- Dreadnought Resources (DRE) completes its latest bout of drilling at the Money Intrusion area of its Mangaroon project in Western Australia
- The company drilled twelve reverse circulation holes, with nine confirming visual disseminated to net-textured and brecciated sulphide mineralisation
- The drilling confirms the funnel-like shape of the intrusion, with mineralisation along both sides, which the company says highlights the potential for significant sulphide accumulations at depth
- Downhole electromagnetic surveys are scheduled to begin in July, with survey and assay results expected by August
- Dreadnought Resources last traded at 3.8 cents on June 9
Dreadnought Resources (DRE) has completed its latest bout of drilling at the Money Intrusion area of its Mangaroon project in the Gascoyne region of Western Australia.
The company drilled twelve reverse circulation holes for 1862 metres to confirm the nickel-copper-platinum group element (PGE) mineralisation of the area.
Dreadnought said the drilling established visual disseminated to net-textured and brecciated sulphide mineralisation in nine of the twelve holes.
The drilling also confirmed the intrusion had a funnel-like shape, with magmatic sulphides occurring along its base. Dreadnought said this highlighted the potential for significant sulphide accumulations at depth.
Dreadnought’s Managing Director, Dean Tuck, said the potential of the Money Intrusion to host significant, high tenor mineralisation had been underscored by these results.
“With only a handful of relatively shallow holes drilled to date, the Dreadnought-First Quantum team have confirmed a large scale, fertile nickel-copper-PGE system,” Mr Tuck said.
The program is being entirely funded by First Quantum Minerals under the parties’ joint venture option. In April 2021, Dreadnought entered into an option agreement with First Quantum Minerals, who committed $700,000 to a target definition program.
By spending a further $2.3 million by October, First Quantum Minerals has the
right to enter a staged earn-in and joint venture agreement in relation to the base metal rights over the option tenements.
“We look forward to the down hole electromagnetic survey and assay results and working together with First Quantum to determine the next steps in testing the Money Intrusion,” Mr Tuck said.
Downhole electromagnetic surveys are scheduled to begin in July, with survey and assay results expected by August.
Dreadnought Resources last traded at 3.8 cents on June 9.