Cloudbreak Discovery Plc (LSE: CDL), a London Stock Exchange Main Market listed company, is pleased to announce the acquisition of the Paterson Gold-Copper-Molybdenum Project (‘The Paterson 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:
17m @ 1.6% Cu, 317ppm Mo from 84m (87WDRC2)
Including 9m @ 2.6% Cu, 456ppm Mo
9m @ 2.0% Cu, 0.14g/t Au, 272ppm Mo from 84m (87WDRC6)
Including 5m @3.1% Cu, 0.20g/t Au, 430ppm Mo
11m @ 1.5% Cu, 0.10g/t Au, 181ppm Mo from 83m (87WDRC8)
Including 7m @ 2.1% Cu, 0.15g/t Au, 250ppm Mo
13m @ 1.1% Cu, 0.29g/t Au from 107m (87WDRC14)
Including 6m @ 2.0% Cu, 0.27g/t Au
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 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 industry players and the Telfer Mine in the Paterson Province, to be used over the Paterson Project area
Tom Evans, Cloudbreak’s MD, commented; ‘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.
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.’
Location
The Paterson Project (Figure 1) directly surrounds the Kintyre Uranium Deposit and is located 40km south-south-west of Greatland Gold Plc’s Telfer Gold-Copper Mine.
Figure 1: Location Plan
Exploration Completed
The Wanderer Prospect (Figure 2 and 3) was drilled between 1987 and 1990 by CRA (at significantly lower prevailing copper and gold prices) as part of its uranium exploration expenditure across its nearby Kintyre Project. The majority of drilling was only drilled to 100m from the surface, with multiple holes logged as ending in mineralisation. No follow‐up drilling has occurred in the 35 years since then. Forty-two drill holes were drilled at the Wanderer Prospect on E45/5358 tenement.
Multiple significant drilling intercepts include:
17m @ 1.6% Cu, 317ppm Mo from 84m (87WDRC2)
Including 9m @ 2.6% Cu, 456ppm Mo
9m @ 2.0% Cu, 0.14g/t Au, 272ppm Mo from 84m (87WDRC6)
Including 5m @3.1% Cu, 0.20g/t Au, 430ppm Mo
11m @ 1.5% Cu, 0.10g/t Au, 181ppm Mo from 83m (87WDRC8)
Including 7m @ 2.1% Cu, 0.15g/t Au, 250ppm Mo
13m @ 1.1% Cu, 0.29g/t Au from 107m (87WDRC14)
Including 6m @ 2.0% Cu, 0.27g/t Au
8m @ 0.7% Cu, 310ppm Mo from 98m (87WDRC7)
Including 1m @ 3.3% Cu, 0.22g/t Au, 560ppm Mo
Figure 2: Wanderer Prospect Drill Section
Figure 3: Wanderer Prospect- Drill Collar Plan and Mineralised Trend
Deal Terms
Cloudbreak has paid a A$20,000 option fee to secure two months exclusive due diligence across the Paterson Project. If Cloudbreak elects to proceed, it can acquire a 90% interest in the project via the issue of 330,000,000 shares to Mammoth Minerals Ltd (ASX:M79, ‘Mammoth’). Mammoth is to retain a 10% free carried interest in the Project until the completion of a Definitive Feasibility Study with a positive NPV.
Tenure
The Project consists of three granted exploration licences E45/5358, E45/5391 and E45/6244 covering a land area of 888km2.
The ground is contiguous to the west, of the Cottesloe base-metal project held by Wishbone Gold Plc.
Regional Geology
The Paterson Orogen is a 2,000km long arcuate belt of folded and metamorphosed sedimentary and igneous rocks that range in age from predominantly Palaeoproterozoic to Neoproterozoic with limited outcrops of Archaean rocks.
The eastern margin of the Paterson Orogen is masked by younger Proterozoic to Phanerozoic sedimentary rocks (Officer and Canning Basins) with sedimentary units of the late Proterozoic Savory Basin on-lapping to the southwest. The main outcropping stratigraphic packages across the bulk of the Paterson Project are the lowermost member of the Mesoproterozoic to Neoproterozoic Yeneena Group, the Coolbro Sandstone, and the Paleoproterozoic Rudall Metamorphic Complex.
