- Dreadnought Resources (DRE) trades sideways after kicking off some airborne magnetic-radiometric survey at its Mangaroon project in WA
- The company launches a 43,000 line-kilometre survey over the rare earth elements at the Yin zone and structurally hosted gold at the Cullen zone
- Managing Director Dean Tuck says this will be the first major project scale over the Mangaroon project since some widely-spaced surveys back in the 1990s
- In the meantime, Dreadnought says its upcoming exploration program in the Kimberley is still tracking on schedule
- Shares in Dreadnought Resources are trading grey at 3.8 cents each at 10:41 am AEST
Dreadnought Resources (DRE) is trading sideways on the ASX after kicking off some airborne magnetic-radiometric survey at its Mangaroon project in WA.
The company said it had started a 43,000 line-kilometre survey over the rare earth elements (REE) at the Yin zone of the project and structurally hosted gold at the Cullen zone.
Dreadnought said the survey would be flown with 50-metre line spacing at low altitude. The survey is expected to highlight extra REE anomalies in the area and to identify some new structural gold targets.
Managing Director Dean Tuck said the airborne magnetic-radiometric survey would be the first major project scale over the Mangaroon project since some widely-spaced surveys back in the 1990s.
“When a similar survey was flown over the nearby Yangibana REE project in 2016,
not only were the ironstones better defined but new discoveries were made,” Mr Tuck said.
“We are excited for the results of the survey to assist in further target generation ahead of REE resource and discovery drilling in the March 2022 quarter.”
The 1990s survey program was flown at 500-metre line spacing, meaning the work now being taken on by Dreadnought will significantly improve the existing data available from the project.
In the meantime, Dreadnought said its upcoming exploration program in the Kimberley is still on schedule, with field crews on-site and a drill rig arriving on site before the end of the month.
Other work being taken on by Dreadnought at the Mangroon project included mapping and rock chipping in some key areas to generate nickel-copper-platinum group element (PGE) targets, project-wide sediment sampling, and rock analysis from Yin.
The company is planning to kick off fixed loop electromagnetic (EM) surveys along the Money Intrusion in October to complement the mapping and rock chipping work as it looks to generate Ni-Cu-PGE targets.
The Mangaroon project covers around 4500 sqkm in WA’s Gascoyne region.
Shares in Dreadnought Resources are trading grey at 3.8 cents each at 10:41 am AEST. The company has a $91.6 million market cap.