Norseman Completes Acquisition of Caribou

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: [phone]
	Kyler Hardy, CEO	[e-mail]
Novum Securities (Financial Adviser)	Tel: [phone]
	David Coffman / Lucy Bowden
Shard Capital Partners (Broker)	Tel: [phone] Damon Heath / Isabella Pierre
BlytheRay (Financial PR/IR-London)	Tel: [phone]	[e-mail]
	Tim Blythe Megan Ray
Stellium Services (Investor Relations)	Tel: [phone]	[e-mail]
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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