Local Geology
The Paleoproterozoic Rudall Metamorphic Complex hosts the Central Tenements surrounding the Kintyre Uranium deposit. At and around Kintyre, the prospective Yandagooge Formation outcrops within the Yandagooge Inlier, consisting of a ‘basement high’ of Rudall Metamorphic Complex surrounded by Neoproterozoic sandstone and Permian glacial tillite. The basement sequence has undergone a minimum of four deformation episodes and is unconformably overlain by Neoproterozoic sandstone and conglomerate deposits of the Yeneena Basin, which have seen at least one major deformation episode.
The dominant host-rock to mineralisation at Kintyre is a garnet-rich, chert-banded, calc-silicate magnetite schistose rock, sandwiched between carbonates and shales of the Yandagooge Formation. These are amphibolite facies metamorphosed rocks, later retrogressively metamorphosed to greenschist facies during or prior to the principal mineralisation phase. Late in syn-D3 or during D4 uranium-bearing, hydrothermal fluids were introduced into the system, depositing pitchblende within northeast dipping dilational zones developed in the S3 cleavage.
In the Kintyre area, the Yandagooge Inlier is surrounded by Coolbro Sandstone, which comprises a thick quartz sandstone sequence with intercalated carbonaceous mudstone and shale interbeds (Jackson & Andrew, 1990). The Coolbro Sandstone, which represents the basal formation of the low-grade metamorphic Neoproterozoic Yeneena Supergroup, exhibits a strong slaty cleavage and has been isoclinally folded and deformed around NW trending axes.
The Central Tenements around the Kintyre deposit are predominantly covered by outcropping northwest-southeast trending, northerly dipping, and folded Coolbro sandstone. Aeolian sand covers areas in the west-central and southeast portions of the tenement. It is believed that these areas are directly underlain by an inlier of the Yandagooge Formation Rudall Metamorphics (Jackson & Andrew, 1990). Rudall Metamorphics outcrop in the west-central area and near the south-eastern corner of the tenement. The north eastern edge of the tenement has outcropping northwest-southeast trending, northerly dipping, and folded Broadhurst Formation.
Exploration Potential and Prospectivity
The Paterson Province hosts several major copper and gold operations, including the Nifty copper mine and the world-class Telfer gold mine. More recently, several new copper-gold discoveries have been made at Winu (Rio Tinto) and Havieron (Greatland Resources PLC???).
A review of a compilation of available geophysical data reprocessed using modern techniques highlights multiple anomalies, including a large ‘bullseye’ magnetic anomaly at Wanderer Prospect within the Central Tenements. The Wanderer Copper-Gold Prospect, first discovered by CRA in 1987, reveals the presence of significant copper, gold and molybdenum values in a wide zone of iron‐oxide alteration extending across more than 1 km of strike. In addition, geochemical assemblage (Cu-Au-Mo) is potentially indicative of a porphyry intrusion as the source of mineralisation. Several other targets with low-magnetics/high gravity signatures have been identified.
At a regional scale, the Paterson Province has potential for large intrusive-related copper and gold targets undercover, requiring geophysical methods, such as Mobile MT by Expert Geophysics Limited, that has been successfully used in the Paterson Province as means of primary target identification.
A review of geophysical and structural data (Figure 4), has identified several compelling exploration opportunities around the existing Wanderer copper-gold project.
Figure 4: RTP Magnetics Left and Gravity Right, illustrating numerous coincident magnetic low and gravity high targets
This announcement contains information which, prior to its disclosure, was inside information as stipulated under Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310 (as amended).
For additional information please contact:
Cloudbreak Discovery PLC
Peter Huljich, Chairman
Tom Evans, Managing Director
Tel: +44 207 887 6139
Tel: +44 7851 703440
Novum Securities (Financial Adviser)
David Coffman / Anastassiya Eley
Tel: +44 7399 9400
About Cloudbreak Discovery PLC
Cloudbreak Discovery PLC is a leading natural resource explorer and project generator. Cloudbreak is focused on mineral exploration and energy opportunities with the aim of bringing near-term cashflow and driving shareholder value.
