Alianza Announces Results of Annual and Extraordinary General Meeting and Grants Options to New Director
Under the Stateline Option Agreement, Allied may acquire a 100% interest in the property under the following terms (all payment amounts are split 50/50 between Alianza and Cloudbreak):
– Over a three-year period, Allied will spend a total of CAD$3,750,000 in exploration expenditures on the property, of which at least CAD$500,000 will be spent before the first anniversary of the closing date;
– Issue 4,250,000 ordinary shares over a period of three years, of which 500,000 are due at closing; and
– Make a total of CAD$315,000 in cash payments to the Alliance, of which $40,000 will be paid shortly and an additional $50,000 due at closing.
– The Alliance will retain a 2% net smelter royalty which is not subject to a buyout clause.
If Allied acquires additional mining tenures in the Area of Interest (the “IA”), it will issue additional common shares to the Alliance on a sliding scale proportional to the area of the mining tenures acquired. Conversely, if the Alliance acquires mining tenures in the area of interest, it will first offer them to Allied and will be compensated according to this same sliding scale, if Allied chooses to acquire them.
Jason Weber, President and CEO of Alianza, said, “We are delighted to expand our relationship with Allied and look forward to supporting their exploration efforts in the Paradox Basin. Having both Stateline and Klondike with the same partner allows us to better understand the geology and mineralization in the Paradox Basin and explore the regional opportunities it contains. »
About the Stateline project
The Stateline Project is located approximately 40 kilometers southwest of Naturita, Colorado, spanning the state border between Utah and Colorado at the southeast end of the Lisbon Valley. This property is located within the Paradox Copper Belt, which includes the Lisbon Valley Mining Complex (“LVMC”). There are many historic occurrences of copper that have been identified throughout the belt, however, many of these have not been explored using modern exploration techniques.
Figure 1. Stateline Property Location and Regional Geological Plan Map
Click on image to view full size
Historical surface sampling of mineralized outcrops returned assay results of up to 1.6% copper and 1.7 grams per tonne (“g/t”) silver and 0.45% copper and 2.1 g/t silver. Disseminated copper-silver mineralization has also been identified in several outcropping sandstones in other stratigraphic positions. Both styles of mineralization will be investigated in future work programs with the goal of refining drill targets in these units. Initial work will include detailed geological mapping, soil and rock sampling, and geophysics.
The project is accessible by road all year round, including roads allowing access to the Lisbon Valley Mining Complex (LVMC). The project includes 22 mining claims on federal mineral rights managed by the Bureau for Land Management. The land covered by the current claims was at one time part of LVMC’s claim file.
About the Strategic Alliance
Under the terms of the Alliance, Cloudbreak Discovery Plc or Alianza Minerals Ltd can submit projects to the Alliance. Projects accepted into the Alliance will be held 50/50 but the financing of the initial acquisition and any preliminary work programs will be financed 40% by the introducing partner and 60% by the other party. Project expenses are determined by a committee made up of two senior executives from each party. Alianza is the operator of Alliance projects unless the Alliance Steering Committee determines, on a case-by-case basis, that Cloudbreak would be a more appropriate operator. The initial term of the Alliance is two years and can be extended for an additional two years.
About Cloudbreak Discovery PLC
Cloudbreak Discovery PLC, is a leading natural resource project generator, working on a wide range of mining assets which are developed and managed by an experienced team with a proven track record. Accretion of value in projects developed by Cloudbreak’s generative model enables a multi-asset approach to investment and exploration. Diversification within the mining sector and among resource classes is essential to withstand natural resource investment cycles.
About Allied Copper Corp.
Allied Copper Corp., headquartered in Vancouver, British Columbia, is a mining exploration company focused on acquiring and developing prospective, scalable, long-lived copper-gold assets in the western United States. The Company’s strategy is to focus on low cost, high growth potential operations in low risk jurisdictions. Allied Copper’s management is committed to operating efficiently and transparently in all areas of the business.
About Alianza Minerals Ltd.
Alianza uses a hybrid business model of joint venture financing and self-funded projects to maximize the chances of exploration success. The Company currently has gold, silver and base metal projects in the Yukon Territory, British Columbia, Colorado, Nevada and Peru. With this agreement, Alianza now has three optional projects with partners, including a second project, Klondike, optional with Allied and one (Tim, Yukon Territory) optional with Coeur Mining, Inc. Alianza is actively seeking partners on d other projects.
Alianza is listed on the TSX Venture Exchange under the symbol “ANZ” and trades on the OTCQB market in the United States under the symbol “TARSF”.
Mr. Jason Weber, P.Geo., President and CEO of Alianza Minerals Ltd. is a qualified person as defined by National Instrument 43-101. Mr. Weber supervised the preparation of the technical information contained in this press release.
For more information, contact:
Jason Weber, President and CEO
Sandrine Lam, Shareholder Communication
Tel: (604) 807-7217
Fax: (888) 889-4874
Renmark Financial Communications Inc.
Tel: (416) 644-2020 or (212) 812-7680
To learn more, visit: www.alianzaminerals.com
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICE PROVIDER (AS ITS TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE RELEVANCE OR ACCURACY OF THIS RELEASE. STATEMENTS IN THIS PRESS RELEASE, OTHER THAN PURELY HISTORICAL INFORMATION, INCLUDING STATEMENTS RELATING TO FUTURE PLANS AND OBJECTIVES OF THE COMPANY OR EXPECTED RESULTS MAY INCLUDE FORWARD-LOOKING STATEMENTS. THE FORWARD-LOOKING STATEMENTS ARE BASED ON MANY ASSUMPTIONS AND ARE SUBJECT TO ALL RISKS AND UNCERTAINTIES INHERENT IN THE EXPLORATION AND DEVELOPMENT OF THE RESOURCES. ACCORDINGLY, ACTUAL RESULTS MAY VARY MATERIALLY FROM THOSE DESCRIBED IN THE FORWARD-LOOKING STATEMENTS.
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