Cloudbreak Discovery PLC (LSE:CDL, OTC:CDBDF) shares jumped 20% after it secured an exclusive option to acquire the Crofton Gold Project in Western Australia.
The project is located in the Pilbara region, near Marble Bar and Nullagine. And, Cloudbreak highlighted that previous sampling campaigns have returned bonanza-grade assays, including 253 grams per tonne (g/t) gold and 215 g/t silver.
Soil sampling also outlined multiple gold trends with strike lengths over one kilometre and values up to 3 g/t gold. Historic production in the area from 1901 to 1910 averaged 150 g/t gold.
"This is an incredibly exciting gold project in Western Australia and it adds significantly to our growing portfolio of gold assets in a period of record gold prices and resurgent silver prices," said managing director Tom Evans.
It is paying an initial option consideration of £10,000, and it will issue 56 million new shares to exercise the option by 31 January 2026.
In London, Cloudbreak shares gained 17% to change hands at 1.26p.