Cloudbreak Discovery PLC (LSE:CDL, OTC:CDBDF) shares rocketed over 100% in Thursday's trade after announcing that sampling at its Darlot West project in Western Australia has returned high-grade gold results, with assays reaching 28.62 grams per tonne at surface.
Other samples included grades of 4.50 g/t, 2.62 g/t, and 1.30 g/t alongside the highlight 28.62 g/t result
Chief executive Tom Evans highlighted "exceptionally good" results from the samples, gathered during the explorer's initial field trip.
"Getting results approaching an ounce of gold per tonne are not common and are much better than we had expected," Evans said.
Cloudbreak is now exercising its option to acquire 100% of Darlow West, which it described as being an "exciting play in one of the world's Tier-1 exploration and mining jurisdictions."
The maiden programme has identified multiple zones across four prospect areas, and it will now be followed up with a larger exploration campaign to help the company understand the extent of gold mineralisation and define the areas potential.
"The Darlot area is highly prospective for gold, and we are keen to move forward with the transaction and expand our footprint in the immediate area and are well advanced on sourcing additional gold tenements to add to our portfolio here," Evans added.
Darlow West is, as the name suggests, near the producing Darlot gold mine (some 10km away). The mine has produced 2.8 million ounces of gold to date, Cloudbreak noted.
In London, Cloudbreak shares were up 105% changing hands at 0.31p, and had hit as high as 0.47p at one point earlier. At the current level, the micro-cap explorer is valued at less than £5 million by the market.