Cloudbreak Discovery has secured an option to acquire the 888km² Paterson gold-copper-molybdenum project in Western Australia.
The project consists of three granted exploration licences located just 40 kilometres south-west of Greatland Gold Plc’s Telfer Gold-Copper Mine, which has produced 15 million ounces of gold and, together with the nearby Havieron deposit, hosts 10.2 million ounces of gold in resources.
Cloudbreak managing director Tom Evans said the project represents a rare opportunity.
“I am excited and delighted we have been able to secure exclusivity on this fantastic opportunity to acquire this asset, in a jurisdiction with significant activity and recent proven success. Located only 40km southwest of the Telfer Gold-Copper Mine operated by Greatland Gold Plc,” he said.
“Technological advances in geophysics since the 80s 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.”
The project also surrounds Cameco Corporation’s Kintyre uranium project, which holds an indicated resource of 53.5 million pounds.
Under the deal terms, Cloudbreak has paid a $20,000 option fee for two months of exclusive due diligence. Should it proceed, it can acquire a 90 per cent interest in the project through the issue of 330 million shares to ASX-listed Mammoth Minerals, which will retain a 10 per cent free-carried interest until the completion of a positive definitive feasibility study.
With the Paterson province already host to major copper and gold operations, including Rio Tinto’s Winu discovery and Greatland’s Havieron, Cloudbreak’s entry highlights the ongoing exploration potential of one of Australia’s most prospective mineral regions.
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