Dreadnought Resources (ASX:DRE) has uncovered ‘thick’ nickel-copper mineralisation over 400m from a reverse circulation (RC) drill program at the Bookathanna North prospect.
Drilling has been completed at the Bookathanna North and High Range prospects along the 45km Money Intrusion, which is part of its Mangaroon Ni-Cu-platinum group element (PGE) Project in Western Australia.
A total of 10 holes were drilled, with a downhole electromagnetic (DHEM) to begin in September 2023, says the $181.4 million market capitalisation company.
The company notes mineralisation remains open in all directions, and that hole REYRC019, a 200m step out hole from the first hole of the program at Bookathanna North (REYRC013), intersected 27m of Ni-Cu sulphide mineralisation including 2m of semi-massive sulphides.
These sulphides have no previously defined geophysical signature and appear to be high tenor, comprising 40-50% combined pentlandite and chalcopyrite in equal proportions.
The entire money intrusion will be reassessed with work to include induced polarisation (IP) surveys to search for deeper massive sulphides, due to the tenor, style, and thickness of mineralisation.
Assays from drilling are expected throughout September/October this year, with the DHEM survey results expected in October.
This and future programs are fully funded by $20 billion TSX-listed Canada-based First Quantum Minerals (TSE:FM) and managed by Dreadnought as part of the Mangaroon earn-in agreement.
Commenting on Dreadnought Resources Managing Director Dean Tuck says: “For the past two years, the work programs at the Money Intrusion have focused on confirming the fertility, high tenor and potential to form sulphide accumulations. This program has been a major leap forward confirming massive and semi-massive sulphides within thick halos of disseminated and net textured sulphides at a marginal trap site within the Money Intrusion.
There are two key outcomes from this program. Firstly, that the Money Intrusion can form high tenor massive sulphides and that the search for additional trap sites is imperative. Secondly, given the high tenor of mineralisation, massive sulphides are not required for high-grade mineralisation and geophysical techniques used to date may have missed significant targets.
We look forward to re-assessing the entire Money Intrusion, including follow up geophysics and drilling at Bookathanna North later in 2023.”
Dreadnought Resources is an ASX-listed explorer based in Western Australia focused on finding metals needed now and in the future.
The company’s Mangaroon project covers 5,200km-square and is located about 250km southeast of the township of Exmouth in the Gascoyne region of Western Australia.
Dreadnought Resources had $11.68 million cash and cash equivalents at hand as of 30 June 2023, according to its latest quarterly report.
Write to Adam Drought at Mining.com.au
Images: Dreadnought Resources
