REG - Cloudbreak Discovery - CDL Proceeds with acquisition of Paterson Project
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RNS Number : 2186S Cloudbreak Discovery PLC 09 February 2026
9 February 2026
Cloudbreak Discovery Plc
('Cloudbreak', or 'the Company')
CDL Proceeds with acquisition of Paterson Project
Cloudbreak Discovery Plc (LSE: CDL), a London Stock Exchange Main Market
listed company, is pleased to announce that it is proceeding with the
acquisition of 90% of the Paterson Gold-Copper-Molybdenum Project, that covers
888km(2 ) 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 888km(2) 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:
o 17m @ 1.6% Cu, 317ppm Mo from 84m (87WDRC2)
▪ Including 9m @ 2.6% Cu, 456ppm Mo
o 9m @ 2.0% Cu, 0.14g/t Au, 272ppm Mo from 84m (87WDRC6)
▪ Including 5m @3.1% Cu, 0.20g/t Au, 430ppm Mo
o 11m @ 1.5% Cu, 0.10g/t Au, 181ppm Mo from 83m (87WDRC8)
▪ Including 7m @ 2.1% Cu, 0.15g/t Au, 250ppm Mo
o 13m @ 1.1% Cu, 0.29g/t Au from 107m (87WDRC14)
▪ Including 6m @ 2.0% Cu, 0.27g/t Au
o 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 reverse circulation ("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 Wishbone Gold Plc and the
Telfer Mine in the Paterson Province, to be used over the Paterson Project
area
· Paterson Project also surrounds the Kintyre Uranium Project owned
by global major Cameco Corp. Kintyre hosts a total indicated resource of
53.5Mlb U(3)O(8)
Tom Evans, Cloudbreak's MD, commented; "I am excited and delighted we have
been able to proceed with this fantastic opportunity to acquire this asset, in
a jurisdiction with significant activity and recent proven success by Wishbone
Gold Plc. 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)
o Including 9m @ 2.6% Cu, 456ppm Mo
· 9m @ 2.0% Cu, 0.14g/t Au, 272ppm Mo from 84m (87WDRC6)
o Including 5m @3.1% Cu, 0.20g/t Au, 430ppm Mo
· 11m @ 1.5% Cu, 0.10g/t Au, 181ppm Mo from 83m (87WDRC8)
o Including 7m @ 2.1% Cu, 0.15g/t Au, 250ppm Mo
· 13m @ 1.1% Cu, 0.29g/t Au from 107m (87WDRC14)
o Including 6m @ 2.0% Cu, 0.27g/t Au
· 8m @ 0.7% Cu, 310ppm Mo from 98m (87WDRC7)
o 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
Tenure
The Project consists of three granted exploration licences E45/5358, E45/5391
and E45/6244 covering a land area of 888km(2).
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???).
Our team reviewed 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
Deal Terms
Cloudbreak has agreed to acquire a 90% interest in the project via the issue
of 330,000,000 shares to Mammoth Minerals Ltd (ASX:M79, "Mammoth").
Under revised terms of the Agreement, Mammoth is to receive:
· 100,000,000 Shares at a deemed issue price of GBP0.0001 per Share
at Completion (Completion Consideration Shares);
· 57,500,000 Shares at a deemed issue price of GBP0.0001 per Share
if the Tranche 1 Milestone is satisfied on or before 31 December 2029 (Tranche
1 Deferred Consideration Shares);
· 57,500,000 Shares at a deemed issue price of GBP0.0001 per Share
if the Tranche 2 Milestone is satisfied on or before 31 December 2029 (Tranche
2 Deferred Consideration Shares);
· 57,500,000 Shares at a deemed issue price of GBP0.0001 per Share
if the Tranche 3 Milestone is satisfied on or before 31 December 2029 (Tranche
3 Deferred Consideration Shares); and
· 57,500,000 Shares at a deemed issue price of GBP0.0001 per Share
if the Tranche 4 Milestone is satisfied on or before 31 December 2029 (Tranche
4 Deferred Consideration Shares)
Deferred Consideration Shares Milestone
Tranche 1 Deferred Consideration Shares Completion of the following at the Tenements:
(a) heritage surveys;
(b) assessment of historic tracks;
(c) mobile camp setup;
(d) renaissance rock chip sampling; and
(e) litho-structural mapping,
(collectively, Tranche 1 Milestone).
