Cloudbreak Discovery PLC (LSE:CDL, OTC:CDBDF) shares moved positively, rising 6.25% to 0.85p, after it secured Western Australian Government co-funding for a major geophysics programme at its Paterson Project, cutting the cost of work aimed at sharpening drill targets across a large copper-gold prospective land package.
The Exploration Incentive Scheme grant covers up to A$269,270 for a wider A$438,540 MobileMT survey programme, including 50% government funding and a one-off payment of up to A$50,000.
Cloudbreak’s Paterson Project covers around 888 sq km in Western Australia, about 40km south of the Telfer gold-copper mine and 60km southwest of the Havieron gold-copper mine.
The company said the ground is prospective for copper-gold-molybdenum mineralisation and contains historical copper, gold and molybdenum drill results alongside multiple untested geophysical targets.
The proposed airborne MobileMT survey will span about 2,771 line kilometres, with 400-metre spaced lines flown northeast-southwest. Cloudbreak said the technique is designed to map subsurface resistivity contrasts, structures and geological complexity beneath significant cover.
Managing director Tom Evans said the grant would help the company “accelerate exploration while materially reducing the cost burden to shareholders”, adding that Cloudbreak remains fully funded for planned exploration activities, including its upcoming Darlot drill campaign.
Expert Geophysics will fly the survey in the coming months using its proprietary MobileMT AFMAG system, with interpretation to be completed by Russell Mortimer of Southern Geoscience Consultants.