Dreadnought Resources Ltd (ASX:DRE) Consolidates Further Gold Ground at Mangaroon
Acquisition Details
Dreadnought Resources Ltd has further consolidated its Mangaroon Gold Project in Western Australia by acquiring the E09/2479 tenement from an unrelated vendor, subject to settlement. This acquisition expands the company’s existing holdings and provides additional gold mineralisation with limited previous drilling.
Exploration Highlights
The E09/2479 tenement contains several historical and unrecorded gold diggings, including the Fenceline prospect, which has yielded significant gold results from rock chips: 64.2 g/t Au, 13.0 g/t Au, 11.8 g/t Au, and 10.6 g/t Au. Drilling is expected to commence this month on multiple targets within the Mangaroon tenure, aiming to identify and increase gold production.
Transaction Details
Upon settlement, Dreadnought will own 100% of E09/2479, paying $100,000 and issuing fully paid ordinary shares valued at $400,000, with a 1% net smelter royalty. Settlement conditions include obtaining regulatory approvals and assigning any third-party agreements.
Future Plans
The company plans to undertake detailed mapping and surface sampling in April, followed by air core drilling programs to explore the Minga Bar shear zone for a major gold discovery.
Executive Comments
Dreadnought’s Managing Director, Dean Tuck, stated, “This acquisition has expanded our footprint over highly prospective gold corridors with historical gold occurrences. The acquisition of this position over the major crustal scale Minga Bar fault is strongly in line with our discovery pillar of the gold strategy at Mangaroon. We believe these positions provide further opportunities for a major gold discovery. We believe that the known high-grade gold occurrences, areas of historical production with limited to no drilling, and key lithostructural settings will continue to deliver compelling targets for discovery.”
Motley Fool contributor Kiarra Jackson has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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