Dreadnought Resources Ltd (ASX:DRE) has reported thick intercepts of up to 1.3% niobium and 15% phosphorus pentoxide yielded from drilling work at its Gifford Creek Carbonatite – part of the company’s larger Mangaroon project in Western Australia.
A program of 19 reverse circulation (RC) holes – for 1,795 metres – is being progressed at the site, with assays from just 4 holes revealing thick and high grade mineralisation.
From the Stinger niobium prospect, this included 50 metres at 0.9% niobium pentoxide (Nb2O5) from 49 metres, including 20 metres at1.3% Nb2O5 from 56 metres; 38 metres at 0.5% Nb2O5 from 58 metres, including 6 metres at 1.2% Nb2O5 from 60 metres; and 66 metres at 0.4% Nb2O5 from 52 metres, with 15 metres at 15.0% P2O5 from 103 metres.
Additional results from this drilling will be reported throughout the rest of August, and Dreadnought is also conducting exploration drilling work at the Two Peaks, Popeye and Diamonds gold prospects, with infill work to begin at Star of Mangaroon.
Managing Director, Dean Tuck said the quality of niobium mineralisation at Gifford Creek was notable compared to that found in other regions.
“The Gifford Creek Carbonatite has produced some of WA’s best niobium intercepts outside the Arunta Province and this program has delivered our thickest and highest-grade intercept to date,” he said.
“These results support our staged approach to assessing the Gifford Creek Carbonatite and highlight the significant potential at Stinger to host high-grade mineralisation.
“Next steps at Stinger include assessment of oxide mineralisation and identifying the fresh rock source of the niobium.
“We continue to see the potential for Mangaroon to evolve as a multi-commodity critical metals hub within proximity to existing infrastructure with mutual benefit to pastoralists, existing ports and neighboring projects.
The market responded warmly to this news, and at 11:40 AEST, Dreadnought shares were trading at 1.8 cents, a rise of 12.5%.