TIDMCDL
RNS Number : 3292Q
Cloudbreak Discovery PLC
27 October 2021
27 October 2021
Cloudbreak Discovery Plc
("Cloudbreak" or the "Company")
Yak 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 entered into an
agreement with Moonbound Mining Ltd. ("Moonbound"), in respect of
the Yak Project (the "Project"), in northwestern British Columbia,
for gold mineralisation.
Highlights:
-- Moonbound will issue Cloudbreak 2,700,000 common shares and
make aggregate cash payments to Cloudbreak of CAD $145,000 over a
three-year period
-- Under the terms of the agreement, Moonbound is committed to
spend up to CAD $700,000 in exploration expenditure on the
property, with at least CAD $150,000 to be spent prior to the
second anniversary of Moonbound listing on an exchange. As a
condition of the agreement, Moonbound is obliged to enter into a
public transaction within six months of the effective date of the
agreement with Cloudbreak
-- Upon completion of these option agreement obligations,
Cloudbreak will transfer 100% interest in the property to
Moonbound
-- Cloudbreak will retain a 2% net smelter royalty which is
subject to a buy down provision where Moonbound may, at its
discretion, repurchase half of the royalty for CAD $1,500,000
The Project targets gold mineralisation in northwestern British
Columbia, covering an area of 4,020 hectares
-- The geological setting is favourable for low-sulphidation
epithermal gold-silver veins and mesothermal lode gold
-- An analogous target in the region is Whitehorse Gold Corp's Skumkum Gold Project
Kyler Hardy, CEO of Cloudbreak Discovery, commented, "Our
partnership with Moonbound represents a formalisation of
longstanding relationships with the Cloudbreak team and we are
looking forward to the collaboration as much as the exploration
itself. The rocks in this area continue to yield new and exciting
mineralisation. We are optimistic that the application of modern
exploration techniques, coupled with the expertise across both
teams, will bring the best chance of success at this Project."
Further Information
The Project is located 80 kilometres south of Whitehorse, Yukon
Territory, immediately south of the Yukon border and east of the
Alaskan border in northwestern British Columbia, covering an area
of 4,020 hectares. The Project was staked based on historic surface
mineral occurrences, regional geology and remote sensing data
indicating new exposures from glacial recession. Cloudbreak has
recently completed a regional targeting compilation and Yak is one
of the key pieces of ground identified in this initiative.
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 are noted in the area as well. The geological
setting is favourable for low-sulphidation epithermal gold-silver
veins and 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 and has:
-- The Skukum Creek Deposit 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)(1) 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)(1)
-- 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(1)
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
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.
Footnotes
1. "Skukum Gold-Silver Project, NI 43-101 Technical Report,
Whitehorse Mining District, Yukon Territory, Canada" dated
effective October 1, 2020 and authored by Ronald G. Simpson,
P.Geo.
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