Cloudbreak Discovery Plc (LSE: CDL), a natural resource 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 royalty¹. 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).
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For additional information please contact:
| Cloudbreak Discovery PLC | Tel: +1 604 428 9480 | |
| Kyler Hardy, CEO | khardy@cloudbreakdiscovery.com | |
| Henrik Mikkelsen, VP Corporate Development | hmikkelsen@cloudbreakdiscovery.com | |
| Novum SecuritiesFinancial Adviser and Broker | Tel: +44 7399 9400 | |
| David Coffman / Lucy BowdenColin Rowbury | ||
| Blytheweigh(Financial PR/IR-London) | Tel: +44 207 138 3204 | Cloudbreak@blytheweigh.com |
| Tim Blythe | ||
| Megan Ray | ||
| Stellium Services(Investor Relations) | Tel: +44(0)207.129.1205 | Cloudbreak@StelliumServices.com |
| 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 NSRThis information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
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