Tranche 2 Deferred Consideration Shares Completion of the following at the Tenements:
(a) soil sampling; and
(b) track construction,
(collectively, Tranche 2 Milestone).
Tranche 3 Deferred Consideration Shares Completion of ground IP/magnetics of select prospects at the Tenements
(Tranche 3 Milestone).
Tranche 4 Deferred Consideration Shares Completion of the following at the Tenements:
(a) RC drilling of select prospects; and/or
(b) diamond drilling of select prospects,
With a total of 3000m drilled
(collectively, Tranche 4 Milestone).
Mammoth is to retain a 10% free carried interest in the Project until the
completion of a Definitive Feasibility Study with a positive NPV.
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 Tel: +44 207 887 6139
Tom Evans, Managing Director Tel: +44 7851 703440
AlbR Capital Limited David Coffman / Dan Harris Tel: +44 207 469 0930
(Financial Adviser)
Marex Financial Angelo Sofocleous / Keith Swann / Matt Bailey Tel: +44 (0) 207 655 6000
(Broker) Email: corporate@marex.com
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
APPENDIX 1: JORC INFORMATION
The following Tables are provided to ensure compliance with the JORC Code
(2012 Edition) requirements for the reporting of Exploration Results at
Firetail Project, Patersons. Western Australia
Section 1: Sampling Techniques and Data
(Criteria in this section applies to all succeeding sections)
Criteria JORC Code explanation Commentary
Sampling techniques Nature and quality of sampling (eg cut channels, random chips, or specific The historic drilling was completed between 1987 to 1990 by CRA exploration.
specialised industry standard measurement tools appropriate to the minerals The assay results have been digitised from the final report A47265. No
under investigation, such as down hole gamma sondes, or handheld XRF description of sampling techniques were described in the report.
instruments, etc). These examples should not be taken as limiting the broad
meaning of sampling. It is assumed the sampling was completed to industry standards at that time.
Include reference to measures taken to ensure sample representivity and the RC drill holes have been sampled with 2-10m composites and areas where
appropriate calibration of any measurement tools or systems used. mineralisation was visually confirmed sampling was reduced to 1m intervals.
The most common composite width in unmineralized areas is 5m.
Aspects of the determination of mineralisation that are Material to the Public
Report. The size of the diamond drill core was not described in the report. Sample
widths in drill holes 87WDD01-02 and 88WDD03-04 ranged from 0.5m to 7m. In
In cases where 'industry standard' work has been done this would be relatively unmineralized lithologies samples are typically 2m-5m and in mineralised areas
simple (eg 'reverse circulation drilling was used to obtain 1 m samples from samples mostly 1m. In drill hole 90WDD05 samples were over large widths
which 3 kg was pulverised to produce a 30 g charge for fire assay'). In other ranging from 6.9m to 13.1m with an average sample width of 9.8m. Due to the
cases, more explanation may be required, such as where there is coarse gold large intervals it is assumed that a quarter core or similar (<25%) of the
that has inherent sampling problems. Unusual commodities or mineralisation core was assayed in this hole.
types (eg submarine nodules) may warrant disclosure of detailed information.
Drilling techniques Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, RC and diamond drilling techniques were used. Drilling specifics were not
auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard described in the historic report (A47265).
tube, depth of diamond tails, face-sampling bit or other type, whether core is
oriented and if so, by what method, etc). No surveys were tabulated in the report.
Drill sample recovery Method of recording and assessing core and chip sample recoveries and results Drilling specifics were not described in the report.
assessed.
Measures taken to maximise sample recovery and ensure representative nature of
the samples.
Whether a relationship exists between sample recovery and grade and whether
sample bias may have occurred due to preferential loss/gain of fine/coarse
material.
Logging Whether core and chip samples have been geologically and geotechnically logged Drill holes were all logged to an appropriate standard. Logging details
to a level of detail to support appropriate Mineral Resource estimation, include, lithologies, texture, minerals, colour and magnetic susceptibility.
mining studies and metallurgical studies.
Whether logging is qualitative or quantitative in nature. Core (or costean,
channel, etc) photography.
The total length and percentage of the relevant intersections logged.
Sub-sampling techniques and sample preparation If core, whether cut or sawn and whether quarter, half or all core taken. It is assumed CRA utilised industry standards sampling procedures.
