TIDMCDL

RNS Number : 9776M

Cloudbreak Discovery PLC

27 September 2021

27 September 2021

Cloudbreak Discovery Plc

("Cloudbreak" or the "Company")

Cloudbreak initiates exploration on Northwest Portfolio

Update on the Klondike Project

For Full Release Including Figures Use the Following Link:

http://www.rns-pdf.londonstockexchange.com/rns/9776M_1-2021-9-25.pdf

Cloudbreak Discovery Plc (LSE: CDL), a natural r esource project generator, is pleased to announce that an exploration programme on the five recently staked Northwestern British Columbian polymetallic projects (the "Properties" or the "Northwest Portfolio") has commenced. This will represent the first field work Cloudbreak will conduct on these projects.

The Properties are located in Northwestern British Columbia and are prospective for base and precious metals which could occur in several deposit types.

Northwest Portfolio Summary

 
 Project Name        Target mineralisation 
------------------  ---------------------- 
 Atlin West          Silver, Copper, Lead 
 Icefall             Silver, Copper 
 Northern Treasure   Gold, Copper, Silver, 
                      Zinc 
 Rizz                Gold, Silver, Lead, 
                      Zinc 
 Yak                 Gold, Silver 
 

Kyler Hardy, CEO of Cloudbreak Discovery, commented, "We are delighted to get boots on the ground in Northwestern BC. The Cloudbreak team has extensive experience throughout the region and recognises the great opportunity the Northwest Portfolio brings to the Company.

"Our work programme will follow up on under-explored and recently exposed outcrops identified in our desktop studies. We look forward to deepening our understanding of these projects and attracting new partners to advance them."

Further Information

The Northwest Portfolio is located between the Yukon border and the community of Telegraph Creek and along the border with the Alaskan Pan-Handle (see figure 1).

The projects are in the early stages, with limited work conducted over the last 30 years. More recently there has been considerable glacial pull back which has revealed previously covered and unexplored ground and outcrops to examine in further detail. The exploration programme will consist of mapping and prospecting, with a particular focus on structural interpretation and locating historic showings.

Update on the Klondike Project

Cloudbreak management are pleased to provide the following update on the Klondike Project, the first project staked with Alianza Minerals Ltd. (TSXV:ANZ) through the Strategic Copper Alliance.

At the property, located in Colorado, the field crews have conducted a 10-day mapping and prospecting programme with a focus on the northeast portion of the claim block. The programme was designed to allow the team to further constrain the geology and to assist in defining possible drill collar locations. Samples have been sent to the laboratory for analysis and the mapping will be compiled and interpreted in the coming months.

Figure 1. Project Location Map

About the Northern Treasure Project

The Northern Treasure Project is located approximately 100 kilometres south of Atlin and immediately adjacent to Brixton's Thorn Project. The Project is comprised of two claims northeast and southwest from each other and totals 29,580 hectares.

The property geology is favourable to host porphyry, volcanic massive sulphide (VMS), high-sulphidation and stockwork vein and sediment-hosted deposit types. These deposit types can contain copper, gold, silver and zinc. The claims are underlain by Stuhini Group volcanic and sedimentary rocks with Sloko-Hyder plutonic suite.

About the Yak Project

The Yak Project is underlain by the southern margin of the Bennet Lake Caldera, with an eroded structural dome and thick successions of pyroclastic and epiclastic, Eocene age, Skukum group volcanic rocks. Cretaceous coast plutonic suite granodiorites and quartz monzonites noted in the area as well. The geologic setting is favourable for low-sulphidation epithermal gold-silver veins or mesothermal lode gold.

Mineralisation observed on the property to date consists of multiple quartz veins of varying widths between 0.5 metres and five metres, containing galena, sphalerite and chalcopyrite.

An analogous target is the Skukum Gold Project which appears to contain both styles of mineralisation. Within the project there is the Skukum Creek deposit which contains an Indicated Resource of one million tonnes at 5.85 grammes per tonne of gold and 166.4 grammes per tonne of silver (gold equivalent of 7.75 grammes per tonne) and an Inferred Resource of 537,000 tonnes at 4.99 grammes per tonne of gold and 108.3 grammes per tonne of silver (gold equivalent of 6.22 of grammes per tonne).

Additionally, the Goddell deposit contains an Indicated Resource of 329,700 tonnes at 8.13 grammes per tonne of gold and an Inferred Resource of 483,900 tonnes at 7.13 grammes per tonne gold.

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. 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.

About the Icefall Project

The Icefall Project is underlain by Stuhini and Labarge Group volcanic and sedimentary rocks, overlain by Sloko Group volcanic rocks. The 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.

Historic work has highlighted several showings near the southern claim boundary contain historic sample results of 35.5 grammes per tonne of silver and 0.5% copper.

About the Rizz Project

The Rizz Project is 5,415 hectares of mineral titles in northwestern BC, situated in the Boundary Ranges Metamorphic Suite and Sloko Group plutonic and volcanic rocks, west of the Llewellyn fault.

To date, mineralisation is documented in the Sloko-Hyder plutonic suite with several gossanous zones identified for immediate follow up now that field work has commenced. The known mineralisation on the property is described as sulphide-rich felsite boulders and talus in one of the cirques.

Previous assay results from samples indicate mineralisation including 27.6 grammes per tonne of gold, 562.9 grammes per tonne of silver, 8.25% lead and 15.9% zinc. Cloudbreak's follow-up work at the Rizz Project will also include exploring for the source of this strongly mineralised float material.

About the Klondike Project

The Klondike project is located approximately 25 kilometres south of Naturita, Colorado. This property lies within the Paradox Copper Belt, which includes the producing Lisbon Valley Copper Mine. Previous workers reported high-grade copper mineralization highlighted by results of 6.3% copper and 23.3 grammes per tonne of silver in outcrop. In addition to its high-grade potential, disseminated copper-silver mineralisation may be amenable to modern open pit mining with Solvent Extraction Electro Winning ("SXEW") processing similar to the Lisbon Valley Mine.

Sedimentary hosted copper deposits are an important contributor to world copper production, accounting for more than 20% of the world's copper supply annually. The project is road accessible, covering 843 hectare of Paradox basin sedimentary package in San Miguel County, Colorado.

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.

This announcement contains information which, prior to its disclosure, was inside information as stipulated under Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310 (as amended).

- 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.

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September 27, 2021 02:00 ET (06:00 GMT)

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