Cloudbreak Discovery Plc (LON: CDL), a London Stock Exchange Main Market listed company, is pleased to announce that it is proceeding with the acquisition of 90% of the Paterson Gold-Copper-Molybdenum Project, that covers 888km2 in the Paterson Province of Western Australia, located only 40km southwest of the Telfer Gold-Copper Mine operated by Greatland Gold Plc (Figure 1).
Highlights:
· The Paterson Project covers 888km2 of granted Exploration tenure, 40km south west of Greatland Gold Plc’s (GGP London and ASX) Telfer Gold Copper Mine. Telfer has produced 15Moz of gold and combined with Havieron hosts a total of 10.2Moz Au in resources.
· Drilling last completed in 1987 with multiple significant drilling intercepts including:
o 17m @ 1.6% Cu, 317ppm Mo from 84m (87WDRC2)
▪ Including 9m @ 2.6% Cu, 456ppm Mo
o 9m @ 2.0% Cu, 0.14g/t Au, 272ppm Mo from 84m (87WDRC6)
▪ Including 5m @3.1% Cu, 0.20g/t Au, 430ppm Mo
o 11m @ 1.5% Cu, 0.10g/t Au, 181ppm Mo from 83m (87WDRC8)
▪ Including 7m @ 2.1% Cu, 0.15g/t Au, 250ppm Mo
o 13m @ 1.1% Cu, 0.29g/t Au from 107m (87WDRC14)
▪ Including 6m @ 2.0% Cu, 0.27g/t Au
o 8m @ 0.7% Cu, 310ppm Mo from 98m (87WDRC7)
▪ Including 1m @ 3.3% Cu, 0.22g/t Au, 560ppm Mo
· Historic exploration looking for copper not gold
· Significant drilling intercepts are shallow and can be targeted using reverse circulation (“RC”) drilling
· Multiple geophysical targets identified which are yet to be drill tested
· Targets associated with magnetic lows and gravity highs
· Mobile MT, a technique utilised by Wishbone Gold Plc and the Telfer Mine in the Paterson Province, to be used over the Paterson Project area
· Paterson Project also surrounds the Kintyre Uranium Project owned by global major Cameco Corp. Kintyre hosts a total indicated resource of 53.5Mlb U3O8
Tom Evans, Cloudbreak’s MD, commented; “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.
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.”
For additional information please contact:
Cloudbreak Discovery PLC
Peter Huljich, Chairman
Tom Evans, Managing Director
Tel: +44 207 887 6139
Tel: +44 7851 7
