Allied Copper Signs Option Agreement To Acquire 100% of Klondike Property, CO, USA - Seite 2

About the Klondike Property
The Klondike Property is located 25 km (15.6 miles) South of Naturita, Colorado and lies within the Paradox Copper Belt of San Miguel County, Colorado, USA. The operational Lisbon Valley Mine lies 50 km (approx.31 miles) to the NW. The property consists of 76 unpatented lode claims totaling 843 hectares (2,083 acres).

The Klondike Property is located about 3.2 km (2 miles) off Colorado Highway 141 and accessible by an all-weather County Road and then unimproved dirt roads throughout the project. The project is expected to be accessible all year round except during serious winter storms.

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A recent reconnaissance program conducted by Cloudbreak/Alianza (News Release dated December 1, 2021), consisting of mapping, stream sediment sampling and rock sampling, was undertaken at the Klondike Property to help define drill targets at the West Graben Fault and East Graben Fault targets. Rock sampling and mapping successfully expanded the footprint of both targets and identified a new target named the Northeast Fault. Sampling at the Northeast Fault returned 1.56% copper and 1.4 grams per tonne (“g/t”) silver over a 4.6 metre chip sample of bleached, bitumen spotted and altered Jurassic sandstones of the Saltwash member of the Morrison Formation.

Copper mineralized sandstones at the Northeast Fault target can be traced along the fault and outboard from it into the adjacent sandstones over an area 200 metres long by 100 metres wide before becoming obscured beneath gravel cover. Further anomalous copper, including 2.1 metres of 463 ppm copper, was encountered over one kilometre to the northwest where the structure and host strata next appear from beneath the same gravel cover.

Geology

The geology of the Klondike area has been mapped by the US Geological Survey (Cater, 1955; Vogel, 1960). The stratigraphic units exposed in the prospect area extend from the Pennsylvanian Paradox Formation through the Quaternary terrace gravel. The exposed Paradox Formation is for the most part a yellowish-gray residual breccia composed mostly of siltstone, gypsum, and minor black shale, remaining after the salt component of the Paradox Formation has been weathered away. The upper part of the Pennsylvanian section is Hermosa Formation, composed of gray fossiliferous limestone with thin beds of shale. The Permian section is Rico and Cutler Formations; maroon and red conglomerate and coarse arkosic sandstone, with limestone beds in the Rico. In the Triassic section the Moenkopi Formation is missing; the Chinle Formation contains red siltstone with beds of red sandstone, shale, and limestone pebble conglomerate. The Jurassic Glen Canyon Group is composed of Wingate Sandstone, Kayenta Formation, and Navajo Sandstone; two normally red and gray eolian sandstone units separated by red, buff, and gray fluvial sandstone, siltstone, and shale. Overlying the Navajo is a third fine eolian sandstone, the Entrada, in orange buff and white colors; and then the Summerville Formation, red sandy shales. The upper Jurassic Morrison Formation is composed of two members, the Salt Wash member, dominated by thick sandstone and conglomerate beds, overlain by the Brushy Basin member composed of variegated red and gray siltstone and shale with minor sandstone and conglomerate beds. The Cretaceous section is composed of Burro Canyon, Dakota, Mancos and Mesa Verde Formations, whose lithology is not important to the geology of the prospect. The ridge between Big Gypsum Valley and Klondike Basin is capped by terrace gravels of Quaternary age, well-rounded pebble, and cobble gravels, which rest unconformably on most of the older units.