Dreadnought Resources Limited (ASX: DRE) has announced a highly encouraging update on the maiden RC drilling program at Metzke’s Find, part of its Illaara Gold-VMS Project in WA.
The company reported that bedrock gold mineralisation was confirmed at Metzke’s Find.
Significant drill intercepts include 2m @ 6.8 g/t Au from 79m including 1m @ 12.5 g/t Au from 80m; and 4m @ 1.9 g/t Au from 64m including 2m @ 3.1 g.t Au from 64m.
DRE said that the mineralised lode remains open along strike and at depth with the potential for multiple lodes.
Illaara is located 160km northwest of Kalgoorlie in the Yilgarn Craton of Western Australia and covers 75kms of strike along the Illaara Greenstone Belt. Illaara is prospective for typical Archean mesothermal lode gold deposits and Cu-Zn VMS mineralisation.
Recent gold exploration within the Illaara Greenstone Belt was spurred on by a ~55km long Au-As-Sb anomaly generated from regional regolith sampling by the Geological Survey of Western Australia.
Metzke’s Find is a hundred-year-old collection of workings extending over 700m in strike and up to 30m depth in Illaara.
RC drilling program
The company had recently commenced its maiden RC drilling program at Metzke’s Find. Drilling was designed to target mineralised lodes along ~400m of strike and at depth under historic workings and shallow drilling
The company said that the recent results focus attention to the 200m of strike between the southern two drill traverses where the deeper mine workings precluded historical shallow oxide drill intercepts.
These deeper workings are also concentrated near a 10-15° bend in the mineralised structure which could be controlling bedrock lode mineralisation.
The company said that in the current program, 10 holes (MZRC 001-010) were drilled to the north of the reserve and 2 (MZRC 010-012) to the south of the reserve.
The company reported that two southern-most drill lines intersected significant mineralisation from fresh bedrock, including 4m @ 1.9 g/t Au from 64m including 2m @ 3.1 g/t Au from 64m (MZRC010); 3m @ 1.3 g/t Au from 41m (MZRC011); and 2m @ 6.8 g/t Au from 79m including 1m @ 12.5 g/t Au from 80m and the potential for multiple lodes within the system with 1m @ 1.0 g/t Au from 58m. (MZRC012).
DRE said that MZRC006 intersected the dolerite dyke which terminates the workings to the north. The company said that the system remains open to the north beyond the dyke in a potential offset position.
The company reported that hole MZRC009 intersected a deeper than anticipated mining void indicative of historic high-grade mining.
DRE reported that all other drill holes intersected the target structure within fresh bedrock below the historic workings and shallow drilling. Several of these holes did not return significant intercepts which is interpreted to be the result of supergene dispersion in the oxide zone.
The company said that the two southern lines were drilled ~200m apart which presents an attractive drill target and mineralisation remains open to the south along strike and to the north of the dolerite dyke.
EIS cofounded RC holes
The company announced that two Exploration Incentive Scheme (EIS) co-funded RC holes (IRC 009-010) were drilled at Illaara Central for 180m to test lithological and structural features seen in the magnetics.
The company reported that the drilling confirmed that magnetic highs were associated with magnetite rich gabbroic intrusions and should not be targeted further to identify felsic intrusions. Drilling also confirmed the presence of shearing, alteration and quart-sulphide veining indicative of a structurally complex and fertile mineralisation system.
DRE announced that the results of a 400m x 100m soil survey have been received showing gold anomalism away from the above holes. An infill 100m x 50m soil survey has subsequently been undertaken. The results of the drilling and soil surveys will define drill targets for testing in April 2020.
Soil surveys completed
DRE reported that all soil surveys have been completed at Illaara Central and Metzke’s Find.
The company said that the results are expected over the coming months and are expected to generate drill targets at Illaara Central and identify extensions to the north and south at Metzke’s Find along the mineralised structural corridor.
FLEM survey update
The company announced that the ground Fixed Loop Electromagnetic (“FLEM”) surveys over the Warspite, Rodney, Reindler’s and Bismarck VMS prospects have been completed with results expected in March 2020. This program is designed to generate drill targets for testing in 2020.
DRE reported that further updates would include results of soil sampling over Rocky Dam; Results of FLEM surveys at Illaara VMS prospects: Warspite, Rodney, Reindler’s and Bismarck; and results of infill soil sampling at Illaara Central in March.
The company is expected to commence drilling at Illaara Central and follow up drilling at Metzke’s Find; and announce Quarterly Activities and Cashflow Reports in April.
The assay results from Illaara Central are expected in May, while in the late June quarter, DRE is anticipated to Mobilise to commence drilling programs at Texas, Chianti-Rufina, Fuso and Paul’s Find at Tarraji-Yampi.
Dreadnought said that it looks forward to reporting a strong news flow through 2020.
Dreadnought Managing Director, Dean Tuck said: “Our maiden drill program at Metzke’s Find has produced encouraging results which is vectoring us towards the fresh bedrock lode under the historical workings.
These results have turned our focus away from the shallow oxide intercepts and towards the deeper workings which straddle a significant bend in the mineralised structure. This is an attractive drill target for testing.”