Cloudbreak Discovery Plc LSE:CDL, the mining and energy project generator, has said it has completed the reconnaissance surface programme at its Foggy Mountain Project. The company staked the gold, silver and copper project in April this year.
The programme looked at the three out of the four historic mineral occurrences at the site and the seven grab samples from the site found copper content of over 1%. Prospecting and mapping across the central portion of the property was also completed.
As a ‘prospect generator’ the company sources and transacts on mineral properties involving a range of metals including gold, helium, copper and other base and minor metals, focusing particularly on resources key to the energy transition.
The Foggy Mountain Project is located in the prolific Toodoggone region of north central British Columbia. The asset is situated immediately east of the previous Kemess mine, which produced approximately three million ounces of gold and 800 million pounds of copper over its mine life.
Looking for a partner for further exploration
Cloudbreak aims to tap into the potential of the region by identifying a partner to further explore Foggy Mountain and if that proves successful to eventually develop the project to its full potential.
“These encouraging results seen at one of our early-stage targets demonstrate how Cloudbreak can generate interesting ideas with potentially significant exploration upside for our partners. British Columbia remains a globally significant source of copper with many valid unexplored or under-explored targets,” said chief executive Kyler Hardy.
The Foggy Mountain project is lying on trend with several past producers, including Shasta, Baker, Lawyers and Kemess South and has mineralization which has been described as comparable to that of Kemess. The project is roughly northwest-southeast trending. It comprises three claim blocks and covers 4,209.96 hectares.
It is located at the southern end of the Toodoggone Camp, in north central British Columbia, near Thutade Lake approximately 250 kilometre north of Smithers and 430 km northwest of Prince George.
Sampling has identified multiple showings where mineralization is associated with quartz, quartz-carbonate, or massive sulphide.
Busy year for Cloudbreak Discovery
The company, which makes its income from raw materials production royalties, has been busy with a number of other projects this year including investing $1.5 million of development capital into Iron Forge Holdings (IF3) for the Butte Strawn Energy Project located in Irion County, Texas.IF3 has defined a detailed programme of workovers of existing wells, new drilling and enhanced oil recovery techniques which would help to rapidly grow both oil and natural gas production.
Another oil project signed this year is the deal with G2 Energy Corp. where Cloudbreak is providing a portion of the acquisition financing for the Masten Unit Energy Project in Cochran County in Texas in exchange for a 3.25% overriding royalty interest.
Cloudbreak’s existing revenue streams include smelter royalty from Norseman Silver Inc TSXV:NOC. Under an agreement signed with the firm two years ago Cloudbreak Discovery is entitled to a 2% net smelter royalty from Norseman Silver’s Caribou copper and silver project in British Columbia.
Listen: Podcast with Kyler Hardy, CEO of Cloudbreak Discovery
