is due on or before the second anniversary of
the Effective Date.
Upon completion of the Option Agreement's terms both BCCo and
Cloudbreak (the "Parties") will enter into a Joint Venture which
will see each party responsible for its pro-rata share of
expenditures on the Project. Should either of the Parties elect not
to fund its pro-rata share of expenditures, its interest will be
proportionally diluted down. If either of the Parties are diluted
under a 10% ownership interest in the Project, its remaining
interest will automatically convert in to a 2% net smelter
royalty.
Kyler Hardy, CEO of Cloudbreak Discovery, commented, "The
Northwest Portfolio represents a great opportunity in an
underexplored region of British Columbia. The region has
historically had meaningful production; however, the area has not
been subject to modern exploration techniques. We look forward to
working closely with our partner to advance the Icefall project
with the latest technology, in order to build a clearer geologic
picture."
About the Icefall Project
The Icefall Project is underlain by Stuhini and Labarge Group
volcanic and sedimentary rocks and is continuous along strike from
Brixton Metals Corp's Thorn Gold-Copper-Silver Project. Granitic
intrusions have been mapped on the northern and southern bounds of
the claim block, which covers 8,704 hectares. The property is
bounded between the Llewellyn fault to the west and King Salmon
fault to the east, with several north-trending structures noted on
the property. Several showings which require immediate follow-up,
includes sample results of up to 35.5 grams per tonne silver and
0.5% copper.
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with
the Company's obligations under Article 17 of MAR.
Qualified Person
Mr. Rory Kutluoglu P. Geo., Chief Operation Officer of the
Company, is the Qualified Person ("QP") under NI 43-101 for the
technical information in this news release, has verified the data
disclosed and approves the technical contents contained in this
news release.
-ENDS-
For additional information please contact:
Cloudbreak Discovery Tel: +1 604 428 9480
PLC
Kyler Hardy, CEO khardy@cloudbreakdiscovery.com
Novum Securities Tel: +44 7399 9400
(Financial Adviser)
David Coffman / Lucy
Bowden
Shard Capital Partners Tel: +44 207 186
(Broker) 9900
Damon Heath / Isabella
Pierre
BlytheRay Tel: +44 207 138 Cloudbreak@BlytheRay.com
(Financial PR/IR-London) 3204
Tim Blythe
Megan Ray
Stellium Services Tel: +44(0)207 129 Cloudbreak@StelliumServices.com
(Investor Relations) 1205
www.StelliumServices.com Andrew Wilson
Claire Bowden
About Cloudbreak Discovery PLC
Cloudbreak Discovery PLC, is a leading natural resource project
generator, working across a wide array of mineral assets that are
being developed and managed by an experienced team with a proven
track record. Value accretion within the projects being developed
by Cloudbreak's generative model enables a multi-asset approach to
investing. Diversification within the mining sector and amongst
resource classes is key to withstanding the cycles of natural
resource investing.
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END
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March 09, 2022 02:00 ET (07:00 GMT)
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