Join our daily newsletter At The Bell to receive exclusive market insights
- Junior explorer Dreadnought Resources (DRE) confirms the Yin ironstone within its Mangaroon project in Western Australia as a high-grade rare earth discovery
- The company says lab assays confirm preliminary portable X-ray fluorescence (pXRF) results from the Yin drilling line, returning results of up to 6.05 per cent TREO
- Dreadnought has drilled over 67 holes in the Yin area for roughly 6400 metres, and drilling is ongoing ahead of a maiden mineral resource to be released before the end of the year
- The company says its exploration work at Yin has so far confirmed over three kilometres of strike, and the ironstones remain open in all directions and at depth
- Shares in Dreadnought Resources are up 15.8 per cent to 6.6 cents at 12:59 pm AEST
Junior explorer Dreadnought Resources (DRE) has confirmed the Yin ironstone within its Mangaroon project in Western Australia as a high-grade rare earth discovery.
The company today said lab assays confirmed preliminary portable X-ray fluorescence (pXRF) results from the Yin drilling line, with new results highlighting several “significant” rare earth intercepts.
These intercepts include a 35-metre hit at 2.75 per cent total rare earth oxides (TREO) from 94 metres, including a 15-metre zone grading 4.08 per cent TREO, and a 34-metre hit at 2.59 per cent TREO from surface, including a 10-metre zone at 6.05 per cent TREO from 11 metres.
Drilling at the Yin ironstone has so far confirmed over three kilometres of strike, and Dreadnought said the ironstones remain open in all directions and at depth. All up, the company has drilled over 67 holes for roughly 6400 metres in the area.
Dreadnought said drilling was still ongoing at the project as it worked to release an initial mineral resource for the Yin area before the end of December.
Managing Director Dean Tuck said drilling at Yin continued to exceed expectations.
“With a second rig mobilising to site this month, we are confident that Yin will produce a substantial initial JORC resource by the end of 2022,” Mr Tuck said.
He said that once drilling at Yin was complete, the company would move the rigs to the Y3 ironstone and C1-C5 carbonatites.
“We are seeing genuine scale here with runs already on the board and 66 further anomalies to be assessed by September 2022.”
Dreadnought said while the TREO assays at the Yin ironstone showcased Yin to be a potentially globally unique REE deposit, it was also pleasing that new lab assays confirmed pXRF as an important exploration field tool.
The Mangaroon project lies in WA’s Gascoyne region.
Shares in Dreadnought Resources were up 15.8 per cent to 6.6 cents at 12:59 pm
