Join our daily newsletter At The Bell to receive exclusive market insights
- Dreadnought Resources (DRE) confirms multiple zones of rare earths, niobium, titanium and phosphorous at the C1-C5 carbonatites within its Mangaroon project in WA
- The company conducted reverse circulation drilling in the area to test the carbonatites, as it believed they were the source of rare earth element intrusions
- The carbonatite intrusive complex remains open and is interpreted to be “significantly larger” than Dreadnought initially thought
- Now, the company is undertaking follow-up drilling, which will continue into the new year
- DRE shares are up 9 per cent to 10 cents per share at 10:32 am AEDT
Dreadnought Resources (DRE) has confirmed rare earth element (REE)-niobium-titanium-phosphorous mineralised intrusions at the C1-C5 carbonatites within its Mangaroon project in WA.
The company began wide-spaced reverse circulation (RC) drilling at the carbonatites in September to test the carbonatites undercover, as it believed they were the source of REE intrusions.
Today, Dreadnought said it believed the carbonatite intrusive complex was larger than previously thought, as the C2-C5 carbonatites extended for roughly 6.5 kilometres long and one kilometre wide — nearly doubling in size.
The REE-niobium-phosphorus mineralised zone at the C3 carbonatite covers a 600-metre by 550-metre area.
Managing Director Dean Tuck said the first-pass RC drilling program exceeded the company’s expectations.
“Importantly, the carbonatite complex remains completely open and is interpreted to be significantly larger than we originally believed,” Mr Tuck said.
“We look forward to finishing our drilling season at C3 before coming back to site early in 2023.”
This week, Dreadnought will commence follow-up drilling, which will include 24 holes, and diamond drilling at C3 and C4 has already begun.
Additionally, the company will drill the C6 carbonatite in the March 2023 quarter, with a large gravity/magnetic anomaly confirmed in the area.
DRE shares were up 9 per cent to 10 cents per share at 10:32 am AEDT.
