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- Dreadnought Resources (DRE) buys seven tenements adjacent to the Illaara greenstone belt in WA’s Central Yilgarn region
- Dreadnought will pay Arrow Minerals (AMD) up to $1.6 million as well as issue 2.35 million shares for the tenements which make up roughly 100 strike kilometres of the Yerilgee and Evanston greenstone belts
- This area is known to contain iron ore, gold and massive sulphide mineralisation and has significant potential for nickel sulphides and lithium bearing pegmatites
- Once the acquisition is complete, Dreadnought will control around 1600 square kilometres over the Illaara, Yerilgee and Evanston greenstone belts to form the Central Yilgarn Project
- DRE shares are trading steady at 4.6 cents each at 11:03 am AEST
Dreadnought Resources (DRE) has purchased seven tenements located adjacent to the Illaara greenstone belt in the Central Yilgarn region of Western Australia.
The tenements cover roughly 100 strike kilometres over the Yerilgee and Evanston greenstone belts, which have proven to be home to gold and iron ore mineralisation. They also have potential for lithium-cesium-tantalum (LCT) pegmatites and base metal massive sulphides.
Dreadnought will pay Arrow Minerals (AMD) up to $1.6 million for the seven tenements, as well as issue 2.35 million shares. Arrow will also receive a one per cent net smelter royalty.
With this purchase, Dreadnought will control around 1600 square kilometres over the Illaara, Yerilgee and Evanston greenstone belts which, when consolidated, will form one project being the Central Yilgarn Project.
To manage the Central Yilgarn project, Dreadnought recruited former Arrow Minerals employee, Leah Dawson, as the Senior Exploration Geologist.
Ms Dawson will undertake a project review to optimise significant technical and commercial potential at the project.
“The acquisition, when completed, gives Dreadnought a dominant position in a region with active iron ore and gold mining and potential for LCT pegmatites and base metal massive sulphides,” Managing Director Dean Tuck said.
“Furthermore, we are delighted to have recruited Leah to the team who will exclusively manage a review of and ongoing activities at the Central Yilgarn Project.”
The acquisition is expected to be completed later this month.
DRE shares were trading steady at 4.6 cents each at 11:03 am AEST.
