Strategic Alliance Acquires Second Copper Project

RNS Number : 8008T

Cloudbreak Discovery PLC

29 November 2021

 

29 November 2021

Follow the link to read the press release in full, including figures:
http://www.rns-pdf.londonstockexchange.com/rns/8008T_1-2021-11-28.pdf

Cloudbreak Discovery and Alianza Minerals acquire Stateline Copper Project under the Southwest US Copper Alliance, Colorado

· Second copper prospect acquired under Southwest US Copper Alliance

· Eight kilometres on trend from producing Lisbon Valley Mining Complex

· Mineralisation and host rocks bear strong resemblance to those at Lisbon Valley Mining Complex

Cloudbreak Discover Plc ("Cloudbreak") (LSE: CDL) and Alianza Minerals Ltd. ("Alianza") (TSX-V" ANZ, OTCQB: TARSF) (the "Alliance") are pleased to announce the acquisition of the Stateline Property ("Stateline"), located in Colorado and Utah, United States, which consists of 22 unpatented mining claims from local prospectors.

The Alliance is excited to announce its second property acquisition targeting sediment hosted copper mineralisation at the Stateline Project. Together, the two companies will continue to identify, acquire, and advance copper projects in the southwestern US states of Arizona, Colorado, New Mexico and Utah. Progress has been excellent to date and work continues to identify new copper exploration opportunities to acquire and advance with the intent of finding strong partners to move the projects forward.

Stateline Project Highlights:

-  Road accessible, 148 hectare, property covering Paradox Basin sedimentary package in San Miguel County, Colorado and San Juan County, Utah

-  Favourable stratigraphy known to host sediment-hosted copper deposits in the Paradox Copper Belt including the producing Lisbon Valley Mine Complex ("LVMC"), eight kilometres to the northwest

-  Exposed copper oxide mineralisation at the surface within host sandstone units bearing strong similarities to copper deposits along trend at the LVMC

-  Mineralised outcrops have yielded assay results up to 1.6% copper and 1.7 grams per tonne ("g/t") silver and 0.45% copper and 2.1 g/t silver

Kyler Hardy, President and CEO of Cloudbreak , reflected on Stateline, stating "This target presents an opportunity to drill test multiple horizons of favourable mineralisation. Mineralisation outcrops at the surface and we are looking forward to gaining a better understanding of the geological setting at Stateline. The proximity and on-trend position of Stateline relative to the LVMC makes this a highly prospective project in our view."

Jason Weber, President and CEO of Alianza , noted that "The Stateline property is another great target generated through this Alliance and demonstrates a strong ability to identify interesting prospects for copper mineralisation."

About the Stateline Project

The Stateline project is located approximately 40 kilometres southwest of Naturita, Colorado, covering the state boundary between Utah and Colorado at the southeast end of the Lisbon Valley. This property lies within the Paradox Copper Belt, which includes the producing LVMC. There are numerous historical copper occurrences that have been identified throughout the belt, however, many of these have not been explored using modern exploration techniques.

At Stateline, historical exploration was conducted as part of the regional programs associated with the LVMC. Previous explorers reported copper mineralization highlighted by results of 1.6% copper and 1.7 g/t silver in outcrop. Mineralisation visible in outcrop occurs as disseminated malachite, which may be amenable to modern open pit mining with Solvent Extraction Electro Winning ("SXEW") processing similar to the LVMC. The mineralisation noted to date is interpreted to be the southeast extension of the Flying Diamond mineralisation, which is a current target of interest associated with the Lisbon Valley Mining Complex.

Figure 1. Stateline Property Location and Regional Geology Plan Map

Stateline is located adjacent to a northwest trending graben bounding fault near the southeast terminus of the Paradox Basin salt-cored anticline in a similar structural and stratigraphic setting as the LVMC. Copper mineralisation occurs in bleached and altered, permeable sandstone units adjacent to the faults. Copper mineralisation in outcrop includes malachite, azurite, chalcocite and black copper oxides.

Historical surface sampling of mineralized outcrops has yielded assay results up to 1.6% copper and 1.7 g/t silver and 0.45% copper and 2.1 g/t silver. Disseminated copper-silver mineralisation has also been identified in several outcropping sandstones in other stratigraphic positions. Both styles of mineralisation will be investigated in upcoming work programmes with the goal of refining drill targets in these units. Initial work will include detailed geological mapping, soil and rock sampling, and geophysics.

The project is road accessible year-round, via a network of roads through the valley, including those supporting access to the LVMC. The project is comprised of 22 mining claims on Federal mineral rights managed by the BLM. Ground covered by the current claims was at one time part of the Lisbon Valley Mining Complex claim package.

The Stateline project was purchased from the underlying vendors for a USD$20,000 cash payment and a further USD$40,000 payment in the form of cash and/or shares.

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.

-ENDS-

For additional information please contact:

Cloudbreak Discovery PLC	Tel: [phone]
	Kyler Hardy, CEO	[e-mail]
	Henrik Mikkelsen, VP Corporate Development	[e-mail]
Novum Securities (Financial Adviser)	Tel: [phone]
	David Coffman / Lucy Bowden
Shard Capital Partners (Broker)	Tel: [phone] Damon Heath / Isabella Pierre
Blytheweigh (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 resource project generator, working across a wide array of mineral assets that are being developed and managed by an experienced team with a proven track record. Value accretion within the projects being developed by the Cloudbreak's generative model enables a multi-asset approach to investing. Diversification within the mining sector and amongst resource classes is key to withstanding the cycles of natural resource investing.

About Alianza Minerals Ltd.

Alianza employs a hybrid business model of joint venture funding and self-funded projects to maximize opportunity for exploration success. The Company currently has gold, silver and base metal projects in Yukon Territory, British Columbia, Colorado, Nevada and Peru. Alianza currently has one project (Tim, Yukon Territory) optioned out to Coeur Mining, Inc. and is actively seeking partners on other projects. 

The Company is listed on the TSX Venture Exchange under the symbol "ANZ" and trades on the OTCQB market in the US under the symbol "TARSF".

About the Strategic Alliance

Under the terms of the Alliance, either Cloudbreak Discovery Plc or Alianza Minerals Ltd can introduce projects to the Strategic Alliance. Projects accepted into the alliance will be held 50/50 but funding of the initial acquisition and any preliminary work programs will be funded 40% by the introducing partner and 60% by the other party. Project expenditures are determined by committee, consisting of two senior management personnel from each party. Alianza is the operator of alliance projects unless the Alliance steering committee determines, on a case-by-case basis, that Cloudbreak would be a more suitable operator. The initial term of the Alliance runs for two years and may be extended for an additional two years.

 

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