Cloudbreak Discovery PLC (LON: CDL) shares jumped 12% after the company secured co-funding of up to A$269,270 from the Western Australian Government’s Exploration Incentive Scheme for work at its Paterson Project.
The funding will support a geophysics programme across the company’s 888km² Paterson acreage, which is considered prospective for copper, gold and molybdenum mineralisation.
The grant covers 50% of the total programme cost of A$438,540 and will fund a MobileMT surveying campaign to map subsurface resistivity and geological structures beneath cover rocks.
Management said the survey technique has delivered successful exploration results elsewhere in the Paterson region and is expected to help refine drill targeting across the project.
The company added that it remains fully funded for its planned exploration activities.
