Cloudbreak Discovery finds exploration partner for South Timmins gold project

Cloudbreak Discovery PLC  says it has found an exploration partner for its South Timmins gold project.

The partner, identified as 1315956 BC Ltd, will commit up to C$1.5m in exploration expenditure on the property, with a minimum of C$265,000 to be spent during the first year. 

In addition, 1315956 BC Ltd will issue 2.25mln shares to Cloudbreak and make aggregate cash payments of C$495,000 over a three-year period.

Upon completion of these option agreement obligations, Cloudbreak will transfer 100% interest in the property to 1315956 BC Ltd, but retain a 1% net smelter royalty.

The partner must also enter into a go public transaction within three months of the effective date of the agreement.

The project is located in the Abitibi Greenstone belt.

"We are excited to continue to explore in the most prolific and largest gold producing greenstone belt in the world,” said 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. With 120 years of mining and over 190 million ounces produced the potential for discovery in the Abitibi remains."

Tags: Northern Ontario / Exploration / Gold / All Articles