Announcement PDF ASX:DRE +61 (08) 9473 8345 info@dreres.com.au Unit 1, 4 Burgay Court Osborne Park WA 6017 ABN 40 119 031 864 ASX ANNOUNCEMENT 24 October 2023 Drilling and Geophysical Surveys Completed at Tarraji-Yampi (80%, 100%) HIGHLIGHTS • 11 RC holes (1,289m) and 2 diamond holes (530.3m) have been completed at Tarraji-Yampi. Despite operational challenges from bush fires and rig breakdowns resulting in only 4 targets being tested, the program delivered several positive outcomes warranting follow-up. • Diamond holes KMRD056 and KMRD057 intersected laminated, brecciated and semi-massive sulphides extending mineralisation at Orion a further 100m down dip. Orion is now ~350m wide x ~150m long x 250m deep (and modelled to at least 500m deep). • 7 RC holes testing EM conductors intersected mineralisation comparable to that seen around the fringes of Orion. Subsequent downhole EM (“DHEM”) confirmed off-hole and edge-hit anomalies, including KMRC053 which has a strong, >20,000S off-hole conductor. These results indicate that some targets have not been effectively tested and require additional drilling. • 2 RC holes (150m) drilled into Ironclad have intersected quartz-sulphide veining along a significant structure, similar to the Grant’s Cu-Au-Co prospect. • 2 RC holes were abandoned due to ground conditions with their respective targets remaining effectively untested. • Assay results are expected in 4-8 weeks along with final DHEM modelling. Dreadnought Resources Limited (“Dreadnought”) is pleased to announce that RC and diamond drilling has completed for the year at the Tarraji-Yampi Project, located in the Kimberley Region of Western Australia. Dreadnought’s Managing Director, Dean Tuck, commented: “This year’s drilling program in the Kimberley has been challenging due to unseasonable weather, bush fires and rig break downs. As a result, the program remains largely incomplete as originally intended with only a handful of targets effectively tested. On the positive side, mineralisation at Orion has been extended and remains open at depth, thanks to diamond drilling supported by the GSWA’s co-funding Exploration Incentive Scheme. Additionally, a number of strong off hole conductors have been identified associated with “near miss” style mineralisation seen around the fringes of the Orion Discovery. These remain high priority targets for follow up drilling in 2024.” Figure 1: Photo of the RC rig with heavy smoke obscuring the sun due to bush fires within the project area. dreadnoughtresources.com.au 1 ASX:DRE +61 (08) 9473 8345 info@dreres.com.au Unit 1, 4 Burgay Court Osborne Park WA 6017 ABN 40 119 031 864 SNAPSHOT – Tarraji-Yampi Cu-Au-Ag-Co Unexplored since the 1970s • Outcropping mineralisation was discovered in 1905 and mined for copper at Grant’s Find, Wilson’s Reward, Monarch, Ironclad and Tarraji from 1907-1920. • Only historical exploration within the area was by WMC Resources (“WMC”) in the 1950s and Australian Consolidated Minerals (“ACM”) in the 1970s with both parties exploring for copper. • Contained entirely within the Yampi Sound Training Area (“YSTA”), Commonwealth land that was off limits to mineral exploration from 1978 to 2013. Genuine Camp Scale Potential • Five clusters of historical mining on outcropping mineralisation. • Orion discovery (~350m wide x ~150m long x 250m deep and modelled to at least 500m deep), under just 1m of cover, made in 2021. Results include KMRC022: 16m @ 2.2% Cu, 38.7g/t Ag, 6.6g/t Au, 0.40% Co from 77m. (ASX 15 Nov 2021) • 14 additional Orion look-alikes defined through geochemical and geophysical surveys including 5 with known outcropping mineralisation, and 6 with coincident highly conductive bodies. • Lithostructural and geochemical similarities to Cu-Au mineralisation in the Cloncurry IOCG province. Significant, Step-Change, Growth Potential • Dreadnought is the first explorer to deploy modern geochemical and geophysical techniques to explore for mineralisation under shallow cover