Dreadnought Resources (ASX: DRE) has logged visible gold in three of the diamond holes from the 100% owned Mangaroon Gold Project, located in the Gascoyne region of Western Australia.
Highlights:
- Assays from the RC drilling (26 holes, 2,862m) at Star of Mangaroon, part of the Resource drilling program around the historic Star of Mangaroon gold mine include high-grade intercepts of:
SOMRC020: 3m @ 23.7 g/t Au from 58m SOMRC030: 4m @ 27.4 g/t Au from 80m
SOMRC028: 4m @ 5.1 g/t Au from 106m SOMRC024: 3m @ 4.9 g/t from surface
- Visible gold has also been logged in 3 of the diamond holes drilled as part of the resource definition program.
- Assays from diamond drilling are expected in October/November 2024.
- Promising assays have also been received from first pass drilling (4 RC holes, 309m) testing historical workings at the Popeye prospect. Significant intercepts included: POPRC001: 3m @ 22.8 g/t Au from 13m POPRC002: 1m @ 1.6 g/t Au, 15.5g/t Ag from 11m
- Popeye is located on the Star of Mangaroon mining lease and was discovered while sinking a shaft for water. There is no record of Popeye having been drilled before. Popeye represents an opportunity to prove up another shallow, high-grade open pit for potential processing.
- An initial Mineral Resource Estimate for Star of Mangaroon is expected in November 2024.
“Our strategy is to transform into a self-funded explorer. Initially, this involves a potential high-grade open pit at the Star of Mangaroon where we outsource funding, development, haulage and processing to third parties,” Managing Director, Dean Tuck, said.
“We will then look to extend this concept to Popeye, Two Peaks, Lead, Pritchard Well and so on. This strategy allows us to focus on exploration and growth while ‘outsourcing’ our cash-flow generating activities. The favourable Resource drilling results at Star of Mangaroon will be included in the initial open-pit Mineral Resource Estimate in November 2024.
“Furthermore, the results at Popeye are pleasing and will be progressed with the same concept in mind.”
The Star of Mangaroon gold mine was discovered in 1956 by the local pastoralist, Allan McDonald. The mine is the largest historic gold producer in the Gascoyne and between 1960 and 1983 produced 7,464 oz @ 34.8g/t Au. Most of the gold production came from underground with the lowest extraction level ~90m below surface.
