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Dreadnought Resources Ltd (ASX:DRE) has confirmed an initial mineral resource estimate (MRE) of 23,300 ounces at 12.8 grams per tonne (g/t) for its Star of Mangaroon gold deposit in Western Australia, of which 84% is in the indicated category.
In addition to its placement within this confident category, Star of Mangaroon has been defined as having a resource built around shallow and high-grade mineralisation.
Achievement of the MRE is an important step for Dreadnought to become a self-funded exploration company; the new information will be plugged into a scoping study for open pit mining at the project, which is located in WA’s Gasgoyne region.
The study is due for completion in the March 2025 quarter, with commercial discussions relating to the outsourcing of funding, development, haulage, and processing to be finalised in the June 2025 quarter.
Managing director Dean Tuck said the resource estimate had been an important achievement.
“We are pleased that the Star of Mangaroon has delivered a high-grade resource that supports the prospects for commercialisation,” he said.
“High grades, near surface and with exceptionally high metallurgical recoveries, make the Star of Mangaroon a strong foundation for our self-funded explorer strategy.
“Over the next 12 months, Dreadnought will be focused on bringing the Star of Mangaroon into production and producing cashflow while outsourcing funding, development, haulage, and processing to third parties.”
Dreadnought has been trading at 1.4 cents.
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