Cloudbreak Discovery PLC South Timmins Gold Project Optioned to New Partner (6838M)
23 Septiembre 2021 - 1:00AM
UK Regulatory
TIDMCDL
RNS Number : 6838M
Cloudbreak Discovery PLC
23 September 2021
23 September 2021
Cloudbreak Discovery Plc
("Cloudbreak" or the "Company")
South Timmins Gold 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 in 1315956 BC Ltd, for its South Timmins
Project (the "Project"), which is targeting lode gold
mineralization.
The Project is located 40 kilometres south of Timmins, Ontario,
in the prolific Abitibi Greenstone Belt and covers an area of
12,075 hectares. The property is road accessible with power running
through the northeastern edge of the property. Cloudbreak has
recently completed an airborne magnetic gradiometer survey and is
conducting interpretation and modelling of the data to aid in
further exploration targeting and program design.
The partnership will see 1315956 BC Ltd committing up to CAD
$1,515,000 in exploration expenditure on the property, with a
minimum of CAD $265,000 to be spent during the first year. In
addition, 1315956 BC Ltd will issue Cloudbreak 2,250,000 common
shares and make aggregate cash payments of CAD $495,000 over a
three-year period to Cloudbreak. Upon completion of these option
agreement obligations, Cloudbreak will transfer 100% interest in
the property to 1315956 BC Ltd. For the transfer, Cloudbreak will
retain a 1% net smelter royalty(1). As a condition of the
agreement, 1315956 BC Ltd must enter into a go public transaction
within three months of the effective date of the agreement.
The South Timmins Project was generated in conjunction with
Vector Geological Solutions of Vancouver, British Columbia.
Kyler Hardy, CEO of Cloudbreak Discovery, commented, "We are
excited to continue to explore in the most prolific and largest
gold producing greenstone belt in the world. As we see new
discoveries emerge out of this camp, we are revisiting areas
previously explored and applying modern thinking and exploration
techniques. With 120 years of mining and over 190 million ounces
produced the potential for discovery in the Abitibi remains."
About the South Timmins Project
The South Timmins Project is underlain by archean greenstone,
particularly andesite to dacite flows, tuffs and breccias
interbedded with rhyolitic flows and tuffs. There are also mafic to
ultramafic rocks and iron formation with massive granitoid to the
east. The property is considered an early-stage property has only
seen cursory surface exploration to date, with samples from
previous explorers with grab samples yielding 225 and 212 parts per
billion gold along the contact between the rhyolite and andesite
flows on the southern part of the property.
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
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.
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.
Endnotes
(1) 1315956 BC Ltd may, for the sum of CAD $750,000, buy back up
to 50 per cent of the NSR
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END
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