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LONDON - Cloudbreak Discovery Plc (LSE:CDL) has secured an exclusive option to acquire the Paterson Gold-Copper-Molybdenum Project in Western Australia, located 40km southwest of the Telfer Gold-Copper Mine operated by Greatland Gold Plc.
The project covers 888km2 of exploration tenure in the Paterson Province and includes three exploration licenses. Cloudbreak has paid A$20,000 for a two-month exclusive due diligence period. If the company proceeds with the acquisition, it will acquire a 90% interest by issuing 330,000,000 shares to Mammoth Minerals Ltd (ASX:M79).
The Paterson Project surrounds the Kintyre Uranium Project owned by Cameco Corp, which hosts an indicated resource of 53.5 million pounds of U3O8.
According to the company, historical drilling at the Wanderer Prospect conducted between 1987 and 1990 yielded significant copper and gold intercepts that have not been followed up for 35 years. Notable results include 17 meters at 1.6% copper and 317ppm molybdenum from 84 meters, and 9 meters at 2.0% copper, 0.14g/t gold, and 272ppm molybdenum from 84 meters.
The company stated that previous exploration focused primarily on copper rather than gold potential. Most historical drilling only reached depths of 100 meters, with multiple holes reportedly ending in mineralization.
Cloudbreak plans to employ Mobile MT geophysical surveying, a technique used by other operators in the region, to refine and rank drill targets for both copper and gold exploration.
The Telfer Gold-Copper Mine referenced as being near the project has reportedly produced 15 million ounces of gold and, combined with Havieron, hosts resources of 10.2 million ounces of gold, according to the press release statement.
Mammoth Minerals will retain a 10% free carried interest in the project until the completion of a definitive feasibility study with a positive net present value.
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