Oct 19 2010
Cloudbreak Resources Ltd. (TSX VENTURE:CDB)(PINK SHEETS:CUDBD)(FRANKFURT:C6K) has announced the commencement of a high resolution airborne geophysical survey on its 100% controlled gold properties (243 claims - 12,457 acres) in Yukon's White Gold district.
Cloudbreak's claims adjoin Kinross's White Gold property only 5.3 km east of its Golden Saddle deposit. These claims are underlain by the same geologic unit that hosts the Golden Saddle deposit as well as multiple new high grade gold discoveries on Kaminak's Coffee Creek property 30 km to the south. The attached map shows four linear gold anomalies that have been outlined by initial reconnaissance soil sampling. These anomalies appear to be controlled by linear structures similar to those associated with high grade gold on the Kinross and Kaminak properties. They include a 7 km long anomaly with up to 75 ppb Au that traverses Cloudbreak's Strike claim block and remains open to the northwest, and a 2 km long gold anomaly that starts in the centre of Cloudbreak's BRC claims and extends northwest onto the Kinross property. These anomalies are regarded as significant because the first reconnaissance soil sampling on the Kinross White Gold property only returned values up to 150 ppb Au. The 7 km gold soil anomaly appears to coincide with a linear string of potassium anomalies identified by a radiometric survey that was flown in October, 2009 to cover the Strike claims only. Radiometric maps from the 2009 survey confirm that the Strike claim block shows a regional pattern of north-south, east-west, northwest-southeast and northeast-southwest lineaments similar to those reported by Kaminak in the Coffee Creek area.
After compiling and analyzing the results of field work reported in its February 25, 2010 news release, and completing a NI 43-101 technical report on August 11, 2010 Cloudbreak has commissioned Precision Geosurveys Inc. to conduct a state-of-the-art, high resolution helicopter-borne geophysical survey in order to confirm structures that are associated directly or indirectly with the linear gold-soil anomalies. The survey is being flown with a 50 m line spacing and a sensor elevation of only 35 metres above ground, and is expected to result in very high quality data that will confirm and identify key structures that may be associated with the known gold on the property, as well as developing additional targets for follow-up in Cloudbreak's planned 2011 surface exploration program.
The Company's Gold Division is currently in the final stages of investigating multiple opportunities to expand and enhance its position in this exciting and newly evolving gold district. In support of these goals, Cloudbreak is pleased to report the appointment of Lawrence Dick, Ph.D., P. Geo. and Bruce Durham, M.Sc., P. Geo. to the Advisory Board, and as consultants to Cloudbreak.
Dr. Lawrence (Larry) Dick has over 35 years of mineral experience, and is an internationally recognized explorationist who has been credited with or played a key role in five major mineral discoveries in North and South America. He is very familiar with the Yukon, having spent more than ten years working throughout the Territory including the Carmacks gold camp and the Nisling Range, which both form part of what is now known as the White Gold District. He formerly held a variety of positions with Chevron Resources Company in the Americas including Exploration Manager, and led the exploration teams that discovered the Golden Bear deposit in British Columbia, and discovered and developed the Can Can gold-silver deposit in north-central Chile. As Manager of Exploration for Cia. Minera Dona Ines de Collahuasi, a joint venture corporation formed by Shell/Billiton, Chevron, Falconbridge and Anglo American he explored the large Collahuasi landholdings in northern Chile. He is a co-founder of General Minerals Corp. (now Sprott Resource Corp.) and has served for many years as its Executive Vice President and Independent Director, as well as directing its exploration activities. He also founded Copper 1 Inc., serving as its Chief Executive Officer and President, and subsequently co-founded and served as the President, CEO and Chairman of Evolving Gold Corp., before assuming his present role as Chief Geologist and Manager of Resources for Baron Global Financial Canada Ltd. He continues to serve on the Boards of a number of public companies, including Timmins Gold Corp., and is a Full and Fellow Councillor of the Geological Association of Canada Cordilleran Section, and a Full and Fellow Member of both the Society of Economic Geologists and the Geological Association of Canada. For his exploration successes in Chile, Dr. Dick was awarded the Chevron Chairman's Award, and the "Mente et Malleo" award at the Chilean Geological Congress for the most successful exploration team in Chile.
Bruce Durham also has more than 35 years experience in mineral exploration in Canada, USA and Africa, and was an integral member or leader of various exploration teams credited with the discovery or definition of a number of significant mineral deposits, including the David Bell Mine (Hemlo), the Golden Giant Mine (Hemlo), the Redstone Nickel Mine (Timmins), the Bell Creek Gold Mine (Timmins), and several nickel-copper deposits on the Raglan South Project of Canadian Royalties that are being evaluated for their economic viability. Mr. Durham was one of the founding members of Canadian Royalties Inc. (recently purchased by Chinese interests for $191 million) and has served in various roles that include President, Vice President, and Vice President Business Development. He is currently Executive Chairman of Temex Resources Corp.
"We are very pleased to have attracted people of this calibre," said Cloudbreak President Peter Bryant. "We have solid initial exploration assets in one of the most significant emerging gold districts in the world today. The Yukon was recently ranked fourth in the world for mineral exploration by the Fraser Institute. We look forward to completing and interpreting the current survey, and will report the results as they become available. With a solid base established, and a mandate to aggressively expand both our gold and oil divisions, we are well positioned to continue to grow shareholder wealth, and we look forward to the future with great optimism."
The Company has granted options to each of Mr. Dick and Mr. Durham to purchase up to 200,000 common shares at $0.37 per share for a period of ten years, subject to any earlier termination in accordance with their terms.
As part of a new corporate communications program, Cloudbreak has retained the Vancouver-based firm of King James Capital Corporation to conduct media awareness and investor relations programs on behalf of the Company. Headed by Mr. Jeff Stuart, King James is a media-relations specialist focused on the natural resource sector. Mr. Stuart has worked as a licensed Investment Advisor and with several public companies. He has been involved in arranging financing for mining exploration and development projects in Canada, the United States, Mexico, Venezuela and Guyana. He has extensive financial community contacts throughout North America and Europe.
The Company has agreed pay King James a fee of $1,500 per month on a month to month basis, and has granted options to purchase up to 100,000 common shares at $0.37 per share for a period of five years, subject to any earlier termination in accordance with their terms. The options will vest and become exercisable as to 25% on the last day January, 2011 and as to an additional 25% each three months thereafter.
The geological information in this news release has been reviewed and approved by Trevor Bremner, P. Geo., who is a qualified person under the definitions established by National Instrument 43-101.
Source: Cloudbreak Resources Ltd.