REG-Imperial X Plc: Magnetic Survey Completed & Board Changes

Cloudbreak DiscoveryAnnouncement

17/06/2021 07:05

17 June 2021

Imperial X PLC

“Imperial X” or the “Company”

Soon to be renamed Cloudbreak Discovery PLC

Airborne Magnetic Survey Completed on the South Timmins Property

Board Changes

Imperial X PLC (LSE: CDL), the natural resource project generator, is pleased
to announce that it has completed a high-resolution helicopter-borne 3-axis
gradient magnetic survey for its South Timmins Project.

The South Timmins Project is one of 10 projects currently held by the Company
and is a gold prospect located in Ontario, Canada, in the Abitibi Greenstone
Belt. The Abitibi is the largest, most prolific greenstone belt in the world
with 190 million ounces (“Moz”) of gold produced and counting.

The survey data is currently being compiled and processed. The results of the
survey will assist in identifying potential targets and trends for follow up
exploration work. The Company will release the results when available.

The South Timmins project was staked in late 2020 as a 50:50 co-venture with
Vector Geological Solutions Inc. and is an excellent representation the
Company’s ability to source, secure and then commence early-stage
exploration work to establish a value model for the project and Cloudbreak
shareholders.

Kyler Hardy, CEO of Imperial X, commented, “We are pleased to continue the
successful execution of our exploration and business model efficiently and
will now follow up on the new data findings through further modeling and
surface exploration. We look forward to updating the market on South Timmins
as this exciting project develops.”

The South Timmins project is located 40 kilometres (“km”) south of the
main Timmins mining camp, which has produced over 70 Moz to date and is home
to more than 50 mining companies, and 40 km west of the Young-Davidson
project, a mine that commenced production in 1934 and hosts a current reserve
of 3.2 Moz. The property contains iron formation and mafic-felsic volcanic
transitions, which are favourable host rocks for orogenic lode gold and
volcanogenic massive sulphide deposit. Government data has been used to
identify several prospective lineaments on the property which may represent
gold prospective damage zones. Historic exploration work on the property is
limited, however, rock samples with >200 ppb gold along one of the contacts
between the mafic and felsic volcanic rocks on the property have been
identified.

Board Changes

Melissa Sturgess has resigned as a Director of the Company with immediate
effect due to increased commitments on several other projects. The Board of
Directors would like to thank Ms. Sturgess for her contribution and assistance
in getting the Company listed and wish her good luck in her future endeavors.
The Company has begun searching for a new Director who will provide
appropriate guidance and experience for Cloudbreak to execute its business
plan.

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). The directors of
Imperial X PLC accept responsibility for this announcement.

For additional information please contact:

 Imperial X PLC                                 Tel: +1 604 428 9480                                                        
                                                Kyler Hardy, CEO                           khardy@cloudbreakdiscovery.com   
                                                Kyle Hookey, Director                      khookey@cloudbreakdiscovery.com  
                                                                                                                            
 Novum Securities Financial Adviser and Broker  Tel: +44 7399 9400                                                          
                                                David Coffman / Lucy Bowden Colin Rowbury                                   
                                                                                                                            
 Blytheweigh  (Financial PR/IR-London)          Tel: +44 207 138 3204                      Cloudbreak@blytheweigh.com       
                                                Tim Blythe                                                                  
                                                Megan Ray                                                                   

About Imperial X

Imperial X PLC, which will change its name to Cloudbreak Discovery PLC as soon
as practicable, 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.  

About Vector Geological Solutions Inc.

Vector Geological Solutions Inc. is a geological consultancy that specializes
in exploration project opportunity recognition, project acquisition and
project advancement.  Vector Geological Solutions Inc. provides technical
geological support to junior and mid-tier exploration and mining companies
with projects in North America, South America, Europe and Scandinavia.

About Precision GeoSurveys Inc.

Precision GeoSurveys Inc. specialises in low level airborne geophysical
surveys in mountainous terrain to support the following activities: Mineral
exploration, diamond exploration, uranium exploration, oil & gas exploration,
ground water investigations, geophysical applications, geothermal mapping,
radioisotope detection and mapping, unexploded ordnance (UXO) mapping,
geotechnical, cultural and engineering investigations.



Copyright (c) 2021 PR Newswire Association,LLC. All Rights Reserved