Through its wholly owned but independently operated subsidiaries, the Company will develop its array of mineral assets, whilst continuing to generate new projects with a particular focus on commodities with high intrinsic value.
Cloudbreak’s generative model across the mineral sector enables a multi-asset approach to investing in the commodity cycle.
Competent Persons Statement
The Information in this report that relates to exploration results, mineral resources or ore reserves is based on information compiled by Mr Edward Mead, who is a Fellow of the Australasian Institute of Mining and Metallurgy. Mr Mead is a consultant to Cloudbreak Discovery Plc and employed by Doraleda Pty Ltd. Mr Mead has sufficient experience which is relevant to the style of mineralisation and type of deposits under consideration and to the activity that he is undertaking to qualify as a Competent Person as defined in the 2012 edition of the `Australian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves’ (the JORC Code). Mr Mead consents to the inclusion of this information in the form and context in which it appears in this report.
Table 1: Significant Assays (>0.3% Cu or 0.3ppm Au)
Hole
From (m)
To (m)
Interval (m)
Cu %
Au
Mo ppm
87WDRC1
25
28
3
0.30%
0
6
87WDRC10
53
54
1
0.31%
0.25
350
87WDRC12
111
115
4
0.70%
0.35
18
87WDRC13
101
102
1
0.34%
0.07
34
87WDRC13
102
103
1
0.35%
0.09
40
87WDRC13
105
106
1
1.11%
0.12
18
87WDRC13
108
109
1
0.45%
0.04
33
87WDRC13
109
110
1
0.88%
0.06
37
87WDRC13
110
111
1
0.63%
0.16
43
87WDRC13
111
112
1
0.83%
0.09
38
87WDRC14
77
78
1
1.22%
0.15
145
87WDRC14
107
110
3
0.56%
0.17
74
87WDRC14
110
112
2
0.25%
0.65
18
87WDRC14
114
115
1
2.11%
0.59
26
87WDRC14
115
116
1
1.17%
0.17
29
87WDRC14
116
118
2
2.68%
0.28
22
87WDRC14
118
120
2
1.82%
0.15
30
87WDRC17
0
5
5
0.01%
0.38
21
87WDRC2
84
85
1
0.53%
0.02
460
87WDRC2
88
89
1
0.89%
0.04
280
87WDRC2
89
90
1
1.15%
0.04
1270
87WDRC2
90
91
1
1.68%
0.03
1000
87WDRC2
91
92
1
4.00%
0.09
610
87WDRC2
92
93
1
3.61%
0.06
620
87WDRC2
93
94
1
6.51%
0.06
220
87WDRC2
94
95
1
1.20%
0.01
15
87WDRC2
95
97
2
2.34%
0.03
44
87WDRC2
97
99
2
0.52%
0.03
40
87WDRC2
99
101
2
0.32%
0.01
49
87WDRC22
75
80
5
0.62%
0.16
13
87WDRC22
80
85
5
0.10%
0.3
9
87WDRC24
70
73
3
0.33%
0.04
34
87WDRC24
73
77
4
0.71%
0.09
41
87WDRC24
77
80
3
0.61%
0.06
30
87WDRC26
82
86
4
0.68%
0.09
28
87WDRC3
83
84
1
0.45%
0.01
7
87WDRC3
85
86
1
0.52%
0.07
140
87WDRC3
86
88
2
0.42%
0.03
69
87WDRC6
84
85
1
5.18%
0.29
620
87WDRC6
85
86
1
2.60%
0.22
720
87WDRC6
86
87
1
2.56%
0.21
350
87WDRC6
87
88
1
2.31%
0.18
290
87WDRC6
88
89
1
3.05%
0.11
169
87WDRC6
89
90
1
1.01%
0.1
81
