Dreadnought Resources (ASX:DRE) has increased the mineral resource of the Star of Mangaroon deposit, part of the Mangaroon Project in Western Australia, by 36% in the measured and indicated category.
Star of Mangaroon’s resource now contains 27,000 ounces of gold @ 11.1 grams per tonne gold.
The resource – which is considered amenable to open pit mining and remains open at depth and along strike – sits on a mining lease with a mining proposal and mine closure plans submitted for approval.
Dreadnought, which has a market capitalisation of $132 million, says the resource contains more ounces in the top 30m of the deposit which should enhance Mangaroon’s economics and subsequent cashflow. A revised open pit study is now underway.
Commercial discussions to outsource funding, development, haulage, and processing are progressing with these key project improvements forming the basis of these discussions.
Managing Director Dean Tuck says since the initial resource in November 2024, the company has focused on adding shallow, high-grade ounces.
“The Star of Mangaroon is one of the highest grade, highest confidence and shallow open cut deposits in Australia,” Tuck says.
“Combined with high metallurgical recoveries, makes this a strong foundation for our more gold, faster strategy. Meanwhile, the drill rig is undertaking a substantial program aiming to deliver gold discoveries at various Mangaroon gold prospects, the next key pillar of our More Gold, Faster Strategy.”
The Mangaroon Project, covering 5,000km2, is located in the Gascoyne region of Western Australia.
Write to Aaliyah Rogan at Mining.com.au
Images: Dreadnought Resources
