TIDMCDL
RNS Number : 7547U
Cloudbreak Discovery PLC
07 December 2021
Follow the link to read the press release in full, including
figures:
http://www.rns-pdf.londonstockexchange.com/rns/7547U_1-2021-12-6.pdf
07 December 2021
Cloudbreak Discovery and Alianza Minerals Sign Option Agreement
with Allied Copper for the Advancement of the Klondike Project,
Colorado
Cloudbreak Discovery Plc ("Cloudbreak") (LSE: CDL) and Alianza
Minerals Ltd. ("Alianza") (TSX-V" ANZ, OTCQB: TARSF) (the
"Alliance") are pleased to announce the optioning of their first
project to Allied Copper Corp. ("Allied") (TSX-V: CPR), subject to
regulatory and TSX Venture Exchange approvals. The Klondike project
(the "Klondike Property"), located in Colorado, United States,
consists of 76 unpatented mining claims, a State of Colorado
Exploration Permit and an exclusive right to a State lease.
Klondike Option Agreement Highlights:
-- Allied will incur an total of CAD $4,750,000 in exploration
expenditures on the property, with a minimum of CAD $500,000 to be
spent prior to the first anniversary of the closing date.
-- Allied will issue 7,000,000 common shares and make a total of
CAD $400,000 in cash payments to the Alliance over a three-year
period.
-- Upon completion of these obligations, the Alliance will
transfer its entire interest in the Klondike Property to Allied.
Allied will also issue 3,000,000 warrants exercisable for a 36
month term at a price equal to the 10-day volume-weighted average
price ("VWAP") of Allied's common shares at the time of the
issuance.
-- The Alliance will retain a two per cent net smelter royalty
which is subject to a buy down provision where Allied may, at its
discretion, repurchase half of the royalty for CAD $1,500,000
within 30 days of commercial production.
If Allied files on SEDAR an NI 43-101 technical report
establishing the existence of a resource on any portion of the
Klondike Property of at least 50,000,000 tonnes of either copper or
copper equivalent at a minimum cut-off grade of 0.5 per cent copper
or copper equivalent and categorized as a combination of inferred
resources, indicated resources and measured resources, then Allied
will also issue a further 3,000,000 warrants exercisable for a 36
month term at a price equal to the 10-day VWAP of Allied's common
shares at the time of the issuance.
Kyler Hardy, President and CEO of Cloudbreak, stated: "We
welcome Allied as our new partner. The Klondike Property is an
excellent project, and we are excited with the copper targets
outlined to date. We look forward to working with Allied as they
aggressively test the West Graben, East Graben and Northeast Fault
targets in 2022.
"A recent reconnaissance program (see news release dated
December 1, 2021) consisting of mapping, stream sediment sampling
and rock chip sampling was undertaken at the Klondike Property to
help define drill targets at the West Graben Fault and East Graben
Fault targets. Rock chip sampling and mapping successfully expanded
the footprint of both targets and identified a new target named the
Northeast Fault. Sampling at the Northeast Fault returned 1.56 per
cent copper and 1.4 grams per tonne ("g/t") silver over a 4.6 metre
chip sample of bleached, bitumen spotted and altered Jurassic
sandstones of the Saltwash member of the Morrison Formation.
"Copper mineralized sandstones at the Northeast Fault target can
be traced along the fault and outboard from it into the adjacent
sandstones over an area 200 metres long by 100 metres wide before
becoming obscured beneath gravel cover. Further anomalous copper,
including 2.1 metres of 463 parts per million copper, was
encountered over one kilometre to the northwest where the structure
and host strata next appear from beneath the same gravel cover.
About the Klondike Project
The Klondike project is located approximately 25 km south of
Naturita, Colorado. This property lies within the Paradox Copper
Belt, which includes the producing Lisbon Valley Copper Mining
Complex. Numerous historical copper occurrences have been
identified throughout the district, however, many of these have not
been explored using modern exploration techniques.
At Klondike, documented copper exploration ceased in the 1960s
with subsequent exploration targeting uranium the 1970s. Previous
workers reported high-grade copper mineralization highlighted by
results of 6.3 per cent copper and 23.3 g/t silver in outcrop. In
addition to its high-grade potential, disseminated copper-silver
mineralization has been observed which may be amenable to modern
open pit mining with Solvent Extraction Electro Winning ("SXEW")
processing similar to the Lisbon Valley Mining Complex. Sedimentary
hosted copper deposits are an important contributor to world copper
production, accounting for more than 20 per cent of the world's
copper supply annually.
The project is road accessible year-round, traveling two
kilometres of gravel road from paved highway. The project is
comprised of 76 mining claims on Federal mineral rights managed by
the BLM, in addition to an Exploration Permit and an exclusive
right to a State lease from the State of Colorado.
Figure 1. Klondike Geology and Copper Results Map
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
Henrik Mikkelsen, VP hmikkelsen@cloudbreakdiscovery.com
Corporate Development
Novum Securities Tel: +44 7399 9400
(Financial Adviser)
David Coffman / Lucy
Bowden
Shard Capital Partners Tel: +44 207 186 9900
(Broker)
Damon Heath / Isabella
Pierre
Blytheweigh Tel: +44 207 138 3204 Cloudbreak@blytheweigh.com
(Financial PR/IR-London)
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 the Strategic Alliance
Under the terms of the Alliance, either Cloudbreak Discovery Plc
or Alianza Minerals Ltd can introduce projects to the Strategic
Alliance. Projects accepted into the alliance Alliance will be held
50/50 but funding of the initial acquisition and any preliminary
work programs will be funded 40 per cent by the introducing partner
and 60 per cent by the other party. Project expenditures are
determined by committee, consisting of two senior management
personnel from each party. Alianza is the operator of alliance
Alliance projects unless the Alliance steering committee
determines, on a case-by-case basis, that Cloudbreak would be a
more suitable operator. The initial term of the Alliance runs for
two years and may be extended for an additional two years.
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 and exploration. Diversification within the mining sector
and amongst resource classes is key to withstanding the cycles of
natural resource investing.
About Allied Copper
Allied Copper Corp. is headquartered in Vancouver, BC Canada is
a mineral exploration company focused on acquiring and developing
potential long life, scalable copper-gold assets in the Western
United States. The Company's strategy is to focus on low cost and
potential high growth operations in low-risk jurisdictions. Allied
Copper's management is committed to operating efficiently and with
transparency in all areas of the business.
About Alianza Minerals Ltd.
Alianza employs a hybrid business model of joint venture funding
and self-funded projects to maximize opportunity for exploration
success. The Company currently has gold, silver and base metal
projects in Yukon Territory, British Columbia, Colorado, Nevada and
Peru. Alianza currently has one project (Tim, Yukon Territory)
optioned out to Coeur Mining, Inc. and is actively seeking partners
on other projects.
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END
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December 07, 2021 02:00 ET (07:00 GMT)
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