Dreadnought Resources (ASX:DRE) has encountered ‘thick, high-grade’ gold mineralisation following a first pass drilling program at the Star of Mangaroon.
The $107.16 million market capitalisation company says assays were generated from 10 shallow reverse circulation (RC) holes for 903m at its wholly owned Mangaroon Project in Western Australia.
Results confirm gold mineralisation at Star is finely disseminated free gold within foliation parallel quartz veins which remain open at depth.
Dreadnought reports future drilling will continue to test mineralisation at depth and test for repeat or offset lodes. Further drilling in 2024 is also expected to involve systematic target testing along the more than 10km long Mangaroon Shear Zone.
The company states it will apply a ‘strong’ focus on gold here in 2024.
Key results from the latest round of drilling include hole SOMRC004 with 9m @ 13.4 grams per tonne (g/t) Au from 9m including 2m @ 59.4g/t Au from 16m; and hole SOMRC005 with 7m @ 23g/t Au from 53m including 3m @ 48.9g/t Au from 54m.
The company notes remaining assays are expected in January 2024.
Drilling, which comprised a total of 18 RC holes and 2 diamond holes, was designed to confirm and extend mineralisation along strike and at depth from shallow historical drilling in the 1980s and 1990s.
Managing Director Dean Tuck says the aforementioned results confirm the gold potential of the Star of Mangaroon.
“Dreadnought’s consolidation of gold projects over the past 2 years is starting to bear fruit as we advance gold exploration across both Mangaroon and Central Yilgarn into 2024.”
Dreadnought Resources is an active Western Australian mineral explorer focused on finding metals needed now and in the future.
The company’s Mangaroon Project comprises up to 5,000km-square of ‘highly prospective’ ground including the Star of Mangaroon prospect, which represents one of the largest of several historical mines within the more than 10km long Mangaroon Shear Zone.
As of 30 September 2023, Dreadnought Resources had $2.99 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Adam Drought at Mining.com.au
Images: Dreadnought Resources