Dreadnought Resources Limited (ASX: DRE) has announced highly encouraging results including 2m at 12.8 grams per tonne of gold from the follow-up RC drill program at Metzke’s Find within its Illaara Gold-VMS Project.
The company reported significant intercepts over a strike length of ~250m at Metzke’s Find. Highlights include 2m @ 12.8 g/t Au from 51m including 1m @ 24.8 g/t Au from 51m; 8m @ 8.1 g/t Au from 84m including 3m @ 21.0 g.t Au from 85; 13m @ 4.2 g/t Au from 48m including 7m @ 7.5 g/t Au from 51m; and 5m @ 2.4 g/t Au from 71m including 1m @ 11.3 g/t Au from 71m.
DRE said that assays are still pending for RC holes MZRC013 and MZRC014.
Dreadnought said that the mineralised lode remains open along strike and at depth with the potential for multiple lodes.
Illaara project
Illaara is located 160km northwest of Kalgoorlie in the Yilgarn Craton 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.
The Illaara Greenstone Belt has now been consolidated through an acquisition from Newmont and subsequently the purchase of Metzke’s Find and an option to acquire 100% of E30/485 and E29/965. Newmont defined several camp-scale targets which were undrilled due to a change in corporate focus. Historically, gold was discovered and worked at Metzke’s Find and Lawrence’s Find in the early 1900s.
Illaara contains several drill ready gold targets. In addition, the Eastern and Western VMS Horizons is expected to produce exciting drill targets with the application of modern exploration technology.
Metzke’s Find
Metzke’s Find consists of historic workings that extend over 700m in strike and sit within a 12km long orogenic gold corridor. No work had taken place along the corridor to the north and south.
In March 2020, results of a 12-hole RC drilling program around the historic workings confirmed bedrock gold mineralisation at Metzke’s Find.
Significant drill intercepts included MZRC012: 2m @ 6.8 g/t Au from 79m including 1m @ 12.5 g/t Au from 80m; and MZRC010: 4m @ 1.9 g/t Au from 64m including 2m @ 3.1 g.t Au from 64m.
RC drilling at Metzke’s Find
The company said that within Metzke’s Find, six RC holes MZRC013, MZRC014, MZRC015, MZRC016, MZRC017, and MZRC018, were drilled for an average depth of 95m within the ~200m strike distance between previous significant intercepts.
DRE said that this drilling targeted a bend in the mineralised structure and beneath deeper workings which are considered to have made historical, shallow drilling ineffective.
Dreadnought said that all drill holes intersected the mineralised lode which consists of sugary recrystalised quartz-sulphide veining within a zone of intensely sheared and chlorite, sericite and biotite altered mafic metavolcanics.
The company said that the mineralised lode remains open along strike and at depth.
DRE said that there also remains potential for repeat lodes, or brittle offsets of the main lode which have been described from historical accounts of the workings.
High-grade results
Dreadnought reported that a fresh bedrock gold bearing lode was intersected in all holes with high grade intercepts returned from four holes, MZRC015, MZRC016, MZRC017, and MZRC018.
Significant results include MZRC015: 2m @ 12.8 g/t Au from 51m including 1m @ 24.8 g/t Au from 51m; MZRC016: 8m @ 8.1 g/t Au from 84m including 3m @ 21.0 g.t Au from 85m; MZRC017: 13m @ 4.2 g/t Au from 48m including 7m @7.5 g/t Au from 51m; and MZRC018: 5m @ 2.4 g/t Au from 71m including 1m @ 11.3 g/t Au from 71m.
The company said that the assay results from two RC holes, MZRC013 and MZRC014, remain outstanding.
Next steps
The company announced the upcoming news flows for the next two months. This includes
July: Drill targets from geological mapping at Illaara Central and Metzke’s Find corridor work; Assay results from RC drilling programs at the VMS targets at Rodney, Warspite, Bismarck and Reindler’s; DHEM Results from the VMS targets at Rodney, Warspite, Bismarck and Reindler’s; Assay results from RC drilling programs at the deeper bedrock targets at Metzke’s Find; Results of magnetic and gravity 3D inversions at Tarraji; Quarterly Activities and Cashflow Report; and Outcome of the 30 June 2021 JMEI Tax Credits application.
July/August: Additional drill targets from geological mapping at Illaara Central and Metzke’s Find corridor work.
August: Assay results from RC drilling at Rocky Dam; and 30 June 2020 JMEI Tax Credit Statements distributed to shareholders.
Management comments
Dreadnought Managing Director Dean Tuck said: “Our most recent drill program at Metzke’s Find has produced significant results from the fresh bedrock lode under the historical workings.
These results extend over a strike length of 250m with the mineralisation remaining open along strike and at depth with potential for multiple lodes. We will determine our specific follow up plans once we receive assays for the remaining two holes.”