in the region. High-Grade, Multi-Metal Potential Including Cu-Ag-Au-Co • Previous drilling at Orion includes thick high-grade intersections (ASX 15 Nov 2021): KMRC022: 16m @ 2.2% Cu, 38.7g/t Ag, 6.6g/t Au, 0.40% Co from 77m, including: 2m @ <0.1% Cu, 4.8 g/t Ag, 27.6g/t Au, 1.50% Co from 77m, and: 7m @ 4.7% Cu, 83.3g/t Ag, 4.9g/t Au, 0.20% Co from 82m KMRC039: 20m @ 1.4% Cu, 13.4g/t Ag, 3m @ 7.6% Cu, 116g/t Ag, KMRC047: 12m @ 3.0% Cu, 21.4g/t Ag, 5m @ 0.5g/t Au, 0.03% Co from 3m, including: 2.2 g/t Au, 0.14% Co from 18m 1.7g/t Au, 0.02% Co from 1m, including: 5.9% Cu, 44.9 g/t Ag, 3.7g/t Au, 0.01% Co from 1m Global Energy Decarbonisation Driving Copper Fundamentals • Copper is essential for electricity-related technologies with renewable energy systems requiring up to 12x more copper compared to traditional energy systems. • S&P Global forecasts that global demand for copper could double by 2035, from 25M tonnes to 50M tonnes. Under this scenario, by 2030, supply from both existing and projected copper mines will meet just 80% of demand (S&P Global: The Future of Copper, July 2022). dreadnoughtresources.com.au 2 ASX:DRE +61 (08) 9473 8345 info@dreres.com.au Unit 1, 4 Burgay Court Osborne Park WA 6017 ABN 40 119 031 864 Figure 2: Plan view image showing the location of drilled (red dots) and yet to be drilled holes (blue dots) at Orion and Thunderer in relation to auger geochemistry over an ortho image. dreadnoughtresources.com.au 3 ASX:DRE +61 (08) 9473 8345 info@dreres.com.au Unit 1, 4 Burgay Court Osborne Park WA 6017 ABN 40 119 031 864 Technical Discussion of RC and Diamond Drilling The 2023 RC and diamond drilling program aimed to achieve two main objectives: - Prove the scale potential of Cu-Ag-Au-Co mineralisation at Tarraji-Yampi through the discovery of additional massive sulphide bodies. - Test the depth extents of Orion where geophysical modelling shows mineralisation continues to >500m and gets stronger at depth. Drilling is co-funded by the highly successful Exploration Incentive Scheme from the Geological Survey of Western Australia. Neither of these objectives was fully achieved due to rig breakdowns, weather and bush fires. The program will be completed in 2024; a status of the targets is included in Table 1 below. At Orion, 2 diamond holes were drilled to test the Fixed Loop (“FLEM”) plate at depth. KMRD056 was drilled into the southern edge of the plate and intersected laminated to brecciated sulphides. KMRD057 drilled into the centre of the plate and intersected 3.2m of breccia and semi-massive sulphide mineralisation comprised of pyrrhotite with chalcopyrite, sphalerite and arsenopyrite. Preliminary analysis of DHEM confirms that both holes intersected the conductive target. An initial interpretation of the drilling indicates a northerly plunge to the mineralisation, which will be confirmed through further detailed structural logging and DHEM modelling. These holes confirm that Orion continues to ~250m and remains open at depth. In addition, 5 RC holes were drilled at Orion look-alike targets (OR1, OR2, OR3, OR4 and OR8). The OR3 hole was abandoned due to ground conditions. The other 4 holes intersected anomalous sulphide mineralisation at the target depth, similar to that seen around the fringes of Orion. Preliminary DHEM results from OR1, OR2, OR4 and OR8 show off-hole conductors. The combination of anomalous sulphide mineralisation and off-hole conductors indicates that the holes are “near misses” and require additional drilling. At Thunderer, 4 RC holes were drilled to test EM plates at Thunderer East and a mineralised quartz vein at Thunderer North. KMRC052 at Thunderer North intersected a 4m mineralised quartz vein with visible arsenopyrite and chalcopyrite. Of the 3 holes drilled at the EM plates: one was abandoned due to ground conditions; another intersected no significant mineralisation or off-hole conductor; and a third (KMRC053) intersected anomalous mineralisation similar to a near miss with a coincident