Cloudbreak Discovery PLC shares jumped on Monday after it announced it is proceeding with the acquisition of a 90% stake in the Paterson Gold-Copper-Molybdenum Project, which covers 888km² in the Paterson Province of Western Australia, and is located only 40kms southwest of the Telfer Gold-Copper Mine operated by Greatland Gold.
"I am excited and delighted we have been able to proceed with this fantastic opportunity to acquire this asset, in a jurisdiction with significant activity and recent proven success by Wishbone Gold Plc. Located only 40km southwest of the Telfer Gold-Copper Mine operated by Greatland Gold Plc," said Tom Evans, Cloudbreak managing director.
"Technological advances in geophysics since the 80's have improved greatly with the success of Mobile MT in the Paterson Province, we intend to start off with this geophysical survey, to use as another vector and data layer to refine and rank drill targets not only for copper but for gold as well. I am excited, for the company and its shareholders, as we progress this great opportunity and I look forward to updating the market as our exploration programs progress."
At Paterson project, drilling was last completed in 1987 with multiple significant drilling intercepts including 17m @ 1.6% Cu, 317ppm Mo from 84m, including 9m @ 2.6% Cu, 456ppm Mo. Other significant intercepts include 9m @ 2.0% Cu, 0.14g/t Au, 272ppm Mo from 84m, including 5m @3.1% Cu, 0.20g/t Au, 430ppm Mo, and 11m @ 1.5% Cu, 0.10g/t Au, 181ppm Mo from 83m, including 7m @ 2.1% Cu, 0.15g/t Au, 250ppm Mo.
Historic exploration was looking for copper not gold. The significant drilling intercepts are shallow and can be targeted using reverse circulation drilling, Cloudbreak noted.
Multiple geophysical targets have been identified which are yet to be drill tested. Targets are associated with magnetic lows and gravity highs. Mobile MT, a technique utilised by Wishbone Gold and the Telfer Mine in the Paterson Province, will be used over the Paterson Project area.
In London, Cloudbreak shares were up 18%, changing hands at 0.65p.