Dreadnought Resources (ASX:DRE) reports strong exploration progress at Mangaroon in Q4

• Dreadnought Resources (DRE) reports strong exploration progress across its Mangaroon REE project in Western Australia
• During Q4, the company confirmed neodymium and praseodymium discoveries and an extension of the Yin resource
• Dreadnought secured two Exploration Incentive Scheme grants worth up to $440,000 for diamond drilling at Mangaroon
• The company held $11.7 million cash at bank at the end of Q4 FY23
• DRE last traded at 5.4 cents

During Q4 FY23, Dreadnought Resources (DRE) has reported strong exploration progress across its Mangaroon REE project in Western Australia.

This included successful drilling results of high-grade neodymium and praseodymium discoveries and an extension of the Yin resource. Neodymium and praseodymium are two of the world’s most sought-after REEs.

Metallurgical test work from the Yin REE ironstone complex showed an increase in concentrate production that contained 31.22 per cent total rare earth oxides (TREO) and NdPr:TREO ratio of 35 per cent, a remarkable 12 times increase from the head grade.

To date in 2023, the company has completed 359 reverse circulation drillholes for 42,328 metres and 19 diamond holes for 2444 metres. During Q4, Dreadnought 249 RC holes were drilled for 26,519 metres and 18 diamond holes for 2335 metres.

The company also reported exploration progress at its Tarraji-Yampi and Bresnahan projects.

Meanwhile, DRE announced the appointment of Debbie Fullarton as the Chief Financial Officer during the quarter.

Dreadnought secured two Exploration Incentive Scheme grants worth up to $440,000 for diamond drilling at Mangaroon.

Furthermore, DRE successfully participated in the Federal Government’s Junior Mineral Exploration Incentive (JMEI) program.

At the end of the quarter, the company held $11.7 million in cash at bank.

DRE last traded at 5.4 cents.