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- Junior explorer Dreadnought Resources (DRE) spends just under $2.4 million on exploration across its Western Australian assets over the June quarter of 2022
- A portion of this exploration work was funded by Dreadnought joint venture partner First Quantum Minerals (FQM), from whom Dreadnought received $393,000 over the quarter
- The majority of the exploration work was conducted across Dreadnought’s Mangaroon and Illaara projects, where the company completed important survey and drilling work
- Dreadnought had $2.5 million in the bank at the end of June and today launches a trading halt ahead of a planned capital raise
- Dreadnought shares last traded at 6.5 cents each on July 28
Junior explorer Dreadnought Resources (DRE) spent just under $2.4 million on exploration across its Western Australian assets over the June quarter of 2022.
The company said in its latest quarterly financial report the majority of the exploration expenditure went towards survey work, drilling programs and associated assays.
A portion of this exploration work was funded by Dreadnought joint venture partner First Quantum Minerals (FQM), from whom Dreadnought received $393,000 over the quarter.
At the end of June, Dreadnought had $2.5 million cash in the bank.
The company has entered a trading halt today as it plans a capital raise, though it has not yet announced how much it plans to raise or where the funds will be spent.
Under the halt, DRE shares will be paused until Tuesday, August 2, or when further details about the raise are released to the market.
Dreadnought spent the June quarter progressing exploration at its Mangaroon and Illaara projects.
This included drilling at the rare earth element (REE)-bearing ironstones and carbonatites prospects at Mangaroon.
Initial drilling at the Yin ironstone intersected thick, high-grade REE mineralisation in all six of the first drill holes.
So far, 67 reverse circulation holes have been completed confirming mineralisation, with a mineral resource expected in the December 2022 quarter.
Additionally, Dreadnought completed drilling at its Illaara Project, which has confirmed the gold lode at Metzke’s Find remains largely unmined. Assay results are expected in August/September.
Yesterday, the company confirmed the Yin ironstone as a high-grade rare earth discovery.
The company said lab assays confirmed preliminary portable X-ray fluorescence results from Yin, with new results highlighting several “significant” rare earth intercepts.
Dreadnought shares last traded at 6.5 cents each on July 28.
