Join our daily newsletter At The Bell to receive exclusive market insights
- Dreadnought Resources (DRE) spends $1.9 million on exploration activities in WA, a reduction from the previous quarter in which it spent $2.2 million
- Over the period, the company tested 20 targets, saw 16 significant intercepted, and drilled a total of 2,904 metres
- The objective for 2022 is to deliver a resource at both Orion and Grant’s Find at the Tarraji-Yampi project
- The company finished the quarter $5.7 million in cash and cash equivalents, which is estimated to last 2.75 quarters
- Shares closed 2.7 per cent lower today at 3.6 cents each
Dreadnought Resources (DRE) spent $1.9 million on exploration activities in Western Australia in the December quarter, a reduction from the previous quarter in which it spent $2.2 million.
The spending relates to direct costs associated with the various surveys, drilling programs and associated assays completed during the quarter.
Over the period, the company tested 20 targets, saw 16 significant intercepted, and drilled a total of 2,904 metres.
At the Tarraji-Yampi project, the company completed 27 reverse circulation (RC) drill holes for 2,904 metres. It saw significant results from Orion and Fuso showing a strong copper, gold, silver style of mineralisation.
Geophysical data is being reviewed and remodelled. A systematic auger program will be undertaken over anomalies and lithostructural targets this year to prioritise targets for retesting.
The objective for 2022 is to deliver a resource at both Orion and Grant’s Find as well as to make additional discoveries.
Field work at Tarraji-Yampi is expected to begin in March or April with RC and diamond drilling to start in July.
At the Mangaroon project in the Gascoyne of WA, an airborne magnetic survey highlighted five ovoid features interpreted as igneous carbonatite intrusions.
Rock chip samples were collected from two with a second mapping and surface sampling exercise undertaken in December.
Assay results are expected next month with drill testing to start in March or April this year as part of the wider Mangaroon drilling program.
At the Illara project in the Yilgarn Craton of WA, a review of the Lithium Tantalum potential at Peggy Sue and VMS was undertaken. In addition, program planning has been completed for exploration and drilling at Metzke’s Find, Kings Iron Ore, Spitfire, Trafalgar and Nelson. Exploration began this month.
The company finished the quarter $5.7 million in cash and cash equivalents, which is estimated to last 2.75 quarters.
Shares closed 2.7 per cent lower today at 3.6 cents each.