strong off-hole conductor. At Ironclad, 2 holes were drilled to test for chalcopyrite-rich vein hosted mineralisation. Both holes intersected mineralised quartz-sulphide veins near the targeted structure. In addition to continuing the exploration and evaluation of Cu-Ag-Au-Co mineralisation at Orion and Thunderer, the project will be reassessed for Ruin Dolerite hosted Ni-Cu-PGE mineralisation similar to the recent Merlin/Double Magic and Dog Leg discoveries along strike. Table 1: Description of 14 Orion look-alikes (GDA94 MGA z51). Target ID Orion Strike (m) 350 Width (m) 150 Peak Value** (Cu+Pb+Zn+As) 1,418 ppm Strike (m) 425 Dip (m) 315 Conductance (S) 4,146 Magnetic Anomaly Yes Outcropping Mineralisation Target Status No Tested Ironclad Not Surveyed No Yes Tested 1,550 150 2,750 ppm OR1 Weak or Masked No Under Cover Off-hole Conductor 300 150 2,566 ppm OR2 220 245 4,590 Yes Under Cover Off-hole Conductor 300 150 1,170 ppm OR3 540 375 3,170 Yes Under Cover Not Tested 420 130 1,380 ppm OR4 510 370 3,320 Yes Yes Off-hole Conductor 780 200 1,244 ppm OR5 Not Surveyed Yes Under Cover Not Drilled 400 200 1,069 ppm OR6 Not Surveyed Yes Under Cover Not Drilled 350 100 941 ppm OR7 410 290 4,200 Yes Under Cover Not Drilled 580 100 985 ppm OR8 300 220 660 No Under Cover Off-hole Conductor 1,500 200 953 ppm Off hole Conductor Thunderer East 450 150 1,496 ppm 340 215 2,590 No Yes Not Drilled Thunderer West 500 100 1,205 ppm 400 600 2,590 Yes Yes Tested Thunderer North 200 80 520 ppm 300 470 180 Yes Yes Vanguard Not Surveyed Yes Yes Not Drilled 500 40 579 ppm Neptune* Not Surveyed Yes Under Cover Not Drilled N/A* N/A* 1,221 ppm* * Auger program over Neptune <25% complete **Background value ~80ppm Cu+Pb+Zn+As dreadnoughtresources.com.au 4 ASX:DRE +61 (08) 9473 8345 info@dreres.com.au Unit 1, 4 Burgay Court Osborne Park WA 6017 ABN 40 119 031 864 Table 2: Significant Sulphide Intervals (Visual Estimates) with DHEM and Target Status Hole ID From (m) To (m) Interval (m) KMRC052 36 40 4 KMRC053 95 108 13 Mineralisation Style Quartz-Sulphide Vein Disseminated / Laminated Sulphide Type Arsenopyrite, Chalcopyrite Pyrrhotite, Sphalerite, Chalcopyrite Sulphide (%) DHEM Status Prospect 1-5 - Target Tested Thunderer North 5-10 Off hole @ ~105m Near Miss Thunderer East Target Tested Target Not Tested Thunderer East Thunderer North KMRC054 No Mineralisation - KMRC055 Hole Abandoned - KMRD056 KMRD057 143 147.5 4.5 Sulphide Veining 198.1 202 3.9 Disseminated / Laminated 237 249.7 12.7 Laminated / Breccia 215 218 3 Disseminated 232 234.5 2.5 Sulphide Veining 257.8 261 3.2 Breccia / Semi Massive 276 280.6 4.6 Sulphide Veining KMRC058 26 29 3 KMRC059 7 23 9 27 2 4 KMRC060 102 108 6 Laminated / Veining KMRC061 80 92 12 Laminated / Veining KMRC062 KMRC063 KMRC064 Quartz-Sulphide Vein Quartz-Sulphide Vein Chalcopyrite, Pyrrhotite, Pyrite Pyrrhotite, Pyrite, Chalcopyrite Pyrrhotite, Pyrite, Chalcopyrite Chalcopyrite, Pyrrhotite, Arsenopyrite Pyrrhotite, Pyrite, Chalcopyrite Pyrrhotite, Chalcopyrite, Sphalerite, Arsenopyrite Pyrrhotite, Pyrite, Chalcopyrite, Sphalerite Chalcopyrite Chalcopyrite, Arsenopyrite Pyrrhotite, Sphalerite, Galena Pyrrhotite, Sphalerite, Chalcopyrite 1-5 1-5 106 2 Laminated / Veining Hole Abandoned dreadnoughtresources.com.au Pyrrhotite, Sphalerite, Mineralisation Extended 5-40 5-10 Orion 1-5 Plate Hit Mineralisation Extended 1-5 - Target Tested 1-5 - Target Tested 5-10 Off hole @ ~105m Near Miss OR2 5-10 Off hole @ ~90m Near Miss OR8 Near Miss OR1 Near Miss OR4 Target Not Tested OR3 10-80 1-5 No Mineralisation 104 Plate Hit 5-10 Off hole @ ~120m Off hole @ ~105m - Ironclad 5 ASX:DRE +61 (08) 9473 8345 info@dreres.com.au Unit 1, 4 Burgay Court Osborne Park WA 6017 ABN 40 119 031 864 Background of the 2023 Cu-Au-Ag-Co Drilling Program Tarraji-Yampi was off limits to exploration from 1978-2013; a period that saw over 50% of Australia’s mineral deposits discovered through the application of modern geophysical and geochemical techniques