If non-core, whether riffled, tube sampled, rotary split, etc and whether Sampling techniques were not described in the historic report.
sampled wet or dry.
Some of the sample intervals are not appropriate for base metal and gold
For all sample types, the nature, quality and appropriateness of the sample mineralisation due to the large sample widths. The sample widths and also
preparation technique. standard hole depths reflect the target horizon as basement and the likely
target commodity as uranium. Any sub-sampling was purely "out of interest" at
Quality control procedures adopted for all sub-sampling stages to maximise the time.
representivity of samples.
Large sampling intervals in this style of mineralisation has likely diluted
Measures taken to ensure that the sampling is representative of the in-situ the grade of the base metals and precious metals.
material collected, including for instance results for field
duplicate/second-half sampling.
Whether sample sizes are appropriate to the grain size of the material being
sampled.
Quality of assay data and laboratory tests The nature, quality and appropriateness of the assaying and laboratory The analytical methods and laboratory were not described in the historic
procedures used and whether the technique is considered partial or total. report (A47265).
For geophysical tools, spectrometers, handheld XRF instruments, etc, the It is assumed CRA use a reputable laboratory. The Au assays were presented as
parameters used in determining the analysis including instrument make and ppm.
model, reading times, calibrations factors applied and their derivation, etc.
Drill holes 87WDRC1-26 had a lower detection limit of 0.003ppm and drill holes
Nature of quality control procedures adopted (eg standards, blanks, 88WDRC27-37 had a lower detection limit of 0.005ppm.
duplicates, external laboratory checks) and whether acceptable levels of
accuracy (ie lack of bias) and precision have been established. 28 other elements were assayed using an unknown technique.
The lower detection limit for Cu is unknown, but the lowest value is 3ppm.
The lower detection limit for Mo is 3ppm.
Verification of sampling and assaying The verification of significant intersections by either independent or No verification has been completed on the significant intersections.
alternative company personnel.
•CRA was a well-known exploration company in Western Australia and found and
The use of twinned holes. drilled many prospects. The exploration completed on the Wanderer Prospect was
conducted over 3 field seasons and multiple drill holes have been drilled
Documentation of primary data, data entry procedures, data verification, data through the mineralised system confirming the grade and widths.
storage (physical and electronic) protocols.
Discuss any adjustment to assay data.
Location of data points Accuracy and quality of surveys used to locate drill holes (collar and No description of how the drill holes were surveyed is in the historic report
down-hole surveys), trenches, mine workings and other locations used in (A47265).
Mineral Resource estimation.
The drill holes were most likely surveyed by a professional surveyor.
Specification of the grid system used.
Grid system is AMG84 Zone 51.
Quality and adequacy of topographic control.
Quality and adequacy of topographic control was not described in the historic
report.
Data spacing and distribution Data spacing for reporting of Exploration Results. Data spacing and distribution is sufficient for an exploration project.
Whether the data spacing and distribution is sufficient to establish the Further drilling is required to understand the geology and mineralisation
degree of geological and grade continuity appropriate for the Mineral Resource potential.
and Ore Reserve estimation procedure(s) and classifications applied.
Sample compositing has been applied to all drill holes and is described in
Whether sample compositing has been applied.
detail in the Sampling Techniques section of this Table 1.
Data not designed for, and is not suitable for an MRE.
Orientation of data in relation to geological structure Whether the orientation of sampling achieves unbiased sampling of possible Drilling appears to be intersecting the mineralised horizon at a roughly
structures and the extent to which this is known, considering the deposit
type. perpendicular angle.
If the relationship between the drilling orientation and the orientation of Further drilling is needed to fully understand the geometry of the
key mineralised structures is considered to have introduced a sampling bias,
this should be assessed and reported if material. mineralisation.
There appears to be no apparent sample bias.
Sample security The measures taken to ensure sample security. Sample security not known.
Audits or reviews The results of any audits or reviews of sampling techniques and data. Results have been added to a database and reviewed.
Section 2: Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section)
Criteria JORC Code explanation Commentary
Mineral tenement and land tenure status Type, reference name/number, location and ownership including agreements or The prospect is located on granted Exploration licenses, E45/5358, E45/5391
material issues with third parties such as joint ventures, partnerships, and E45/6244 that cover 888km(2).
overriding royalties, native title interests, historical sites, wilderness or
national park and environmental settings. A Heritage Agreement has been signed with the Martu people, as
The security of the tenure held at the time of reporting along with any known the Traditional Owners on which the Wanderer Prospect sits.
impediments to obtaining a licence to operate in the area.
