Cloudbreak Discovery Secures Option on Paterson Gold-Copper-Molybdenum Project
Cloudbreak Discovery (LON: CDL) has secured an option to acquire the Paterson gold-copper-molybdenum project in Western Australia, located just 40km southwest of Greatland Gold’s Telfer mine.
Covering 888km² across three granted exploration licences, the project sits within one of Australia’s most active mineral provinces — home to Rio Tinto’s Winu discovery and Greatland’s Havieron deposit.
Location Plan
The Paterson ground was last drilled between 1987 and 1990 by CRA (now Rio Tinto), targeting primarily copper. Despite intercepting shallow zones of significant mineralisation, no modern exploration has taken place since. Historic results included:
17m at 1.6% Cu and 317ppm Mo from 84m, including 9m at 2.6% Cu
9m at 2.0% Cu, 0.14 g/t Au, 272ppm Mo from 84m
Cloudbreak’s managing director Tom Evans said the deal represented a significant opportunity:
“I am excited and delighted we have been able to secure exclusivity on this fantastic asset, in a jurisdiction with significant activity and proven recent success. Technological advances in geophysics since the 1980s have been substantial, particularly with the success of Mobile MT in the Paterson Province. We intend to begin with a geophysical survey to refine and rank drill targets for both copper and gold.”
Under the terms, Cloudbreak has paid a $20,000 option fee for two months of exclusive due diligence. If it proceeds, the company will issue 330 million shares to ASX-listed Mammoth Minerals, which will retain a 10% free-carried interest through to a definitive feasibility study with a positive net present value.
The project area also surrounds Cameco’s Kintyre uranium deposit, which hosts 53.5 million pounds of U₃O₈ resources.
Wanderer Prospect- Drill Collar Plan and Mineralised Trend
Evans added:
“I am excited for the company and its shareholders as we progress this opportunity, and I look forward to updating the market as our exploration programs advance.”
About Cloudbreak Discovery PLC
Cloudbreak Discovery PLC is a leading natural resource explorer and project generator. Cloudbreak is focused on mineral exploration and energy opportunities with the aim of bringing near-term cashflow and driving shareholder value.
Through its wholly owned but independently operated subsidiaries, the Company will develop its array of mineral assets, whilst continuing to generate new projects with a particular focus on commodities with high intrinsic value.
Cloudbreak’s generative model across the mineral sector enables a multi-asset approach to investing in the commodity cycle.
