Cloudbreak Discovery PLC (LSE:CDL, OTC:CDBDF) shares traded lower on Wednesday after announcing a new acquisition in Western Australia.
The company, in a statement, told investors it has secured exclusivity to acquire the Paterson gold-copper-molybdenum project, covering 888 square kilometres located southwest of Greatland Resources' Telfer mine.
“I am excited and delighted we have been able to secure exclusivity on this fantastic opportunity to acquire this asset, in a jurisdiction with significant activity and recent proven success," said managing director Tom Evans.
At Paterson, historic drilling carried out in the 1980s returned multiple copper-gold intercepts, with exploration since focused mainly on uranium. Cloudbreak said modern geophysical methods will now be applied to define new drill targets.
In London, Cloudbreak shares were down 12.4% changing hands at 0.5p, valuing the explorer at around just shy of £9 million. At this level, Cloudbreak shares remain more than 200% higher over recent weeks.