- Dreadnought Resources (DRE) intersects magmatic nickel-copper sulphides in the first drill-holes at the Mangaroon project in the Gascoyne region of Western Australia
- Drilling at the joint venture project kicked off last week and has so far intersected up to 13 metres of visual disseminated to brecciated magmatic sulphide mineralisation
- While assays are pending and drilling is yet to be completed, the company says the visual results provide confidence in its modelling
- Two additional holes have been added to the nine-hole program and a DHEM survey is planned once drilling is complete, with assays expected in the coming months
- DRE shares are up 2.63 per cent to trade at 3.9 cents
Dreadnought Resources (DRE) has intersected magmatic nickel-copper sulphides in the first drill holes at the Mangaroon project.
The joint venture project with Quantum Minerals is located in the Gascoyne region of Western Australia, where this round of drilling kicked off last week.
So far, the initial three drill holes targeting a gossanous horizon within the Money Intrusion have intersected up to 13 metres of visual disseminated to brecciated magmatic sulphide mineralisation.
A fourth drill hole was completed on the western side of the intrusion and intersected mineralisation near the edge of the intrusion.
In a statement, the company told investors the presence of high-tenor magmatic sulphides identified so far confirms the intrusion as fertile and prospective for nickel-copper and platinum group element (PGE) mineralisation with the similarly aged Jinchuan deposit in China as the current working analogue.
“The first holes have intersected disseminated mineralisation along significant strike showing increasing width and intensity towards the middle and at depth,” the statement read.
“There remains significant potential for this system to improve with depth and within the strike already defined.”
Dreadnought’s Managing Director Dean Tuck said while it is still “early days”, the initial results provide encouragement for the company’s Jinchuan deposit analogue model.
“In little over a year Dreadnought and First Quantum Minerals have mapped, surveyed, drilled and confirmed a new nickel-copper-PGE system,” he said.
“This is a fantastic outcome from the first drill holes and opens up the entire Money Intrusion to host nickel-copper-PGE mineralisation.”
Following approval from joint venture partner Quantum Minerals, two additional holes will be completed to further test the mineralised horizon along strike and at depth.
Upon completion of drilling, a down hole electro magnetic survey is planned, with results expected over June and July.
DRE shares were up 2.63 per cent to trade at 3.9 cents at 10:48 am AEST.