Join our daily newsletter At The Bell to receive exclusive market insights
- Dreadnought Resources (DRE) receives two Exploration Incentive Scheme (EIS) drilling grants worth up to $400,000 to support exploration at its WA tenements
- The grants are for its Mangaroon REEs and Tarraji-Yampi projects, located in the Gascoyne and Kimberley regions respectively
- EIS funding is managed by the Geological Survey and Resource Strategy Division of the Department of Mines to support exploration leading to mineral discoveries
- Dreadnought is one out of 47 successful applicants out of 107 for this EIS round and one of only three applicants who received two grants
- DRE shares are up 1.19 per cent, trading at 4.3 cents
Dreadnought Resources (DRE) has been awarded two Exploration Incentive Scheme (EIS) drilling grants worth up to $400,000 to help fund planned exploration work.
EIS funding is managed by the Geological Survey and Resource Strategy Division of the WA Department of Mines, Industry Regulation and Safety to support exploration leading to mineral discoveries.
For Dreadnought, the grants will go towards exploration at its Mangaroon rare earth elements (REEs) and Tarraji-Yampi projects located in the Gascoyne and Kimberley regions, respectively.
Dreadnought was one out of 47 successful applicants out of 107 for this EIS round and one of only three applicants who received two grants.
“The program is highly competitive, and the awarding of these grants further recognises the technical merits of the Mangaroon REE and Tarraji-Yampi Orion discoveries,” Managing Director Dean Tuck said.
From the EIS grants, Dreadnought will pocket $180,000 to drill test REE ironstone and carbonation targets at Mangaroon.
The company said surface sampling at Mangaroon taken on last year confirmed the presence of REEs, niobium and phosphate mineralisation in ironstones similar to the nearby Yangibana project.
As such, Dreadnought said it was now planning to begin reverse circulation (RC) drilling at Mangaroon in May 2022.
Meanwhile, the company will receive another $220,000 to test a massive sulphide deposit at its Orion discovery in the Tarraji-Yampi area. The company will kick off diamond drilling in this region in around August or September.
DRE shares were up 1.19 per cent and trading at 4.3 cents as of 11:25 am AEST.
