26th Aug 2025 14:29
(Alliance News) - Cloudbreak Discovery PLC on Tuesday said it has expanded its Darlot West gold project by five times the initial land package, growing Cloudbreak's exposure to more than 60 square kilometres.
In response, shares in Cloudbreak Discovery nearly tripled to 0.81 pence in London on Tuesday morning, from 0.31p at Friday's market close.
The London-based natural resource project generator and royalty business said its exposure to the project now stands at 60.6 square kilometres.
Cloudbreak said the vendors for the expansion deal have provided an exclusive option over 90% of the additional tenement for a 90-day period. The option period involves a GBP5,000 consideration, as well as a final consideration of 11 million Cloudbreak shares if the option is exercised.
The company said the increased ground position includes around 7km of additional strike of greenstone belt. This was where Cloudbreak recently discovered up to 28.62 grammes per tonne of gold from surface rock chip sampling.
"The Darlot West gold project has already returned some excellent gold grades as surface with grades approaching an ounce of gold per tonne. There are also extensive historic gold mining shafts that have never been followed up exploration wise. To secure this extra acreage under an exclusive option is a very exciting transaction for the company," said Managing Director Tom Evans.
"We will now have exposure to a significant package of land and underpins our strategy of increasing our exposure to the highly prospective greenstone belt within 10km of Darlot gold mine. The greenstone units which trend extend into our additional ground package at Darlot West are the host to numerous gold deposits in the district. Through increasing our scale to five times the additional land position, and to take in a further 7km of strike we are significantly increasing our chance of discovery."
Darlot West is 10km southwest of the Darlot gold mine in Western Australia, with production to date totalling 2.8 million ounces of gold.
By Emily Parsons, Alliance News reporter
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