Join our daily newsletter At The Bell to receive exclusive market insights
- Dreadnought Resources (DRE) has completed an airborne magnetic survey at its Mangaroon project in WA
- The company has today revealed encouraging results from the survey, which come from the Money Intrusion of the wider project area
- Dreadnought said the survey, which was designed to find potential trap sites for massive sulphides, highlighted several areas of interest for field inspection
- In fact, Managing Director Dean Tuck said the company “could not have asked for a better result” from the survey
- A joint company field crew alongside First Quantum Minerals (FQM) is on-site and busy taking on mapping and surface sampling at some key areas of interest
- Dreadnought is also planning to take on multi-element stream sampling and infill soil sampling before the end of June
- Shares in Dreadnought Resources are down 4.17 per cent to trade at 2.3 cents
Dreadnought Resources (DRE) has completed an airborne magnetic survey at its Mangaroon project in WA.
The junior explorer told shareholders this morning it has received the data from the survey, which covered the Money Intrusion at the wider Mangaroon project, with some encouraging results.
Dreadnought said the survey was designed to find spots along the intrusion that could be trap sites for nickel, copper and platinum group element (PGE) massive sulphides.
The results of the survey, revealed today, showed evidence of multiple pulses, internal complexity, and blowouts over 500 metres wide on top of some magnetic anomalies, according to DRE.
Importantly, the survey highlighted several “areas of interest” that require field inspection.
“We could not have asked for a better result from the airborne magnetic survey,” Dreadnought Managing Director Dean Tuck said.
“The survey has highlighted the complexity and variability of the Money Intrusion which is supportive of the system being able to produce accumulations of massive sulphides,” he explained.
He added that only 20 per cent of the intrusion has been inspected to date, but the company has already identified several areas of blebby sulphide mineralisation.
All this means the company expects to have some key targets drill-ready by around August or September 2021.
What’s next?
Dreadnought said a joint company field crew alongside First Quantum Minerals (FQM) is on-site and busy taking on mapping and surface sampling at some key areas of interest, with infill soil sampling to follow.
So far, around 10 kilometres of the 50-kilometre intrusion have been mapped.
Interestingly, Dreadnought said a sampling program from the 1980s along the Money Intrusion returned assays of up to 1.2 per cent nickel, 0.6 per cent copper and 4.7g/t of palladium-platinum-gold. However, no further exploration was undertaken across the area.
Dreadnought has taken on wide-spaced soil sampling along some key faults and intrusions on the Mangaroon project area, with multi-element stream sampling and infill soil sampling planned for before the end of June.
Once these programs have been completed, the company will generate and rank targets and then take on electromagnetic surveys in some key areas.
The Mangaroon project covers over 4000 square kilometres of land in WA’s Gascoyne region.
Shares in Dreadnought Resources are down 4.17 per cent to trade at 2.3 cents as of 11:51 am AEST. The company has a $71 million market cap.
