23rd Sep 2021 12:39
(Alliance News) - Cloudbreak Discovery PLC on Thursday unveiled 1315956 BC Ltd as its new gold exploration partner for its South Timmins project.
The London-based natural resource project firm's partnership will see 1315956 BC committing around CAD1.5 million in exploration expenditure on the project, with a minimum of CAD265,000 to be spent in the first year.
The South Timmins project, which targets lode gold mineralization, is located in the Abitibi greenstone belt in Ontario, Canada.
In addition, 1315956 BC will issue 2.3 million shares and aggregate cash payments of CAD495,000 over the next three years to Cloudbreak.
Once the agreements are satisfied, Cloudbreak will transfer 100% interest in the property to 1315956 BC but retain a 1% net smelter royalty.
This is not Cloudbreak and 1315956 BC's first partnership: the two exploration firms struck in August a similar arrangement with Cloudbreak's Atlin West gold-silver project in British Columbia.
"We are excited to continue to explore in the most prolific and largest gold producing greenstone belt in the world," said Cloudbreak Chief Executive Kyler Hardy.
"As we see new discoveries emerge out of this camp, we are revisiting areas previously explored and applying modern thinking and exploration techniques."
Shares in Cloudbreak were down 4.9% at 2.14 pence in London on Thursday.
By Josie O'Brien; [email protected]
Copyright 2021 Alliance News Limited. All Rights Reserved.
Related Shares:
Cloudbreak