(TheNewswire)
Vancouver, BC – TheNewswire - August 10, 2022 - Alianza Minerals Ltd.(“Alianza”) (TSXV:ANZ ) , ( OTC:TARSF) ispleased to announce that a 1,000 metre (m) drill program is underwayat the Klondike Property (“Klondike”), a property in Alianza’sstrategic alliance with Cloudbreak Discovery PLC (“Cloudbreak”),located in southwestern Colorado, United States. The drill is turningand most of the construction related to the drill pads and temporaryroad access to them is complete. Notably, construction of the accessbetween pads L and N at the Northeast Fault target revealed numerousnew occurrences of copper oxide mineralized sandstone.
The planned 1,000m drill program, fully funded by partner AlliedCopper Corp. (“Allied”), is designed to test three separatemulti-kilometre copper-mineralized targets at the West Graben, EastGraben and Northeast faults. The first phase $1.0 million drillprogram will test at least five of the 12 highest priority drillholesto a maximum depth of approximately 250m.
“We are extremely pleased to have drilling underway at Klondike,just over one year after announcing its acquisition with our alliancepartner, Cloudbreak.” stated Mark T. Brown, Executive, Chairman ofAlianza. “It is very encouraging that we are uncovering new copperoccurrences as we build access into the drill pads, strengthening ourconviction that we are testing robust copper targets.”
It is anticipated that the program will take four to six weeks tocomplete, with results potentially available in Q4 2022. Allied isfunding this program under an option agreement whereby Allied can earna 100% interest in the Klondike property from the Strategic Alliance(Alianza and Cloudbreak) over a four year period by funding $4.75million in exploration, issuing 7 million shares and paying $400,000to the alliance partners. An additional 6 million warrants in thestock of Allied are payable at certain milestones. The alliancepartners will hold a 2% NSR, of which 1% can be purchased for $1.5million.
About the Klondike Property
The Klondike Property is located approximately 25 kilometres south ofNaturita, Colorado. This property lies within the Paradox Copper Belt,which includes the producing Lisbon Valley Mining Complex. Numeroushistorical copper occurrences have been identified throughout thedistrict, however, many of these have not been explored using modernexploration techniques.
A 2021 reconnaissance program consisting of mapping, stream sedimentsampling and rock sampling was undertaken at the Klondike Property tohelp define drill targets at the West Graben Fault and East GrabenFault targets. Rock sampling and mapping successfully expanded thefootprint of both targets and identified a new target named theNortheast Fault. Sampling at theNortheast Fault returned 1.56% copper and 1.4 grams per tonne(“g/t”) silver over a 4.6 metre chip sample of bleached, bitumenspotted and altered Jurassic sandstones of the Saltwash member of theMorrison Formation.
Copper mineralized sandstones at the Northeast Fault target can betraced along the fault and outboard from it into the adjacentsandstones over an area 200 metres long by 100 metres wide beforebecoming obscured beneath gravel cover. Further anomalous copper,including 2.1 metres of 463 ppm copper, was encountered over onekilometre to the northwest where the structure and host strata nextappear from beneath the same gravel cover.
At Klondike, documented copper exploration ceased in the 1960s withsubsequent exploration targeting uranium the 1970s. Previous workersreported high-grade copper mineralization highlighted by results of6.3% copper and 23.3 g/t silver in outcrop. In addition to itshigh-grade potential, disseminated copper-silver mineralization hasbeen observed which may be amenable to modern open pit mining withSolvent Extraction Electrowinning (“SXEW”) processing similar tothe Lisbon Valley Mining Complex. Sedimentary hosted copper depositsare an important contributor to world copper production, accountingfor more than 20% of the world’s copper supply annually.
The project is road accessible year-round, traveling two kilometres ofgravel road from paved highway. The project is comprised of 76 miningclaims on Federal mineral rights managed by the BLM, in addition to anExploration Permit and an exclusive right to a State lease from theState of Colorado.
Figure 1. 2022 Phase 1Drillholes and Permitted Drillholes, Klondike Property, Colorado
About the Strategic Alliance
Under the terms of the Alliance, either Cloudbreak Discovery PLC orAlianza Minerals Ltd can introduce projects to the Alliance. Projectsaccepted into the Alliance will be held 50/50 but funding of theinitial acquisition and any preliminary work programs will be funded40% by the introducing partner and 60% by the other party. Projectexpenditures are determined by committee, consisting of two seniormanagement personnel from each party. Alianza is the operator ofAlliance projects unless the Alliance steering committee determines,on a case-by-case basis, that Cloudbreak would be a more suitableoperator. The initial term of the Alliance runs for two years and maybe extended for an additional two years.
About Cloudbreak Discovery PLC
Cloudbreak Discovery PLC, is a leading natural resource projectgenerator, working across a wide array of mineral assets that arebeing developed and managed by an experienced team with a proven trackrecord. Value accretion within the projects being developed byCloudbreak’s generative model enables a multi-asset approach toinvesting and exploration. Diversification within the mining sectorand amongst resource classes is key to withstanding the cycles ofnatural resource investing.
About Allied Copper Corp.
Allied Copper Corp. is headquartered in Vancouver, BC Canada is amineral exploration company focused on acquiring and developingpotential long life, scalable copper-gold assets in the Western UnitedStates. The company’s strategy is to focus on low cost and potentialhigh growth operations in low-risk jurisdictions. Allied’smanagement is committed to operating efficiently and with transparencyin all areas of the business.
About Alianza Minerals Ltd.
Alianza employs a discovery-focused business model of joint venturefunding and self-funded projects to maximize opportunity forexploration success. The Company currently has gold, silver and basemetal projects in Yukon Territory, British Columbia, Colorado, Nevadaand Peru. Alianza has one project (Tim, Yukon Territory) optioned outto Coeur Mining, Inc. and is actively seeking partners on otherprojects.
Alianza is listed on the TSX Venture Exchange under the symbol“ANZ” and trades on the OTCQB market in the US under the symbol“TARSF”.
Mr. Jason Weber, P.Geo., President and CEO of Alianza Minerals Ltd. isa Qualified Person as defined by National Instrument 43-101. Mr. Webersupervised the preparation of the technical information contained inthis release.
For further information,contact:
Jason Weber, President and CEO
Sandrine Lam, Shareholder Communications
Tel: (604) 807-7217
Fax: (888) 889-4874
Renmark Financial Communications Inc.
Scott Logan
slogan@renmarkfinancial.com
Tel: (416) 644-2020 or (212) 812-7680
To learn more visit: www.alianzaminerals.com
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