- Dreadnought Resources’ (DRE) share price is surging up in the first hour of trade
- The move comes as the company confirms sulphides in the first drillhole sunk at its Bookathanna North prospect within DRE’s Mangaroon project
- Toronto-listed First Quantum Minerals is funding the drilling as it seeks to earn 51 per cent
- Sulphides are based on visual observation and should not be considered as hard evidence of mineralisation until assays are received
- DRE shares are up 43.9 per cent, trading at 5.9 cents at 11:14 am AEST
Less than a week after commencing drilling at the Bookathanna North prospect within its Mangaroon project in WA’s Gascoyne region, Dreadnought Resources (DRE) has reported an early-stage intersection of massive sulphides.
The drilling at Bookathanna is primarily focused on nickel and copper with gold upside also a possibility.
Dreadnought has shifted its attention to critical base metals after concluding its rare earth (REE) campaign for 2023.
The first drillhole, REYRC013, targeted an electromagnetic anomaly identified in surveys, which has yielded a 14-metre thick intersection of nickel-copper sulphide mineralisation from a depth of 37 metres.
Drilling is fully funded by Toronto-listed partner First Quantum Minerals which is seeking to earn in an initial 51 per cent stake. Identification of sulphides has been confirmed by visual inspection and should not be reliably considered as equivalent to a full-fledged assay test.
“Completion of our rare earths drilling programs has turned our attention to discovery-focused drilling across our other projects and commodities,” DRE Managing Director Dean Tuck said.
“The intersection of shallow, high-tenor massive sulphides in the first hole of this program is truly exciting and a great way to set the tone for the remainder of 2023.
“We are excited to return to the highly prospective Ni-Cu-PGE targets defined at Bookathanna North and High Range with our partners at First Quantum Minerals.”
The early discovery of sulphides reinforces Dreadnought’s geological confidence in the company’s land holdings.
On-site is the Money Intrusion, a geological formation offering up to 40 kilometres of drill targets, formed around 800 million years ago, the same period from which numerous international nickel-copper deposits originated.
It’s believed that global copper deposits accumulated due to interactions between ocean composition, volcanic activity, and oxidation.
DRE shares were up 43.9 per cent, trading at 5.9 cents at 11:14 am AEST.