- Dreadnought Resources (DRE) has acquired three tenements over the Illaara greenstone belt from two unrelated parties
- The company has purchased Metzke’s Find, NWA Nickel Sulphide Target and Reindler’s Gossans
- Metzke’s Find project stands out with historical workings over about 700 metres of the strike and shallow drilling that returned results of up to 2 meters at 15.7 grams per tonne
- Dreadnought is up 16.67 per cent on the market today, trading at 0.7¢ apiece
Dreadnought Resources (DRE) has acquired three tenements over the Illaara greenstone belt from two unrelated parties.
The 75 kilometres long Illaara Greenstone Belt is located approximately 160 kilometres north-west of Kalgoorlie.
The company has purchased Metzke’s Find, NWA Nickel Sulphide Target and Reindler’s Gossans.
For Metzke’s the company will issue 15.8 million shares, if approved at the general meeting, and $20,000 cash consideration upon signing. If not approved the money is not refundable.
If approved there will be a 1 per cent net smelter royalty.
For NWA and Reindlers there is a $100,000 option fee upon signing. The option term is for 15 months if it wants a further 15-month extension a $100,000 fee will occur.
There will be a $1 million option exercise price to acquire both tenements.
In June, Dreadnought acquired four tenements from Newmont Goldcorp. With the recent acquisitions, Ilaara now includes seven tenements.
Metzke’s Find project stands out with historical workings over about 700 metres of the strike and shallow drilling that returned results of up to 2 meters at 15.7 grams per tonne (g/t) from 19 meters and 5meters at 4g/t gold from 11 meters.
NWA target consists of a coincident copper (0.15 per cent and 0.19 per cent) and platinum group element (226 parts per billion platinum+lead) soil anomaly overlying a discreet approximately 400 meters long versatile time-domain electromagnetic (VTEM) at the base of a komatiite flow.
NWA has also never been drilled before.
Reindler’s Gossans contains anomalous copper, lead, silver and gold mineralisation within the eastern volcanogenic massive sulphide.
Managing Director Dean Tuck says these purchases further demonstrate Illaara’s gold and base metal potential.
“We have acquired several walk-up drill targets at Metzke’s Find as well as clear targets around Reindler’s Gossans and NWA,” Dean said.
“Drilling on Metzke’s Find will commence in the March 2020 quarter. Work on the other new projects will be incorporated into existing, planned programs,” he added.
The purchases are expected to occur within the next two months. Planning and ground-truthing will commence immediately at all new prospects.
Dreadnought is up 16.67 per cent on the market today, trading at 0.7¢ apiece at 2:17 pm AEDT.