Dreadnought Resources Limited’s (ASX:DRE) assays from regional surface sampling have extended the current strike of the Yin Rare Earth Element (REE) Ironstone Complex by 30% to ~43kms of strike at the 100% owned Mangaroon project, located in the Gascoyne Region of Western Australia.
As part of the regional sampling, two new REE ironstone trends have been identified (Y42 and Y9). Y42 has produced some of the highest NdPr:TREO ratios to date while Y9 significantly expands the scale of the Yin Ironstone Complex being located ~12km northwest of Yin.
Additionally, surface sampling over the largely undercover C7 carbonatite has confirmed REE mineralisation similar to early results at the C3 and C4 carbonatites.
Drilling of the Yin Ironstone Complex and the C1-7 carbonatites will commence in February/March 2023.
These results further emphasise the ever-increasing scale of the critical metals at Mangaroon,” Managing Director, Dean Tuck, said.
“With only one surface sampling program we have: increased the mineralised ironstones by over 40%; confirmed increasing NdPr:TREO ratios at Yin; discovered two new ironstones at Y9 and Y42; and confirmed that the C7 carbonatite is mineralised.
“With over 43km of mineralised ironstones, a multi-metal, regional source at C3 and six more potential source carbonatites, we are extremely excited about what the drill rigs will deliver for us in 2023.”
Highlights
Mangaroon is 100% Owned by Dreadnought
Genuine Scale Potential Already at Yin Ironstone Complex
- Initial independent Yin Inferred Resource of 14.36Mt @ 1.13% TREO (ASX 28 Dec 2022) covers only three km of 43km of strike and is based on only 2.5 months of RC drilling (11,907m). The immediate Yin trend remains open over an additional 16km of strike and at depth.
- Over the three km of the 43km long strike of the Yin Ironstone Complex, the Resource intensity is ~4.8Mt/km.
- First tranche of long-term incentives now triggered with balance on track to be triggered at JORC Resource of at least 30Mt @ >1% TREO by 31 December 2024.
Significant, Step-Change, Growth Potential Beyond Yin Ironstone Complex
- C1-C7 carbonatites are shaping up as the regional source of REE – initial drill programme expands C1-C5 to ~6.5km in strike length x one km wide.
- C6 Carbonatite located ~25km south of C1-5 and C7 is situated over a crustal scale structural splay of the Lyons River Fault and has a geophysical similarity to other globally significant carbonatite intrusions such as Mt Weld, Araxa and Ngualla.
High-Grade, Multi-Metal Potential Including REE (Neodymium, Praseodymium), Phosphorus, Niobium, Titanium & Scandium (REE-P2O5-Nb2O5-TiO2-Sc)
- Yin, like the Yangibana REE project controlled by the ~$450M Hastings Technology Metals Ltd is globally unique due to the high proportion of NdPr as a total of the rare earth oxides (NdPr:TREO ratio).
- Six coherent zones of REE-P2O5-Nb2O5-TiO2-Sc successfully identified within C1-C5 carbonatites with a ~600m x 550m zone of REE-P2O5-Nb2O5-TiO2-Sc mineralisation now confirmed at the C3 discovery.
Potentially Attractive Mining Proposition
- Broad zones of shallow dipping mineralisation with parallel lodes and Resource intensity of ~4.8Mt/km make for a potentially attractive mining proposition.
Positive Metallurgy Results
- Initial metallurgical test work from Yin performed well, achieving a recovery of 92.8% at a concentrate grade of 12.3% Nd2O3 and an average 40% TREO.
- REE at Yin is predominantly hosted in monazite which is amenable to commercial processing.
- Significant metallurgical study from 16 diamond holes drilled at Yin underway – results expected April/May 2023.
Analogous to a Globally Unique, Commercially Viable Development 25kms Away
- Yangibana is located only 25km to the northeast of Yin and currently has a Resource of 29.93Mt @ 0.93% TREO with 0.32% Nd2O3+Pr6O11 (34% NdPr:TREO).
- Yangibana is under construction and development with first production planned for 2024.