and an evolving understanding of mineral systems. The region is known to contain outcropping quartz copper-gold lodes that were mined for copper on a small scale in the early 1900s and explored briefly by WMC in 1958 and ACM in 1972. The geological, geochemical and regolith of the project area contains many similarities to the Cloncurry District near Mt Isa and Tennant Creek. Dreadnought, for the first ever time, is applying modern exploration techniques and knowledge to discover mineralisation under the black soil plains. In 2021, Dreadnought tested one of its first undercover geophysical targets at Orion intersecting (ASX 25 Aug 2021): KMRC017: 12m @ 1.6% Cu, 31.7g/t Ag, 0.5g/t Au, 0.02% Co from 45m This was quickly followed up by additional drilling confirming mineralisation to be ~350m wide x ~150m long, modelled to at least 500m deep and open down dip. Significant intercepts include (ASX 15 Nov 2021): KMRC022: 16m @ 2.2% Cu, 38.7g/t Ag, 6.6g/t Au, 0.40% Co from 77m, including: 2m @ <0.1% Cu, 4.8 g/t Ag, 27.6g/t Au, 1.50% Co from 77m, and: 7m @ 4.7% Cu, 83.3g/t Ag, 4.9g/t Au, 0.20% Co from 82m KMRC039: 20m @ 1.4% Cu, 13.4g/t Ag, 3m @ 7.6% Cu, 116g/t Ag, KMRC047: 12m @ 3.0% Cu, 21.4g/t Ag, 5m @ 0.5g/t Au, 0.03% Co from 3m, including: 2.2 g/t Au, 0.14% Co from 18m 1.7g/t Au, 0.02% Co from 1m, including: 5.9% Cu, 44.9 g/t Ag, 3.7g/t Au, 0.01% Co from 1m In addition, it was determined that the black plain soil at Orion was only 1-9m thick instead of the 30-40m originally interpreted. This made for the application of auger sampling to provide a geochemical dataset to the geophysical datasets utilised to date. Since 2021, over 4,000 auger samples have been collected across Tarraji-Yampi. The auger geochemical dataset has been transformational in understanding the lithostructural setting at Tarraji-Yampi and has resulted in the definition of 14 Orion look-alikes with strong coincident geochemical and geophysical anomalies, with 5 containing outcropping gossans. Figure 3: Image of the Topdrill diamond rig drilling at Orion. dreadnoughtresources.com.au 6 ASX:DRE +61 (08) 9473 8345 info@dreres.com.au Unit 1, 4 Burgay Court Osborne Park WA 6017 ABN 40 119 031 864 Background on Tarraji-Yampi (E04/2508, E04/2557, E04/2572, E04/2608, E04/2860, E04/2861, E04/2862, E04/2863: 100%, E04/2315: 80%) Tarraji-Yampi is located entirely within the Yampi Sound Training Area (“YSTA”), a Commonwealth Defence Reserve in the West Kimberley, ~80kms from the port of Derby. The YSTA is the second largest Defence Reserve in Australia after Woomera in South Australia and was off limits to mineral exploration from 1978 to 2013. The only significant exploration undertaken in the area was by WMC Resources in 1958 and Australian Consolidated Minerals in 1972, with both parties exploring for copper. Since opening for exploration in 2013, Dreadnought has secured the largest ground holding within the YSTA and developed strong working relationships with both the Department of Defence and the Dambimangari People. Figure 4: Plan view image showing the location of Cu-Au and VMS prospects over geological interpretation at Tarraji-Yampi. dreadnoughtresources.com.au 7 ASX:DRE +61 (08) 9473 8345 info@dreres.com.au Unit 1, 4 Burgay Court Osborne Park WA 6017 ABN 40 119 031 864 For further information please refer to previous ASX announcements: • 25 August 2021 RC Results from Orion, Grant’s & Fuso Indicate a large Cu-Au-Ag-Co System • 11 October 2021 Massive Sulphides Intersected in Multiple Holes at Orion Cu-Au-Ag-Co • 2 November 2021 Supergene Confirmed and Massive Sulphides Extended at Orion • 15 November 2021 High-Grade Cu-Ag-Au-Co Discovery at Orion • 8 December 2021 Further High-Grade Cu-Ag-Au-Co from Orion Discovery • 22 June 2022 Orion Auger Program – Tarraji-Yampi Project • 15 August 2022 Nine Orion Look-alikes from Auger Program, More to Come • 3 October 2022 Commencement of Regional Auger Program • 18 May 2023 Additional Orion Look-Alikes from Auger Program UPCOMING