- Dreadnought Resources (DRE) has won $180,000 from the WA State Government for more REE drilling
- RC rigs will go live in March 2024 on-site at the company’s Mangaroon project
- Mangaroon is in the WA Gascoyne region
- This is the third payment it has received from WA to support drilling
- Shares last traded at 3.6 cents
Dreadnought Resources (ASX:DRE) has secured $180,000 from the WA Government to support rare earth drilling at Mangaroon.
The company’s Gascoyne-based project is targeting the Gifford Creek Carbonatite Complex (GFCC).
The GFCC is a well-known feature but one that has been subjected to little commercial mining, relatively speaking.
From March 2024, RC drills will test the 17-kilometre-long GFCC strike within Dreadnought’s project envelope.
Third payment
This clocks the third payment Dreadnought receives from the Exploration Incentive Scheme (EIS), showing state interest in the project.
“The program is highly competitive, and the awarding of this grant further recognises the technical merits and potential of the Gifford Creek Carbonatite to host significant rare earths and other critical metals,” DRE Managing Director Dean Tuck said.
Ahead of its third EIS-boosted drill run, electromagnetic data recently collected over the GFCC will be returned.
Dreadnought expects the results of that analysis due in November, giving the company several months to optimise drill planning.
Busy year
Dreadnought will be kicking off an REE exploration run through early 2024, just as it did in 2023.
The company presented at this year’s Diggers & Dealers 2023, sponsored by The Market Herald.
During that event, Dreadnought’s Dean Tuck outlined his vision for the company: to develop high-quality mineral assets, then sell them off.
Rare earths are a huge focus for the company, with its Gascoyne acreage a potential game-changer for the domestic critical minerals space.
Base metals are also present.
DRE shares last traded at 3.6 cents.