Nov 6, 2024

Dreadnought Resources Hits 2.7m @ 55.5 g/t Au at Star of Mangaroon, Western Australia

Introduction:

Dreadnought Resources Limited (ASX: DRE) has reported high-grade gold results from diamond drilling at its Star of Mangaroon project in Western Australia, highlighted by 2.7m @ 55.5 g/t Au from 32.7m.

Drill Results:

2.7m @ 55.5 g/t Au from 32.7m (SOMDD003)
2.0m @ 22.6 g/t Au from 48.0m (SOMDD005)
Previously reported: 9m @ 13.4 g/t Au from 9m (including 2m @ 59.4 g/t Au from 16m) (SOMRC004)
Previously reported: 7m @ 23.0 g/t Au from 53m (including 3m @ 48.9 g/t Au from 54m) (SOMRC005)
Previously reported: 8m @ 15.5 g/t Au from 89m (including 3m @ 30.4 g/t Au from 90m) (SOMRC006)
Previously reported: 3m @ 23.7 g/t Au from 58m (SOMRC020)‍
Previously reported: 4m @ 27.4 g/t Au from 80m (SOMRC030)

Project Overview:

The Star of Mangaroon project is part of Dreadnought's 100% owned Mangaroon Gold Project, located in the Gascoyne region of Western Australia. The Mangaroon project covers over 5,300 km2 with an initial focus on a ~15km x 10km gold system situated over the Mangaroon Shear Zone between the crustal scale Minga Bar and Edmund Faults.

The Star of Mangaroon mine was discovered in 1956 and was the largest historic gold producer in the Gascoyne, producing 7,464 oz @ 34.8 g/t Au between 1960 and 1983. The current drilling program is aimed at defining an initial JORC 2012 Mineral Resource to be announced in November 2024.

Program Details:

The recent program comprised 4 diamond drill holes for 319.2m and 26 RC holes for 2,862m, designed to provide geological and geotechnical data for the upcoming resource estimate. This follows previous RC drilling of 18 holes for 1,725m and 2 diamond holes for 137.9m in 2023. Mineralization is described as finely disseminated free gold within a siliceous unit near the contact of paragneiss and orthogneiss, occasionally associated with pyrite-pyrrhotite and trace chalcopyrite-arsenopyrite.

Understanding These Results:

The high-grade intercepts reported are shallow and confirm the continuity of mineralization along strike and at depth. The results demonstrate the potential for a high-grade gold resource at Star of Mangaroon.

The intercept of 2.7m @ 55.5 g/t Au from 32.7m is particularly significant, representing very high-grade mineralization at shallow depths.

Management Commentary:

Dean Tuck, Managing Director of Dreadnought Resources, stated:

“Our strategy is to transform into a self-funded explorer. Initially, this involves a potential highgrade open pit at the Star of Mangaroon where we outsource funding, development, haulage & processing to third parties. We will then look to extend this concept to Popeye, Two Peaks, Lead, Pritchard Well and so on. This strategy allows us to focus on exploration and growth while “outsourcing” our cash-flow generating activities. The favourable Resource drilling results at Star of Mangaroon will be included in an initial open-pit Resource in November 2024.”

Next Steps & Catalysts:

Dreadnought is preparing an initial JORC 2012 Mineral Resource estimate for Star of Mangaroon, expected to be announced in November 2024. This will be a major milestone in the company's strategy to become a self-funded explorer.

The company plans to extend its exploration and development model to other prospects within the Mangaroon project, including Popeye, Two Peaks, Lead, and Pritchard Well. Future work will likely include additional drilling to expand the resource and advance project development studies.

Commodity Outlook:

Gold continues to maintain strong fundamentals as a safe-haven asset. The Gascoyne region of Western Australia represents an emerging gold province with established infrastructure and a supportive regulatory environment for resource development.

Conclusion:

The latest high-grade results from Star of Mangaroon demonstrate the potential for a notable shallow gold resource. With the initial resource estimate due in November 2024, Dreadnought Resources is positioned to advance its strategy in hopes of becoming a self-funded explorer through the development of high-grade, open-pit gold operations in Western Australia.

Sources:

DRE Drill Results Announcement

Additional Figures:

Australia

ASX

Rare Earths

Nov 2, 2024