Dreadnought Resources (ASX:DRE) has begun a 15-hole reverse circulation drilling program at the Central Yilgarn Project in Western Australia to test four gold targets.
The targets — Viper, Leghorn, Chicken Little, and Honey — have known gold mineralisation from limited previous exploration.
Dreadnought, which has a market capitalisation of $62.66 million, expects drilling to take two to three weeks to complete, with results expected by June 2024.
Managing Director Dean Tuck says the program is the first of several targeting gold opportunities within the company’s portfolio.
“Our strategy of consolidating high-quality gold opportunities in a time of subdued gold prices is lining up perfectly with the gold price reaching all-time highs,” Tuck says.
On 3 April 2024, gold broke a new record sitting at more than $3,511 per ounce, as previously reported.
The Viper target lies within the Evanston greenstone belt and will be tested with three reverse circulation holes.
Leghorn lies within the South Elvire greenstone belt which was first identified as prospective for gold in the late 1980s with bulk leach extractable gold anomalies which were never followed up. Dreadnought will test the target with two reverse circulation holes.
The Honey target is a shallow working that hosts free gold within altered ultramafic rocks and has seen no previous drilling.
Honey is considered a ‘high priority’ target, at which Dreadnought will drill nine to 12 shallow reverse circulation holes to test beneath the shallow workings looking for depth, strike, and plunge extensions.
Meanwhile, Chicken Little sits within the T6 prospect in the centre of the Yerilgee greenstone belt. Between two and four reverse circulation holes will be drilled to test the down dip and potential plunge of mineralisation.
The Central Yilgarn Project covers more than 1,400km2 within the Yilgarn Craton.
Dreadnought Resources is a Western Australian mineral explorer that has four core projects, namely the Tarraji-Yampi, Mangaroon, Central Yilgarn, and Bresnahan projects.
As of 31 December 2023, the company had about $2.83 million in cash and cash equivalents at hand, according to its latest financial report.
Write to Aaliyah Rogan at Mining.com.au
Images: Dreadnought Resources
