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Dreadnought Resources (ASX:DRE) has commenced a significant reverse circulation drilling program at Metzke’s Find, part of the Illaara gold project in Western Australia. The ~60-hole, 4900-metre campaign is targeting near-term production as part of Dreadnought’s “finding more gold faster” strategy.
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The explorer’s managing director, Dean Tuck, said two rigs are now operating at Illaara already: An air core rig, which is advancing the company’s largest exploration drilling program to date, and the new RC rig focused on adding ounces to and upgrading the Metzke’s Find resource.
“A key focus of our ‘finding more gold faster’ strategy is to rapidly advance Metzke’s Find towards production. This drilling program will result in an updated resource, which will form the foundation of initial studies,” Mr Tuck explained.
He continued: “We believe that our high-grade Metzke’s Find Resource is a great opportunity to expand production beyond the Star of Mangaroon. With two rigs, we look forward to a steady stream of news flow throughout the year from both resource-focused RC drilling and first-pass air core drilling.”
The 2023 resource at Metzke’s Find currently consists of 14,900 ounces at 6.8 grams per tonne (g/t). Assays from the latest program are expected in April and May, Dreadnought has told shareholders this week, with those results to then support an updated resource estimate and future studies.
DRE is steady at 2.3c. Mkt cap $129.7M.
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