TIDMCDL
RNS Number : 1032J
Cloudbreak Discovery PLC
19 August 2021
19 August 2021
Cloudbreak Discovery Plc
("Cloudbreak" or the "Company")
Atlin West Gold-Silver Project Optioned to New Partner
Cloudbreak Discovery Plc (LSE: CDL), a natural r esource project
generator, is pleased to announce that it has identified an
exploration partner, 1315843 BC Ltd, for its recently staked Atlin
West Project (the "Project"), which targets gold and silver
mineralisation in polymetallic vein systems.
The Project is located 14 kilometres west-northwest of Atlin,
British Columbia northwest of Tagish Lake and covers an area of
covering 3,125 hectares. Planned exploration work will focus on
evaluating the potential for structurally controlled, intrusion
related and polymetallic vein systems, which are known to host
economic mineralisation in the area. Previous work has provided
initial information on the geological potential of the project.
Regional analogues include the Engineer Mine, Yellowjacket Mine and
the Imperial Vein showing.
The partnership will see 1315843 BC Ltd spending up to CAD
$700,000 in exploration expenditure on the property, with at least
$150,000 to be spent during the first year. In addition, 1315843 BC
Ltd will issue 8,000,000 common shares and make aggregate payments
of $325,000 over a three year period to Cloudbreak. Upon completion
of these option agreement obligations, Cloudbreak will transfer
100% interest in the property to 1315843 BC Ltd. Cloudbreak will
retain a 2% net smelter royalty [1] .
Kyler Hardy, CEO of Cloudbreak Discovery, commented, "We are
excited to explore the promising Atlin West Project with this
group. Using Cloudbreak's expertise, coupled with that of 1315843
BC Ltd.'s, we believe that modern exploration applied to this claim
group could further expand on the geologic picture and
understanding of the potential currently only highlighted by
limited prospecting to date. The 2% NSR that Cloudbreak retains on
the property as part of the agreement is demonstrative of how our
business model allows us to work with great partners and share in
exploration success".
About the Atlin West Project
The Atlin West Project is underlain by undivided sedimentary and
volcanic rocks of the Cache Creek Complex, which have been
subsequently intruded by late Cretaceous felsic volcanic and
intrusive rocks. The area is bounded by the Nahlin fault and
cross-cut by east-west and northwest trending faults.
These structures are known to be associated with base and
precious metals in the region, specifically the aforementioned
projects. Mineralisation on the property includes the Dundee/Table
Mountain showing, which is comprised of northeast trending veins
with galena and chalcopyrite, assaying 2.58 ounces per tonnes of
silver, 26% lead and 13.9% copper in 1967. Limited work has been
reported on the property and additional exposures are as yet
untested as glacial recession has progressed in the past several
decades since this work was last conducted.
Additional details about the exploration targets can be inferred
from known mineralisation in the regional analogues.
The Engineer Mine was in production in the 1920's and 1930's,
and produced in excess of 18,000 ounces of gold and 9,000 ounces of
silver. Production was at realised grades exceeding 39 grammes per
tonne of gold and 20 grammes per tonne of silver. A mineral
resource estimate published in 2018 stated the Engineer Mine
contains an inferred resource of 41,000 tonnes grading 19.0 grammes
per tonne of gold, using a five gramme per tonne cut-off grade,
which equated to 25,000 ounces of gold.
At the Yellowjacket Mine, an historic estimate stated 133,000
tonnes at 5.8 grammes per tonne of gold, totalling 24,000 ounces of
gold at a 1.5 gramme per tonne of gold cut-off (Price, B.J. and
Dandy, L., 2009; Technical Report on the Yellowjacket Gold Project;
43-101 Report). The 2009 Yellowjacket Inferred resource estimate
was done for a previous operator according to NI 43-101 standards
at that time. A qualified person has not done sufficient work to
classify the historical estimate as a current mineral resource and
neither the current owner, nor the Company is treating the
historical estimate as a current mineral resource.
The Imperial Vein showing is a quartz vein that saw limited
production in the early 1900's and is documented to contain
materials that assayed 27.1 grammes per tonne of gold and 26.47
grammes per tonne of silver. The Imperial Vein is considered an
exploration prospect at this point.
- Ends -
For additional information please contact:
Cloudbreak Discovery Tel: +1 604 428 9480
PLC
Kyler Hardy, CEO khardy@cloudbreakdiscovery.com
Henrik Mikkelsen, VP hmikkelsen@cloudbreakdiscovery.com
Corporate Development
Novum Securities Tel: +44 7399 9400
Financial Adviser
and Broker
David Coffman / Lucy
Bowden
Colin Rowbury
Blytheweigh Tel: +44 207 138 3204 Cloudbreak@blytheweigh.com
(Financial PR/IR-London)
Tim Blythe
Megan Ray
Stellium Services Tel: +44(0)207.129.1205 Cloudbreak@StelliumServices.com
(Investor Relations)
www.StelliumServices.com Andrew Wilson
Claire Bowden
About Cloudbreak
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.
[1] 1315843 BC ltd, may, for the sum of $1,500,000 buy back up
to 50% of the NSR
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