NEWSFLOW October: DHEM and further assay results from the Money Intrusion (Mangaroon Earn-in) October/November: Further RC drilling at Mangaroon Ni-Cu-PGE (Earn-in) and Au (100%) October: Quarterly Activities and Cashflow Report November: Final drilling results from completed drilling at Mangaroon REE (100%) November: REE Resource upgrade (Mangaroon 100%) November: Results of geophysical and geochemical surveys at Central Yilgarn (100%) November: Results from target generation and definition work at Bresnahan (100%) November: Assays from RC drilling at Tarraji-Yampi (80%, 100%) 23 November: Annual General Meeting November/December: Assay results from additional Au, Ni-Cu-PGE and REE drilling at Mangaroon. ~Ends~ For further information please contact: Dean Tuck Managing Director Dreadnought Resources Limited E: dtuck@dreres.com.au Jessamyn Lyons Company Secretary Dreadnought Resources Limited E: jlyons@dreres.com.au This announcement is authorised for release to the ASX by the Board of Dreadnought. dreadnoughtresources.com.au 8 ASX:DRE +61 (08) 9473 8345 info@dreres.com.au Unit 1, 4 Burgay Court Osborne Park WA 6017 ABN 40 119 031 864 Cautionary Statement This announcement and information, opinions or conclusions expressed in the course of this announcement contains forecasts and forward-looking information. Such forecasts, projections and information are not a guarantee of future performance, involve unknown risks and uncertainties. Actual results and developments will almost certainly differ materially from those expressed or implied. There are a number of risks, both specific to Dreadnought, and of a general nature which may affect the future operating and financial performance of Dreadnought, and the value of an investment in Dreadnought including and not limited to title risk, renewal risk, economic conditions, stock market fluctuations, commodity demand and price movements, timing of access to infrastructure, timing of environmental approvals, regulatory risks, operational risks, reliance on key personnel, reserve estimations, native title risks, cultural heritage risks, foreign currency fluctuations, and mining development, construction and commissioning risk. Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Visual estimates also potentially provide no information regarding impurities or deleterious physical properties relevant to valuations. Competent Person’s Statement – Exploration Results The information in this announcement that relates to geology, exploration results and planning, and exploration targets was compiled by Mr. Dean Tuck, who is a Member of the AIG, Managing Director, and shareholder of the Company. Mr. Tuck has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr. Tuck consents to the inclusion in the announcement of the matters based on the information in the form and context in which it appears. The Company confirms that it is not aware of any new information or data that materially affects the information in the original reports, and that the forma and context in which the Competent Person’s findings are presented have not been materially modified from the original reports. Figure 5: Photo of Senior Geologists Kevin Rose (L) and Nick Chapman (R) logging diamond core at Tarraji. dreadnoughtresources.com.au 9 ASX:DRE +61 (08) 9473 8345 info@dreres.com.au Unit 1, 4 Burgay Court Osborne Park WA 6017 ABN 40 119 031 864 INVESTMENT HIGHLIGHTS Kimberley Ni-Cu-Au Project (80/100%) The project is located only 80kms from Derby in the West Kimberley region of WA and was locked up as a Defence Reserve since 1978. The project has outcropping mineralisation and historic workings which have seen no modern exploration. Results to date indicate that there may be a related, large scale, Proterozoic Cu-Au-Ag-Bi-Sb-Co system at Tarraji-Yampi, similar to Cloncurry/Mt Isa and Tennant Creek. Mangaroon Ni-Cu-PGE JV & Au/REE 100% Project Mangaroon covers ~5,200 kms and is located 250kms south-east of Exmouth in the