Business
Atlin West Project Optioned to New Partner
Atlin West Project Optioned to New Partner.
About this update from Cloudbreak Discovery Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 1032J\n Cloudbreak Discovery PLC\n 19 August 2021\n \n \n \n \n 19 August 2021\n \n \n Cloudbreak Discovery Plc\n \n \n (\"Cloudbreak\" or the \"Company\")\n \n \n \n \n \n Atlin West Gold-Silver Project Optioned to New Partner\n \n \n \n \n \n \n Cloudbreak Discovery Plc (LSE: CDL), \n \n a natural r\n esource project generator, is pleased to announce that it has identified an exploration partner, 1315843 BC Ltd, for its recently staked Atlin West Project (the \"Project\"), which targets gold and silver mineralisation in polymetallic vein systems.\n \n \n The Project is located 14 kilometres west-northwest of Atlin, British Columbia northwest of Tagish Lake and covers an area of covering 3,125 hectares. Planned exploration work will focus on evaluating the potential for structurally controlled, intrusion related and polymetallic vein systems, which are known to host economic mineralisation in the area. Previous work has provided initial information on the geological potential of the project. Regional analogues include the Engineer Mine, Yellowjacket Mine and the Imperial Vein showing.\n \n \n The partnership will see 1315843 BC Ltd spending up to CAD $700,000 in exploration expenditure on the property, with at least $150,000 to be spent during the first year. In addition, 1315843 BC Ltd will issue 8,000,000 common shares and make aggregate payments of $325,000 over a three year period to Cloudbreak. Upon completion of these option agreement obligations, Cloudbreak will transfer 100% interest in the property to 1315843 BC Ltd. Cloudbreak will retain a 2% net smelter royalty[1]. \n \n \n \n \n \n \n Kyler Hardy, CEO of Cloudbreak Discovery, commented,\n \n \"We are excited to explore the promising Atlin West Project with this group. Using Cloudbreak's expertise, coupled with that of 1315843 BC Ltd.'s, we believe that modern exploration applied to this claim group could further expand on the geologic picture and understanding of the potential currently only highlighted by limited prospecting to date. The 2% NSR that Cloudbreak retains on the property as part of the agreement is demonstrative of how our business model allows us to work with great partners and share in exploration success\".\n \n \n \n \n \n About the Atlin West Project\n \n \n \n \n \n The Atlin West Proj...