Cloudbreak Discovery PLC (LSE:CDL) and Alianza Minerals Ltd (TSX:ANZ) have acquired the Stateline Property in the US, consisting of 22 unpatented mining claims from local prospectors, for US$20,000 in cash and a further US$40,000 in cash and/or shares.
The Stateline project covers the state boundary between Utah and Colorado and lies within the Paradox copper belt, which includes the producing Lisbon Valley Mine Complex (LVMC).
The mineralisation and host rocks bear a strong resemblance to those at LVMC, they said. Numerous historical copper occurrences have been identified throughout the belt, although many have not been explored using modern exploration techniques.
"This target presents an opportunity to drill test multiple horizons of favourable mineralisation,” said Cloudbreak president and chief executive Kyler Hardy. “Mineralisation outcrops at the surface and we are looking forward to gaining a better understanding of the geological setting at Stateline.”
“The proximity and on-trend position of Stateline relative to the LVMC makes this a highly prospective project in our view."
It is the second copper prospect acquired at the Stateline project by the companies under their Southwest US Copper Alliance.
"The Stateline property is another great target generated through this Alliance and demonstrates a strong ability to identify interesting prospects for copper mineralisation," said Alianza president and chief executive Jason Weber.
Historical surface sampling of mineralized outcrops at Stateline has yielded assay results up to 1.6% copper and 1.7 grammes a tonne (g/t) silver and 0.45% copper and 2.1 g/t silver. Disseminated copper-silver mineralisation has also been identified in several outcropping sandstones in other stratigraphic positions. Both styles of mineralisation will be investigated in upcoming work programmes with the goal of refining drill targets.
The two companies said they will continue to identify, acquire, and advance copper projects in the southwestern US states of Arizona, Colorado, New Mexico and Utah.
“Progress has been excellent to date and work continues to identify new copper exploration opportunities to acquire and advance with the intent of finding strong partners to move the projects forward,” they said.