Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.
Shares of Cloudbreak Discovery (LON: CDL) are down on Thursday after the company announced the acquisition of the first project generated from their newly formed strategic alliance with Alianza Minerals.
The alliance has acquired the Klondike Property, located in Colorado, United States, consisting of 72 Bureau of Land Management claims and a State of Colorado exploration permit with an exclusive right to a State Lease.
Cloudbreak said the alliance is focusing on the identification, acquisition, and advancement of copper projects in the southwestern US, specifically Arizona, Colorado, New Mexico, and Utah.
The Klondike project is known to host sediment-hosted copper deposits in the emerging Paradox Copper Belt and has had no copper exploration in the area since the 1960s.
Kyler Hardy, President and CEO of Cloudbreak, commented: “We are very excited to investigate the high-grade potential demonstrated by the historical work. We know these rocks are prospective for copper mineralisation as evidenced by other deposits in the belt and the active Lisbon Valley Copper Mine.”
Cloudbreak Discovery's share price is down 9.8% at 2.3p following the announcement.
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