87WDRC6
90
91
1
0.57%
0.04
59
87WDRC6
91
92
1
0.42%
0.03
42
87WDRC6
92
93
1
0.72%
0.04
121
87WDRC7
98
103
5
0.31%
0.01
46
87WDRC7
103
104
1
3.27%
0.22
560
87WDRC7
104
105
1
0.71%
0.08
360
87WDRC7
105
106
1
0.34%
0.09
1330
87WDRC8
83
84
1
0.88%
0.11
200
87WDRC8
84
85
1
2.01%
0.26
280
87WDRC8
85
86
1
2.18%
0.14
178
87WDRC8
86
87
1
2.02%
0.15
260
87WDRC8
87
88
1
3.23%
0.18
420
87WDRC8
88
89
1
2.59%
0.11
210
87WDRC8
89
90
1
1.81%
0.08
200
87WDRC8
90
92
2
0.39%
0.01
43
87WDRC8
92
94
2
0.70%
0.03
77
88WDD03
89
90
1
0.67%
0.04
53
88WDD03
90
91
1
0.36%
0.03
40
88WDD03
190
191
1
0.61%
0.08
78
88WDD03
191
192
1
0.43%
0.06
87
88WDRC27
43
44
1
0.19%
0.99
24
88WDRC28
58
62
4
0.48%
0
11
88WDRC36
90
95
5
0.32%
0.02
9
88WDRC36
95
100
5
0.46%
0.1
20
Table 2: Collar location and Hole Type
Hole ID
Easting
Northing
RL (m)
Total Depth (m)
Dip
Azimuth
Hole Type
87WDRC1
402140
7521450
430
104
-60
180
RC
87WDRC2
402180
7521450
430
120
-60
180
RC
87WDRC3
402220
7521450
430
120
-60
180
RC
87WDRC4
402200
7521410
430
120
-60
180
RC
87WDRC5
402170
7521410
430
120
-60
180
RC
87WDRC6
402160
7521450
430
116
-60
180
RC
87WDRC7
402180
7521470
430
120
-60
180
RC
87WDRC8
402200
7521450
430
109
-60
180
RC
87WDRC9
402260
7521450
430
98
-60
180
RC
87WDRC10
402060
7521460
430
89
-60
180
RC
87WDRC11
402030
7521480
430
120
-60
180
RC
87WDRC12
402010
7521440
430
120
-60
180
RC
87WDRC13
401250
7521520
450
120
-90
0
RC
87WDRC14
401250
7521480
450
120
-90
0
RC
87WDRC15
401210
7521520
450
114
-90
0
RC
87WDRC16
401250
7521560
450
109
-90
0
RC
87WDRC17
401290
7521520
450
115
-90
0
RC
87WDRC18
401330
7521490
450
119
-90
0
RC
87WDRC19
401170
7521600
450
120
-90
0
RC
87WDRC20
401210
7521560
450
120
-90
0
RC
87WDRC21
401250
7521440
450
120
-90
0
RC
87WDRC22
401642
7521465
450
98
-60
180
RC
87WDRC23
401658
7521465
450
100
-60
180
RC
87WDRC24
401675
7521465
450
100
-60
180
RC
87WDRC25
401700
7521465
450
96
-60
180
RC
87WDRC26
401662
7521493
450
100
-60
180
RC
88WDRC27
401245
7521605
450
80
-60
240
RC
88WDRC28
401280
7521600
450
81
-60
240
RC
88WDRC29
401220
7521690
450
69
-60
250
RC
88WDRC30
401140
7521760
451
54
-60
250
RC
88WDRC31
401135
7521800
448
69
-60
240
RC
88WDRC32
401250
7521750
450
106
-90
0
RC
88WDRC33
401250
7521700
440
87
-60
200
RC
88WDRC34
401250
7521335
450
105
-90
0
RC
88WDRC35
401950
7521360
430
106
-90
0
RC
88WDRC36
401950
7521285
450
106
-90
0
RC
88WDRC37
401950
7521425
440
106
-90
0
RC
87WDD01
401950
7521500
415
287.7
-61
181
DD
87WDD02
401985
7521555
440
117
-70
180
DD
88WDD03
401250
7521500
420
212.7
-90
0
DD
88WDD04
402180
7521480
434
200.8
-90
0
DD
90WDD05
401950
7521425
440
409.9
-90
0
DD
Source