Business
Yak Gold-Silver Project Optioned to New Partner
Yak Gold-Silver Project Optioned to New Partner.
About this update from Cloudbreak Discovery Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 3292Q\n Cloudbreak Discovery PLC\n 27 October 2021\n \n \n \n \n 27 October 2021\n \n \n Cloudbreak Discovery Plc\n \n \n (\"Cloudbreak\" or the \"Company\")\n \n \n \n \n \n Yak 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 entered into an agreement with Moonbound Mining Ltd. (\"Moonbound\"), in respect of the Yak Project (the \"Project\"), in northwestern British Columbia, for gold mineralisation.\n \n \n \n \n \n Highlights:\n \n \n · \n Moonbound will issue Cloudbreak 2,700,000 common shares and make aggregate cash payments to Cloudbreak of CAD $145,000 over a three-year period\n \n \n · \n Under the terms of the agreement, Moonbound is committed to spend up to CAD $700,000 in exploration expenditure on the property, with at least CAD $150,000 to be spent prior to the second anniversary of Moonbound listing on an exchange. As a condition of the agreement, Moonbound is obliged to enter into a public transaction within six months of the effective date of the agreement with Cloudbreak\n \n \n · \n Upon completion of these option agreement obligations, Cloudbreak will transfer 100% interest in the property to Moonbound \n \n \n · \n Cloudbreak will retain a 2% net smelter royalty which is subject to a buy down provision where Moonbound may, at its discretion, repurchase half of the royalty for CAD $1,500,000\n \n \n \n \n \n The Project targets gold mineralisation in northwestern British Columbia, covering an area of 4,020 hectares\n \n \n · \n The geological setting is favourable for low-sulphidation epithermal gold-silver veins and mesothermal lode gold\n \n \n · \n An analogous target in the region is Whitehorse Gold Corp's Skumkum Gold Project\n \n \n \n \n \n \n Kyler Hardy, CEO of Cloudbreak Discovery, commented,\n \n \"Our partnership with Moonbound represents a formalisation of longstanding relationships with the Cloudbreak team and we are looking forward to the collaboration as much as the exploration itself. The rocks in this area continue to yield new and exciting mineralisation. We are optimistic that the application of modern exploration techniques, coupled with the expertise across both teams, will bring the best c...