Cloudbreak Discovery 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.
The 888km² project includes three granted exploration licences and sits in one of Australia’s most active mineral provinces, which also hosts Rio Tinto’s Winu discovery and Greatland’s Havieron deposit.
The Paterson project was last drilled between 1987 and 1990 by CRA, now Rio Tinto, primarily for copper. Despite shallow intercepts of significant mineralisation, no modern exploration has been conducted since.
Historic results included 17m at 1.6 per cent copper and 317ppm molybdenum from 84m, including 9m at 2.6 per cent copper, as well as 9m at 2 per cent copper, 0.14 grams per tonne (g/t) gold and 272ppm molybdenum.
“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,” Cloudbreak managing director Tom Evans said.
“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.”
Under the terms of the deal, Cloudbreak has paid a $20,000 option fee for two months’ exclusive due diligence. Should it proceed, it will issue 330 million shares to ASX-listed Mammoth Minerals, which will retain a 10 per cent free-carried interest through to a definitive feasibility study with a positive net present value.
The project also surrounds Cameco’s Kintyre uranium deposit, which hosts 53.5 million pounds of U₃O₈ in resources.
“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,” Evans said.
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