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 21 September 2023 High Grade Ni-Cu-Co-PGE Massive Sulphides Confirmed at Mangaroon (Earn-in) HIGHLIGHTS • • A 10-hole (1,074m) RC drill program was recently completed at the Bookathanna North and High Range prospects along the 45km Money Intrusion, part of the Mangaroon Ni-Cu-PGE Project. Visual Ni-Cu sulphide mineralisation was intersected over 400m strike, open in all directions, at Bookathanna North which is located ~2.5kms north of Bookathanna where mineralisation was intersected in 2022 (ASX 10 Nov 2022). The first hole at Bookathanna North (REYRC013, for 153m) targeted a 37,000S conductor plate, intersected 23m of Ni-Cu-Co-PGE sulphide mineralisation including 2m of massive sulphides with results including (ASX 31 Aug 2023): REYRC013: 23m @ 0.50% Ni 0.51% Cu 0.02% Co 0.49g/t 3PGE from 36m including: 2m @ 3.32% Ni 2.88% Cu 0.12% Co 1.46g/t 3PGE from 45m • Results from REYRC019, a 200m step out hole from REYRC013, which intersected 27m of NiCu sulphide mineralisation including 2m of semi-massive sulphides with no previously defined geophysical signature are due in October 2023. • Given the tenor, style and thickness of mineralisation, the entire Money Intrusion will be reassessed. One workstream is to complete induced polarisation (“IP”) surveys to search for large-scale, net-textured and semi-massive sulphides which would not have been identified with previous EM surveys. A further workstream is to complete down-hole EM (“DHEM”) surveys to identify off-hole massive sulphides particularly at REYRC013 and REYRC019. Understanding the “blind” signature at REYRC019 is also important. Dreadnought Resources Limited (“Dreadnought”) is pleased to announce that rushed assay results from REYRC013 have been received from RC drilling at Bookathanna North along the 45km long Money Intrusion part of the Mangaroon Ni-Cu-PGE Project, located in the Gascoyne Region of Western Australia. Dreadnought’s Managing Director, Dean Tuck, commented: “For the past two years, the work programs at the Money Intrusion have focused on confirming the fertility, high tenor and potential to form sulphide accumulations. This program has been a major leap forward confirming massive and semi-massive sulphides within thick halos of disseminated and net textured sulphides at a trap site within the Money Intrusion. These assay results have now confirmed observations and interpretations to date, further underscoring the potential of the Money Intrusion to host significant Ni-Cu-Co-PGE sulphide mineralisation. There are two key outcomes from this program. Firstly, that the Money Intrusion can form high tenor massive sulphides and that the search for additional trap sites is an imperative. Secondly, given the high tenor of mineralisation, massive sulphides are not required for high-grade mineralisation and geophysical techniques used to date need to be broadened. We look forward to re-assessing the entire Money Intrusion, including follow up geophysics and drilling at Bookathanna North later in 2023.” Figure 1: Nick Chapman (L) and Chris Manners (R) with semimassive sulphide RC chips from a step out drill hole at Bookathanna North. 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 – MANGAROON Ni-Cu-PGE Major Miner, First Quantum Minerals, Earning-in • The potential of the Money Intrusion is underscored by an Earn-In with First Quantum Minerals Ltd (TSE:FM), a ~$20B TSX listed company (ASX 7 Apr 2021, ASX 30 Aug 2022). • First Quantum Minerals can earn an initial 51% interest by funding $12M of expenditure by 1 March 2026. First Quantum Minerals may withdraw at any time during the earn-in phase with 0% interest. • Upon satisfying the earn-in requirements, a Joint Venture will be formed where First Quantum Minerals may elect to increase its interest to 70% by sole funding expenditure up until a Decision to Mine. • Once a Decision to Mine has been made, Dreadnought can elect to either: • Maintain its 30% by co-contributing. • Dilute to 20% and be loan carried by First Quantum Minerals, repaid through revenue. • Divest its 30% interest to First Quantum Minerals at fair market value. • Dreadnought retains gold rights across the earn-in tenements. Fertile Ni-Cu-PGE System Confirmed • Fertile Ni-Cu-PGE sulphide systems are rare and the Money Intrusion has already been proven to contain high tenor magmatic Ni-Cu-PGE mineralisation. • The Money Intrusion is confirmed to be ~800Ma, a fertile time for Ni-Cu-PGE systems globally. Highly prospective keel geometries which are suitable for forming trap sites for magmatic sulphide accumulations have been identified. • First pass drilling in 2022 at the Bookathanna and High Range prospects intersected magmatic sulphide mineralisation (ASX 10 Nov 2022). To date, the Ni and Cu have been in ~50:50 proportions. • Notwithstanding the early-stage drilling, a significant success rate has already been achieved. Out of the 22 RC holes (2,906m) drilled to date, 15 holes have either assayed or shown visual/pXRF evidence of Ni-Cu-PGE sulphides. No Modern Exploration • Outcropping Ni sulphides were identified by Alan McDonald, the Pastoralist at Mangaroon in the early 1960s. However, no detailed geophysical, geochemical or mapping programs were ever undertaken. • The first-ever detailed airborne magnetics, surface geochemical, ground EM and mapping