Gascoyne Region of WA. At the Money Ni-Cu-PGE has been identified and is subject to an earn-in by First Quantum Minerals (up to 70%). Dreadnought also has areas of outcropping highgrade gold including the historic Star of Mangaroon and Diamonds gold mines. In addition, Mangaroon has emerged as a globally significant, rapidly growing, potential source of critical minerals. Highlights include: - An Exploration Target of 50-100Mt at 0.9-1.3% TREO estimated for the top 150m of the ~43km long Yin REE Ironstone Complex (ASX 13 Feb 2023). - An independent Resource for Yin Ironstones Complex of 20.06Mt @ 1.03% TREO over only ~4kms – including an Indicated Resource of 5.52Mt @ 1.23% TREO over just 250m strike (ASX 5 Jul 2023). - Regional source of rare earths at the C1-C5 carbonatites totaling ~9kms x ~1km (ASX 7 Aug 2023). - A large, independent initial Resource of 10.84Mt @ 1.00% TREO at C3, containing a range of critical minerals including rare earths, niobium, phosphate, titanium and scandium (ASX 28 Aug 2023). Bresnahan HREE and Au Project (100%) Bresnahan is located ~125km southwest of Newman in the Ashburton Basin. The project comprises ~3,700 sq kms covering over 200kms strike along the Bresnahan Basin / Wyloo Group unconformity. Bresnahan is prospective for unconformity related heavy rare earth (“HREE”) deposits similar to Browns Range HREE deposits and mesothermal lode gold similar to Paulsen’s Au-Ag-Sb deposits along strike. Prior to consolidation by Dreadnought, the Bresnahan Basin had only been explored for unconformity uranium with limited exploration for mesothermal gold. Bresnahan is a first mover opportunity to explore for unconformity HREE. Central Yilgarn Gold, Base Metals, Critical Minerals & Iron Ore Project (100%) Central Yilgarn is located ~190km northwest of Kalgoorlie in the Yilgarn Craton. The project comprises ~1,600 sq kms covering ~150km of strike along the majority of the Illaara, Yerilgee and Evanston greenstone belts. Central Yilgarn is prospective for typical Archean mesothermal lode gold deposits, VMS base metals, komatiite hosted nickel sulphides and critical metals including Lithium-Caesium-Tantalum. Prior to consolidation by Dreadnought, the Central Yilgarn was predominantly held by iron ore explorers and remains highly prospective for iron ore. dreadnoughtresources.com.au 10 ASX:DRE +61 (08) 9473 8345 info@dreres.com.au Unit 1, 4 Burgay Court Osborne Park WA 6017 ABN 40 119 031 864 Table 1: Drill Collar Data (GDA94 MGAz50) Hole ID Easting Northing 626601 8161693 KMRC052 KMRC053 627038 8160676 KMRC054 626887 8160552 KMRC055 626783 8161514 KMRD056 628088 8168632 KMRD057 628115 8168710 KMRC058 626924 8167163 KMRC059 626945 8167287 KMRC060 627935 8169429 KMRC061 627785 8167707 KMRC062 627740 8168842 KMRC063 627512 8166694 KMRC064 627783 8167550 RL 54 48 48 49 66 73 69 71 70 62 68 58 60 Dip -55 -55 -60 -55 -70 -70 -55 -55 -55 -65 -55 -65 -65 Azimuth 260 270 270 300 290 290 270 270 290 280 270 290 280 EOH 63 141 120 101 229.9 300.4 87 63 174 177 153 201 109 Type RC RC RC RC RC/DD RC/DD RC RC RC RC RC RC RC Prospect Thunderer North Thunderer East Thunderer East Thunderer North Orion Ironclad OR2 OR8 OR1 OR4 OR3 JORC Code, 2012 Edition – Table 1 Report Template Section 1 Sampling Techniques and Data (Criteria in this section apply to all succeeding sections.) Criteria Sampling techniques JORC Code explanation • • • • Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc.). These examples should not be taken as limiting the broad meaning of sampling. Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information. Commentary Reverse Circulation (RC) and Diamond (DD) drilling was undertaken to produce samples for assaying. Laboratory Analysis Two sampling techniques were utilised for this program, 1m metre splits directly from the rig sampling system for each metre and 3m composite sampling from spoil piles. Samples submitted to the laboratory were determined by the site geologist. 