REG - Cloudbreak Discovery - Norseman Completes Acquisition of Caribou

Cloudbreak DiscoveryAnnouncement

28/06/2022 07:01

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RNS Number : 3588Q  Cloudbreak Discovery PLC  28 June 2022

28 June 2022

Cloudbreak Discovery Plc

("Cloudbreak" or the "Company")

 

Norseman Completes Acquisition of Caribou Property and Executes Royalty
Agreement

 

Cloudbreak Discovery Plc (LSE: CDL), a leading natural resources project
generator with a particular focus on commodities key to the energy transition,
is pleased to announce that Norseman Silver Inc ("Norseman") (TSX-V: NOC) has
fulfilled the obligations under the option agreement it entered into with
Cloudbreak on 2 June 2020 and completed the royalty assignment agreement,
ratifying Cloudbreak a 2% net smelter royalty ("NSR") covering the Caribou
property ("Caribou" or the "Property").

 

Caribou Option Agreement Highlights

·                Norseman has made payments in aggregate of
CAD $80,000 to Cloudbreak;

·                Issued 2,750,000 common shares to Cloudbreak;
and

·                Has made an aggregate of CAD $225,000
expenditure on the property.

 

The work on the property was conducted by Hardline Exploration Corp. in 2021
and the results of the work was released by Norseman on 22 February 2022
titled "Exploration Results on Norseman's Caribou Copper-Silver Project,
British Columbia".

 

Kyler Hardy, President and CEO of Cloudbreak Discovery, commented, "It is
great to see our model working successfully and have one of our partners
complete their option. This project exemplifies how Cloudbreak can generate
interesting ideas with significant exploration upside for our partners and
demonstrates to our shareholders how our model is designed to work. The
royalty and share position that Cloudbreak retains will continue to provide
exposure to the future upside of the property and allow us to pursue new ideas
as we generate them."

 

About the Caribou Project

 

The Caribou Project is located 23 kilometers southwest of Smithers, British
Columbia, Canada. The property is underlain by unmetamorphosed flows and tuffs
of the Hazelton Group. The area is divided into fault blocks which have
locally moved horizontally as well as vertically to one another. These fault
blocks have also been rotated. Mineralization observed to date as vein and
veinlets which include bornite, malachite, azurite, chalcopyrite, pyrite,
chalcocite and digenite, with results including 45 rock samples on the
property have yielded assay results greater than 1% copper.

 

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 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.

 

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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