Cloudbreak Discovery PLC (LSE:CDL, OTC:CDBDF) said it has now exercised its option to acquire the Darlot West gold project in Western Australia, prompting a sharp rise in the share price.
It comes alongside the announcement that the latest phase of exploration has just been completed.
Darlot West spans 60.6 square kilometres, and lies 10 kilometres southwest of the Darlot Gold Mine, which has produced 2.8 million ounces of gold to date.
The company noted that the exploration phase saw it collect 76 rock chip samples and 577 soil samples, plus drone mapping and mapping using historical workings.
A total of 653 samples have been submitted to Intertek Laboratories in Perth for analysis, and results are expected in about one month.
"With the company now fully funded for all planned works, the number of samples collected from Darlot West in the past few weeks is exceptional - it's great to have this next phase completed so quickly, and I look forward to the results from Intertek Laboratories," managing director Tom Evans said.
"In the meantime, a high-resolution magnetic survey is planned, which will follow up on the vast number of metal detector pits identified by geologists, which may assist with mapping hidden gold structures."
Evans added: "we will continue to follow up gold mineralisation over the project with the aim of moving towards drilling as soon as possible. I look forward to updating shareholders as results come to hand."
In London, Cloudbreak shares were up 22% on Monday, changing hands at 0.55p.
It means the share is now up some 500% since mid-August, when it began unearthing results at Darlot West.