1m Splits From every metre drilled a 2-3kg sample (split) was subsampled into a calico bag via a Metzke cone splitter from each metre of drilling. 3m Composites All remaining spoil from the sampling system was collected in buckets from the sampling system and neatly deposited in rows adjacent to the rig. An aluminium scoop was used to then sub-sample each spoil pile to create a 2-3kg 3m composite sample in a calico bag. A pXRF is used on site to determine mineralised samples. Mineralised intervals have the 1m split collected, while unmineralised samples have 3m composites collected. Core is orientated for structural and geotechnical logging where possible. In orientated core, half core is submitted to the lab for analysis in intervals ranging from 20cm to 1m depending on the geological context. If core is orientated, then the half core is cut so as to preserve the orientation line with the same side of the core submitted down the hole. QAQC samples consisting of duplicates, blanks and CRM’s (OREAS Standards) will be inserted through the program at a rate of 1:50 samples. Duplicate samples are submitted as quarter core. All samples are submitted to ALS Laboratories in Perth for determination of 48 multi-elements via 4 acid digestion with MS/ICP finish (ALS Code ME-MS61) determination of Au, Pt and Pd by Fire Assay and ICP-AES finish (ALS Code PGMICP24). Drilling techniques • Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc.) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is dreadnoughtresources.com.au RC Drilling Ausdrill undertook the program utilising a Drill Rigs Australia truck mounted Schramm T685WS drill rig with additional air from an auxiliary compressor and booster. Bit 11 ASX:DRE +61 (08) 9473 8345 info@dreres.com.au Unit 1, 4 Burgay Court Osborne Park WA 6017 ABN 40 119 031 864 Criteria JORC Code explanation oriented and if so, by what method, etc.). Commentary size was 5¾”. Diamond Drilling Diamond drilling was undertaken by Top Drill with a truckmounted low impact Sandvik DE880 diamond drill rig. Drilling is either HQ to end of hole or initially HQ and dropping to NQ once the hole is cased off for deeper drill holes. Drill sample recovery • • • Method of recording and assessing core and chip sample recoveries and results assessed. Measures taken to maximise sample recovery and ensure representative nature of the samples. Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material. Core is orientated using a Reflex Sprint gyro and True Core Orientation Tool. RC Drilling Drilling was undertaken using a ‘best practice’ approach to achieve maximum sample recovery and quality through the mineralised zones. Best practice sampling procedure included: suitable usage of dust suppression, suitable shroud, lifting off bottom between each metre, cleaning of sampling equipment, ensuring a dry sample and suitable supervision by the supervising geologist to ensure good sample quality. At this stage, no known bias occurs between sample recovery and grade. Diamond Drilling HQ and NQ drilling has been undertaken. All core recoveries are measured and recorded by the drill crew for each run and remeasured and checked by Dreadnought personnel. Core recovery to date has been very high. Logging • • • Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc.) photography. The total length and percentage of the relevant intersections logged. At this stage, no known bias occurs between sample recovery and grade. RC Drilling RC chips were logged under supervision of a qualified senior geologist with sufficient experience in this geological terrane and relevant styles of mineralisation using an industry standard logging system which could eventually be utilised within a Mineral Resource Estimation. Lithology, mineralisation, alteration, veining, weathering and texture were all recorded digitally. Chips were washed each metre and stored in chip trays for preservation and future reference. RC pulp material is also analysed on the rig by pXRF and magnetic susceptibility met