Mineral explorer Dreadnought Resources (ASX:DRE) has begun a 1,000m reverse circulation (RC) drilling program at the Money Intrusion within its Mangaroon Project in Western Australia.
Drilling will see 5 drillholes completed at 5 conductive bodies within the Money Intrusion consistent with high-tenor, massive, and net textured sulphide bodies, in conjunction with downhole electromagnetics (DHEM).
The $137.13 million market capitalisation says 2 of these conductors are located at the Bookathanna North target and are up to 37,000 Siemens (S), a ‘significantly’ higher result than the 160-200S conductors tested in the 2022 drill program.
This program was reported to have intersected net textured to brecciated sulphides in 9 holes.
The company notes the drilling will be fully funded by $20 billion TSX-listed First Quantum Minerals (TSE:FM) under an earn-in / joint venture (JV) and is expected to take 1-2 weeks to complete. Assays and DHEM results are expected to be received in October 2023.
Under the earn-in / JV deal, First Quantum has the opportunity to earn an initial 51% interest in the Mangaroon Project by funding $12 million of expenditure by 1 March 2026 and, upon the completion of these earn-in requirements, it can opt to increase its interest to 70% by sole funding expenditure up until a decision to mine.
Speaking on the start of drilling, Dreadnought Managing Director Dean Tuck says: “With Rare Earth Resource drilling at Mangaroon coming to a close, we are excited to return to the highly prospective Ni-Cu-PGE targets defined at Bookathanna North and High Range with our partners First Quantum Minerals.
“Dreadnought is excited to return to exploring for nickel, copper and gold across our project portfolio for the remainder of 2023“
Dreadnought is excited to return to exploring for nickel, copper and gold across our project portfolio for the remainder of 2023 whilst our resource and study preparation work on the rare earths advances in the background.”
Dreadnought is an ASX-listed Western Australian company focused on finding the metals needed now and in the future.
The company’s Mangaroon nickel-copper-platinum group element (Ni-Cu-PGE) Project is located about 250km southeast of Exmouth within the Gascoyne Region of Western Australia.
Dreadnought had $11.676 million cash at hand as of 30 June 2023, according to its latest quarterly report.
Write to Adam Drought at Mining.com.au
Images: Dreadnought Resources
