- Dreadnought Resources (DRE) provides the market with an update on its Mangaroon Project in the Gascoyne region of Western Australia
- On Monday, the company commenced a ground based electromagnetic survey to highlight nickel, copper and platinum group elements sulphides at the Money Intrusion
- Additionally, Dreadnought has entered into an agreement to purchase the Diamond’s Gold Mine in a cash and share deal
- The company will pay the owner $30,000 cash and around $30,000 worth of shares, with a one per cent gross revenue royalty
- On the market this morning, Dreadnought is trading in the grey at 3.7 cents per share at 10:38 am AEDT
Dreadnought Resources (DRE) has provided the market with an update on its Mangaroon Project in the Gascoyne region of Western Australia.
Exploration work at the project is progressing as Dreadnought advances target definition.
Earlier this week, the company commenced a ground based electromagnetic survey to highlight nickel, copper and platinum group elements sulphides at the Money Intrusion.
This survey was funded by First Quantum Minerals, with results expected by December and drilling to commence in March 2022.
Additionally, Dreadnought has also entered into an agreement to purchase the Diamond’s Gold Mine in a cash and share deal.
The company will pay the owner $30,000 cash and give around $30,000 worth of shares, with a one per cent gross revenue royalty.
Diamond was found in 1979 but has never been drilled and represents a high-grade gold opportunity for Dreadnought.
The purchase will complement the Cullen’s Find gold occurrence. Both mines are located on the same corridor and is subject to drilling early next year.
Currently, an airborne magnetic-radiometric survey is 50 per cent complete at Cullen’s Find. The survey is targeting rare earth elements and results are expected in November.
Managing Director Dean Tuck said while Dreadnought had been focusing on programs at Tarraji-Yampi, the company had continued to explore Mangaroon in the background.
“The acquisition of the Diamond’s Gold Mine consolidates our ground position along the Cullen’s find trend,” he said.
“Importantly, all work remains on schedule to deliver a maiden drill program targeting Ni-Cu-PGEs, rare earths and gold in the March 2022 quarter. We look forward to receiving the results of the ground EM and airborne magnetic-radiometric surveys in the meantime.”
On the market this morning, Dreadnought was trading in the grey and trading at 3.7 cents per share at 10:38 am AEDT.