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- Approximately 84% of Metzke’s Find resource now Indicated
- Updated and upgraded resource contains around 50% more ounces in top 50m
- Discussions to commercialise Metzke’s Find underway
Dreadnought Resources (ASX:DRE) is looking to fast-track development of the Metzke’s Find gold project after significantly upgrading the high-grade resource at the WA project.
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The company has already commenced discussions on the best path to commercialise the shallow-gold discovery, part of the Illaara gold project in the Yilgarn region.
MD, Dean Tuck, said the updated Metzke’s Find resource of approximately 25,000 ounces at 5.2 grams per tonne (g/t) is a significant 94% increase in Indicated ounces and a 67% growth in total ounces with 84% now Indicated.
“Equally important is where those ounces sit: 50% more gold is now contained within the top 50m, which will have a meaningful positive impact on project economics and cashflow for our mining study,” he said.
“The high-grade nature of this sesource is something we are particularly pleased with, indicated grades at 6.0 g/t Au, and at over 5 g/t Au for the total Resource, compares favourably with other high-grade open pit opportunities in WA.
“Combined with the exceptional metallurgy of 98.9% recovery of which gravity recovery is 78.5% from a free-milling ore, we have a deposit that ticks all the boxes.”
Confidence in the project has been boosted by the discovery at Metzke’s North which has around 150m of strike and remains open along strike and at depth, with further drilling planned for July 2026.
“There is genuine potential to continue growing what is already a quality deposit,” Mr Tuck told shareholders.
“Advancing Metzke’s Find towards development is central to our ‘Finding More Gold, Faster’ strategy. The commercial interest we are already receiving reinforces our confidence that becoming a self-funded explorer, generating cashflow that funds life-changing discoveries across our broader project pipeline, is a real and near-term opportunity.”
Metzke’s Find was discovered by a prospecting party in 1911, however, the remote location being 160 km from the nearest railhead and a lack of readily available fresh water limited follow up work.
It was tested on a few occasions over the following decades for a recorded production of around 890 ounces 40 g/t.
The only significant exploration at Metzke’s Find was in the late 1980s and early 1990s by junior gold explorers who drilled 51 shallow percussion holes (1,282m) for an average depth of 25m with half the holes either partially or not assayed at all.
Dreadnought acquired Metzke’s Find in 2020 and drilled 81 RC holes and six diamond holes (8,224m) resulting in a 2023 resource of 15,000 ounces.
DRE is steady at 1.5¢. Mkt cap $85.87M.
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