Exploration done by other parties Acknowledgment and appraisal of exploration by other parties. Wanderer was first recognised by CRA as a high priority radiometric
anomaly in 1986 and was confirm with anomalous base metals and
Au rock chips that year. Over the next 4 years to 1990 CRA
completed partial soils over the prospect, rock chipping, ground
magnetics, IP, and drilling. No further base metals or gold
exploration has been completed over the area since 1990. Uranium
exploration has been active over the project area and Cameco has
completing most of the work which includes ground gravity and
ground radiometrics over the Wanderer prospect.
Geology Deposit type, geological setting and style of mineralisation. The Paterson Copper-Gold Project lies within the Paterson Province
of Western Australia and comprises two lithological packages; the
Rudall Metamorphic Complex ('RMC') and the Yeneena Group. The
RMC contains orthogneiss and metasediments overlying an
Archaean or younger Proterozoic basement. A large fault passes through the
project separating the RMC in the South West from the younger Yeneena Group in
the North East. The Yeneena Group comprises a basal Coolbro Sandstone +/-
shale and carbonaceous mudstone. Overlying this is the Broadhurst Formation
which contains carbonaceous shale, sandstone, dolomite and limestone.
Late tertiary and quaternary regolith sequences comprising colluvium,
alluvium, calcrete and aeolian sands overlie these bedrock packages in areas
where significant erosion and weathering of the underlying bedrock has taken
place.
Drill hole Information A summary of all information material to the understanding of the exploration Significant drill results and all collar locations included within the
results including a tabulation of the following information for all Material release.
drill holes:
easting and northing of the drill hole collar
elevation or RL (Reduced Level - elevation above sea level in metres) of the
drill hole collar
dip and azimuth of the hole
down hole length and interception depth
hole length.
If the exclusion of this information is justified on the basis that the
information is not Material and this exclusion does not detract from the
understanding of the report, the Competent Person should clearly explain why
this is the case.
Data aggregation methods In reporting Exploration Results, weighting averaging techniques, maximum Significant intersections (>0.3% Cu or 0.3ppm Au) have been
and/or minimum grade truncations (eg cutting of high grades) and cut-off
grades are usually Material and should be stated. calculated with a minimum of 1m downhole length.
Where aggregate intercepts incorporate short lengths of high-grade results and No metal equivalent values are reported
longer lengths of low-grade results, the procedure used for such aggregation
should be stated and some typical examples of such aggregations should be
shown in detail.
The assumptions used for any reporting of metal equivalent values should be
clearly stated.
Relationship between mineralisation widths and intercept lengths These relationships are particularly important in the reporting of Exploration Drilling appears to be intersecting the mineralised horizon at a
Results.
roughly orthogonal angle
If the geometry of the mineralisation with respect to the drill hole angle is
known, its nature should be reported.
If it is not known and only the down hole lengths are reported, there should
be a clear statement to this effect (eg 'down hole length, true width not
known').
Diagrams Appropriate maps and sections (with scales) and tabulations of intercepts Appropriate Diagrams included in this release
should be included for any significant discovery being reported These should
include, but not be limited to a plan view of drill hole collar locations and
appropriate sectional views.
Balanced reporting Where comprehensive reporting of all Exploration Results is not practicable, Significant exploration drill results are included in this Report.
representative reporting of both low and high grades and/or widths should be
practiced to avoid misleading reporting of Exploration Results.
Other substantive exploration data Other exploration data, if meaningful and material, should be reported To date, only exploration drilling and geophysical and geochemical
including (but not limited to): geological observations; geophysical survey
results; geochemical survey results; bulk samples - size and method of surveys (and associated activities) have been undertaken on the
treatment; metallurgical test results; bulk density, groundwater, geotechnical
and rock characteristics; potential deleterious or contaminating substances. project.
No other modifying factors have been investigated at this stage
Further work The nature and scale of planned further work (eg tests for lateral extensions Further work to include Mobile Mt and will include further systematic
or depth extensions or large-scale step-out drilling). exploration drilling.
Diagrams clearly highlighting the areas of possible extensions, including the
main geological interpretations and future drilling areas, provided this
information is not commercially sensitive.
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