Cloudbreak Discovery (LSE: CDL) and Alianza Minerals (TSXV: ANZ) (OTC: TARSF), operating under the umbrella of their newly formed strategic alliance, have announced their first acquisition.
The Klondike property is located 25 km south of Naturita, Colo., Covering 843 hectares in the Paradox Copper Belt Basin in San Miguel County, Colo., Comprising 72 Bureau of Land Management claims and an exploration permit. of the State of Colorado with an exclusive right to a State Rent.
Jason Weber, The President and CEO of Alianza said, âThe Klondike property is the prime example of the ideas generated by this alliance and demonstrates the potential we see for additional real copper prospects in this under-explored region. “
The alliance was formed on June 15 of this year.
The area is known to have sediment-hosted copper deposits, but has not seen any exploration for copper since the 1960s, with subsequent exploration targeting uranium in the 1970s.
High grade copper mineralization
Previous work has reported high grade copper mineralization, with 6.3% copper and 23.3 g / t silver exposed. A high copper price, up nearly 100% since March 2020, has made more old work viable: the price has since fallen 10% to around $ 4.3 / lb.
Kyler hardy, President and CEO of Cloudbreak Discovery, added, âWe know these rocks hold promise for copper mineralization, as evidenced by other belt deposits and the active Lisbon Valley copper mine. .
Eleven of 15 samples reported as part of a limited historical prospecting and mapping program returned grades up to 6.3% copper and below detection at 85.4 g / t silver.
Disseminated copper-silver mineralization has also been found in Jurassic and Permian age sandstone outcrops, suitable for modern open pit mining with an electro-sheathing solvent extraction (SXEW) treatment, similar to that used at the Lisbon Valley mine, 50 km northwest.
Sediment-hosted copper deposits are a major contributor to global copper production, accounting for over 20% of the world’s copper supply each year.
Beginning of exploration imminent
Both styles of mineralization will be explored in future work programs, with the goal of refining drill targets in these units. Cloudbreak and Alianza expect to begin exploration on the property imminently. The area already has road infrastructure, allowing immediate access.
The alliance targets copper projects in the southwestern United States, Arizona, Colorado, New Mexico and Utah, with the goal of finding suitable partners to develop them. Under the terms of the alliance, each company can introduce projects into the strategic alliance.
The projects accepted in the alliance will be held 50/50 but the financing of the initial acquisition and any preliminary work programs will be financed 40% by the introducer and 60% by the other party.
Alianza is the operator of the Alliance projects, unless the Alliance Steering Committee determines that Cloudbreak would be a more suitable operator.
The initial duration of the alliance is two years and can be extended for another two years.
Cloudbreak Discovery, a generator of natural resource projects, working on a wide range of mining assets, was listed on the London Stock Exchange on June 3. Cloudbreak, formerly known as Imperial X PLC, holds interests and royalties in various projects in the natural resource sectors, primarily in North America and Africa.
Alianza uses joint venture funds and self-funded projects to explore and develop projects. The company currently has gold, silver and base metals projects in the Yukon, British Columbia, Colorado, Nevada and Peru.