London-listed natural resource project generator Cloudbreak Discovery Plc (LSE: CDL) said it has staked a new project in central British Columbia, Canada. The project, called the Foggy Mountain, is located east of Kemess Mine, near Thutade Lake, approximately 430 km northwest of Prince George in British Columbia. Similarly to nearby mines such as Shasta, Baker, Lawyers and Kemess which were all active in the past the Foggy Mountain contains various ratios of gold, silver and copper.
Cloudbreak Discovery sources mining projects in Canada and around the world and is involved in a range of natural resources including gold, helium, copper and other base and minor metals. The staking of Foggy Mountain will add additional mineral tenure to the over 45,000 hectares already staked by the company.
What has been found at Foggy Mountain?
Foggy Mountain covers an area of slightly over 4,200 hectares stretching northwest to southeast and trending over three claim blocks.
Three historic surface grab samples with anomalous mineralization from the project contained 3.74 grams of gold per tonne of ore, 5.1 g/t of silver, and 0.94% of copper in one case, 0.3 g/t of gold, 12.9 g/t of silver and more than 1% of copper in the second while the third sample contained 0.14 g/t gold, 38.4 g/t silver and more than 1% of copper.
Sampling in the past has identified multiple showings where mineralization is associated with quartz and pyrite-chalcopyrite veins and apart from gold also contains molybdenum. The overall style of mineralization reported in the historic work on the property is similar to that observed at Kemess South, which during its thirteen-year long mining life produced 2.978 million ounces of gold and 794 million pounds of copper.
Commenting on this new discovery in British Columbia, an area that is a prolific contributor of copper and gold, Cloudbreak Discovery’s chief executive Kyler Hardy said, “The property is in a favourable location, laying along a mineralized corridor containing several past producers. The mineralization described by previous explorers is comparable to that of Kemess, and we are keen to follow up and build on the information gathered to date.”
Increasing portfolio of active projectsThe Armchair Trader has been closely following Cloudbreak Discovery since it listed on the London Stock Exchange in June last year. Its portfolio of new projects sparked investor interest and earlier this spring the share price rose by almost 475%. Although the price has corrected lower since then the share is still trading 217% higher year-to-date.
The company forged a strategic alliance in the US with Alianza Minerals (CVE:ANZ) in December last year and has recently updated on its progress with its Stateline project, also in the US. Across the company’s portfolio, 13 out of 17 projects are being advanced by partners now. There are now some excellent results coming out of some of these polymetallic projects.
Also, with Covid easing in parts of the world it is getting slightly easier to get boots on the ground and move various exploration projects forward and the company is venturing further afield, particularly into minerals rich West Africa where it is evaluating a number of projects for potential acquisitions and advancement.