LONDON: Cloudbreak Discovery Plc (LSE: CDL), a London Stock Exchange Main Market listed company, has secured the exclusive option to acquire the Crofton Gold Project, located 120 kilometres east-southeast of famous Australian gold mining centre of Marble Bar and 75km northeast of the mining centre town of Nullagine in the Pilbara region of Western Australia.
The consideration is GBP10,000 for a two (2) month option period with 56,000,000 new ordinary shares to be issued no later than 31 January 2026 in the event that the option is exercised.
Historic gold production from the area from 1901-1910 averaged 150 g/t gold.
Tom Evans, Cloudbreak’s MD, commented: “This is an incredibly exciting gold project in Western Australia and it adds significantly to our growing portfolio of gold assets in a period of record gold prices and resurgent silver prices.
The Crofton project has recorded some extraordinary gold grades from recent sampling undertaken in 2021 and historic mining. The delineation of multiple trends with strike lengths of over a kilometre on the tenement give the Company a vast number of high priority exploration targets. We are making plans to have geologists on-site as soon as practicable and I look forward to updating shareholders in short order.
Further, I am also looking forward to reporting on the assay results from our Darlot West project in the coming weeks.
Lastly, I am delighted to report that with this latest transaction and those previously announced since June of this year, we are going to have an extremely busy end to 2025.
The refined strategy announced by our Chairman in May of this year, has allowed us to scale appropriately, on material value add to the company’s assets, and move swiftly for astute commercial opportunities in a risk abated manner. Importantly the Company remains fully funded for planned works across all portfolio assets.”