REG - Cloudbreak Discovery - Airborne Magnetic Survey on Northwestern Portfolio

Cloudbreak DiscoveryAnnouncement

20/06/2022 07:00

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RNS Number : 3857P  Cloudbreak Discovery PLC  20 June 2022

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http://www.rns-pdf.londonstockexchange.com/rns/3857P_1-2022-6-19.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/3857P_1-2022-6-19.pdf)

 

20 June 2022

 

Cloudbreak Discovery Plc

("Cloudbreak" or the "Company")

 

Cloudbreak Commences Airborne Magnetic Survey on Northwestern Portfolio

 

Cloudbreak Discovery PLC (LSE: CDL), a leading natural resources project
generator with a particular focus on resources key to the energy transition,
is pleased to announce that it has engaged Precision GeoSurveys to conduct a
high-resolution helicopter-borne magnetic survey over the Northwestern
Portfolio, comprised of Northern Treasure, Rizz, Icefall and Atlin West (the
"Projects"), all located in northwestern British Columbia ("BC"), Canada.

 

The survey initiates Cloudbreak's next phase of exploration programme across
the Projects, which contain an extensive number of mineralized showings. A
primary goal of the survey is to identify prominent, potentially mineralised
structures. The survey will also help delineate lithologic contacts to
determine the next phase of ground-based exploration.

 

Under the terms of various option agreements in place, Power Group Projects
Corp (TSX-V: PGP) will be financing the survey on the Rizz, Icefall and Atlin
West projects. Exploration costs for Northern Treasure will be financed by the
Company as it remains open for option.

 

Kyler Hardy, President and CEO of Cloudbreak, commented, "We are delighted to
commence this phase programme on the Northwestern Portfolio, which covers a
number of promising polymetallic mineral occurrences. Cloudbreak was attracted
to the region due to the absence of historic exploration work over the ground.
Precision GeoSurveys will be applying this exploration technique to identify
potential targets which can be advanced by our partners. Northern Treasure,
our remaining project we staked in 2021, will benefit from the survey to guide
the next phase and generate further interest from potential partners."

 

 

Figure 1. Map of Northwestern Portfolio to be surveyed located in northwestern
British Columbia, Canada

 

About the Northern Treasure Project

The Northern Treasure Project is located approximately 100 kilometres south of
Atlin and immediately adjacent to Brixton's Thorn Project. The Project
comprises two claim groups totalling 29,580 hectares.

 

The property geology is favourable to host porphyry, volcanic massive sulphide
(VMS), high-sulphidation and stockwork vein and sediment-hosted deposit types.
These deposit types have potential to contain copper, gold, silver and zinc.
The claims are underlain by Stuhini Group volcanic and sedimentary rocks with
Sloko-Hyder plutonic suite.

 

About the Atlin West Project

The Atlin West Project is underlain by undivided sedimentary and volcanic
rocks of the Cache Creek Complex, which have been subsequently intruded by
late Cretaceous felsic volcanic and intrusive rocks. The area is bounded by
the Nahlin fault and cross-cut by east-west and northwest trending faults.

 

These structures are known to be associated with base and precious metals as
demonstrated elsewhere in the region. Mineralisation on the property includes
the Dundee/Table Mountain showing, which is comprised of northeast trending
veins with galena and chalcopyrite, assaying 2.58 ounces per tonnes of silver,
26% lead and 13.9% copper in 1967. Limited work has been reported on the
property and additional exposures are as yet untested as glacial recession has
progressed in the past several decades since this work was last conducted.

 

About the Icefall Project

The Icefall Project is underlain by Stuhini and Labarge Group volcanic and
sedimentary rocks, overlain by Sloko Group volcanic rocks. The granitic
intrusions have been mapped on the northern and southern bounds of the claim
block, which covers 8,704 hectares. The property is bounded between the
Llewellyn fault to the west and King Salmon fault to the east with several
north-trending structures noted on the property.

 

Historic work has highlighted several showings near the southern claim
boundary contain historic sample results of 35.5 grammes per tonne of silver
and 0.5% copper.

 

About the Rizz Project

The Rizz Project covers 5,415 hectares of mineral titles in northwestern BC,
situated in the Boundary Ranges Metamorphic Suite and Sloko Group plutonic and
volcanic rocks, west of the Llewellyn fault.

 

To date, mineralisation has been observed in the Sloko-Hyder plutonic suite
with several gossanous zones identified for immediate follow up. The known
mineralisation on the property is described as sulphide-rich felsite boulders
and talus in one of the cirques.

 

Previous assay results from samples indicate mineralisation including 27.6
grammes per tonne of gold, 562.9 grammes per tonne of silver, 8.25% lead and
15.9% zinc. Cloudbreak's follow-up work at the Rizz Project will also include
exploring for the source of this strongly mineralised float material.

 

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 PLC                                    Tel: +1 604 428 9480

                                                             Kyler Hardy, CEO                khardy@cloudbreakdiscovery.com (mailto:khardy@cloudbreakdiscovery.com)

 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

 BlytheRay                                                   Tel: +44 207 138 3204           Cloudbreak@blytheray.com (mailto:Cloudbreak@blytheray.com)

 (Financial PR/IR-London)
                                                             Tim Blythe

                                                             Megan Ray

 Stellium Services                                           Tel: +44(0)207 129 1205         Cloudbreak@StelliumServices.com (mailto:Cloudbreak@StelliumServices.com)

 (Investor Relations)
 www.StelliumServices.com (http://www.StelliumServices.com)  Andrew Wilson
                                                             Claire Bowden

 

 

About Cloudbreak Discovery PLC

Cloudbreak Discovery PLC is a leading natural resources project generator
building value by evaluating and acquiring quality projects with a particular
focus on resources key to the energy transition. Our projects are developed
and managed by an experienced team with a proven track record of delivering on
mineral and energy investments. Cloudbreak's generative model enables a
multi-asset approach to investing and exploration with diversification across
commodities and jurisdictions as the key to withstanding the cycles of natural
resources investing.

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