- Dreadnought Resources (DRE) restarts fixed-loop moving electromagnetic (FLEM) surveys at the Money Intrusion within the Mangaroon project in Western Australia
- The survey is testing shallower portions of a recently confirmed bladed/funnel intrusion for accumulations of massive sulphides
- First Quantum Minerals is funding the survey as part of an earn-in to gain a 51 per cent stake in five Mangaroon tenements by funding $12 million of expenditure by early 2026
- Dreadnought expects the program will wrap up in December with results anticipated in the March quarter
- Shares in Dreadnought are down one per cent to trade at 9.9 cents at 1:38 pm AEDT
Dreadnought Resources (DRE) has restarted fixed-loop moving electromagnetic (FLEM) surveys at the Money Intrusion, which is part of the Mangaroon project in Western Australia.
In May, 12 reverse circulation (RC) holes, for 1862 metres, were drilled to confirm nickel-copper-platinum group element (PGE) mineralisation and to better understand the morphology of the Money Intrusion.
This drilling confirmed the intrusion had a bladed/funnel shape and is fruitful for magmatic nickel-copper-PGE mineralisation.
Results included one metre at 0.85 per cent nickel, 0.77 per cent copper, 0.46 per cent cobalt and 0.17 grams per tonne 3PGE from 80 metres.
“We have barely scratched the surface of the 45-kilometre-long Money Intrusion and with the first 12 holes have already confirmed a fertile magmatic system with high tenor mineralisation and an encouraging geometry to host massive sulphide accumulations,” Managing Director Dean Tuck said.
The survey will test shallower portions of the bladed/funnel intrusion for accumulations of massive sulphides.
The FLEM survey is being funded by First Quantum Minerals (FQM) who’s earning an initial 51 per cent stake in five tenements within Mangaroon by funding $12 million of expenditure by March 1, 2026.
Work is expected to wrap up in December with results anticipated in the March quarter.
“We are delighted to continue working with First Quantum in the search for high tenor, nickel-copper-PGE massive sulphides along the Money Intrusion as we seek to define additional drill targets for 2023,” Mr Tuck concluded.
Shares in Dreadnought were down one per cent to trade at 9.9 cents at 1:38 pm AEDT.