Cloudbreak Completes Airborne Magnetic Survey on Northern Treasure

Source: www.gulfoilandgas.com 10/28/2022, Location: North America

Cloudbreak Discovery PLC, a leading natural resources project generator and royalty business, with a particular focus on resources key to the energy transition, is pleased to announce that Precision GeoSurveys has completed a high-resolution helicopter-borne magnetic survey over the Northern Treasure Project ("Northern Treasure" or the "Project"), located in northwestern British Columbia. The survey consisted of 3,133 line-kilometres, flown at 100 metres line-spacing covering the entirety of the two claim blocks. The survey has identified several prominent structures and the survey results will provide valuable information enabling Cloudbreak to understand the geologic story of the property and delineate targets.

The Company intends to follow up on this survey next year with a surface program comprised of mapping, prospecting and soil sampling. Cloudbreak's focus will be on: lineaments identified in this magnetic survey; anomalies from the remote sensing study conducted earlier this year; and ground truthing historic minfile occurrences that initially drew the Company's interest to the area when it selected Northern Treasure for staking. Integration of the magnetic data and interpretation is currently ongoing to prioritize the target areas for this program.

Kyler Hardy, President and CEO of Cloudbreak , commented, "The high detail of this survey has highlighted some structures that are coincident with minfile occurrences. We are looking forward to refining the interpretation and getting back out on the project next year. The regional mineralization and historic showings both on the property and along the geologic trends are what initially attracted us to the property."

In addition to the completion of the survey at Northern Treasure, Cloudbreak's partner, Power Group Projects Corp ("PGP") conducted surveys over the portion of the northwestern portfolio, specifically Rizz, Icefall and Atlin West projects, which were surveyed as per PGP's news release from October 17, 2022.

About the Northern Treasure Project
The Northern Treasure Project is located approximately 100 kilometres south of Atlin and immediately adjacent to Brixton's Thorn Project. The Project is comprised of two claims northeast and southwest from each other and totals 29,580 hectares.

The property geology is favourable to host porphyry, volcanic massive sulphide (VMS), high-sulphidation and stockwork vein and sediment-hosted deposit types. These deposit types can contain copper, gold, silver and zinc. The claims are underlain by Stuhini Group volcanic and sedimentary rocks with Sloko-Hyder plutonic suite.

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

Qualified Person
Mr. Rory Kutluoglu P. Geo., Chief Operation Officer of the Company, is the Qualified Person ("QP") under NI 43-101 for the technical information in this news release, has verified the data disclosed and approves the technical contents contained in this news release.


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