surveys have now confirmed the potential of the 45km long Money Intrusion. Genuine Camp Scale Potential • Outcropping blebby sulphides have been confirmed over significant portions of the ~45km long Money Intrusion. • Multiple plumbing centres have been interpreted, each with the potential for trap sites within the magma pathways. • Mineralisation has already been confirmed by drilling at three prospects within the Money Intrusion: Bookathanna, Bookathanna North and High Range. Nickel and Copper are Critical to the Low Carbon Energy Transition • Nickel is essential to clean energy technologies including being a major cathode material in lithium-ion batteries. Furthermore, nickel sulphide deposits have a much lower carbon footprint when being converted to Class 1 nickel for battery grade applications. • Copper is essential for electricity-related technologies with renewable energy systems requiring up to 12x more copper compared to traditional energy systems. 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 recently completed drill holes (red dots) in relation to previous drilling over a magnetics (RTP 1VD) and ortho image. The Money Intrusion is outlined in green. 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 Ni-Cu-PGE RC Drilling (REYRC013-22) The drill program was originally designed as 5 RC holes with DHEM to test 5 EM conductors within the Money Intrusion (2 at Bookathanna North and 3 at High Range). Following the intersection of massive sulphides in the first hole (REYRC013), an additional 5 holes were drilled at Bookathanna North infilling and then stepping out north and south along strike. A total of 10 holes have been drilled (1,074m) with 7 holes at Bookathanna North and 3 at High Range. Drilling generally collared into the shallow and weakly weathered gabbroic core of the Money Intrusion before passing into the footwall olivine dolerite and finishing in gneissic to granitic country rock. Significantly, the furthest north hole (REYRC017) intersected a thick gabbroic core and did not reach the mineralised footwall olivine dolerite or country rock. REYRC017 highlights the variable geometry of the Money Intrusion and potential to form trap sites for sulphide accumulation. Importantly, 6 of the 7 holes at Bookathanna North intersected thick (10-50m) disseminated and net textured Ni-Cu sulphides within the footwall olivine Figure 3: Photo of massive sulphide RC chips from dolerite. Of these, REYRC013 and REYRC019 each REYRC013 45-46m comprised of 40-50% pentlandite and intersected 2m of semi-massive to massive sulphides chalcopyrite. within the mineralised envelope. All sulphide mineralisation consists of pentlandite (Fe,Ni)9S8, chalcopyrite (CuFeS2) and pyrrhotite (Fe(1-x)S) with pentlandite and chalcopyrite making up ~40-50% of the sulphide mix with the remainder being pyrrhotite. Assay results have been received for REYRC013 with significant results including: REYRC013: 23m @ 0.50% Ni 0.51% Cu 0.02% Co 0.49g/t 3PGE from 36m including: 2m @ 3.32% Ni 2.88% Cu 0.12% Co 1.46g/t 3PGE from 45m The assay results have confirmed the high tenor mineralisation which importantly include significant palladium, platinum, gold (“3PGE”) and cobalt credits. The 3PGE credits are made up of ~70% palladium, ~20% platinum and ~10% gold. A mass balance of the mineralisation indicates that the logged massive sulphide interval was a mix of massive and semi-massive sulphides leaving open the potential for even higher grades should a significant massive sulphide body be located in further drilling. This observation further enhances the significance of REYRC019 which was a blind step out hole not targeting a conductive anomaly. REYRC019 intersected semi-massive sulphides emphasising the need for the entire Money Intrusion to be reassessed given the results to date. At High Range, 3 holes were drilled (REYRC020-22, 255m) targeting three conductive plates ranging from 450-900S. These holes intersected sheared metasediments within the Edmund Group explaining the EM conductors. These results will be incorporated into the overall reassessment of the entire Money Intrusion. DHEM surveys of the holes drilled is currently underway and an IP survey is expected to commence in October 2023. Further assay and DHEM results are expected in October 2023. 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 Discussion of Ni-Cu-PGE Exploration (E08/3274, E8/3178, E09/2384, E09/2433, E09/2473: First Quantum Minerals Earn-in) The confirmation of a fertile magmatic Ni-Cu-PGE system within the 45km long Money Intrusion highlights the potential for multiple deposits and/or deposit styles as outlined below. - Jinchuan Ni-Cu-PGE: The Money Intrusion has been dated to ~800Ma, similar in age and tectonic setting to the Jinchuan Ni-Cu-PGE deposit in China (>500 Mt @ 1.2% Ni, 0.7% Cu, ~0.4 g/t PGE, Lightfoot 2007). Jinchuan contains three main deposits over ~6.5kms of strike, each situated within a sub-chamber of the overall intrusion. Only one of the deposits outcrops at surface. Mineralisation is dominated by net-textured and disseminated sulphides with minor massive sulphide accumulations. The disseminated sulphides form an envelope around the higher-grade, net-textured and massive sulphides. - Eagle and Eagle East: To date, 15 out of 22 RC holes intersected mineralisation along significant strike showing increasing width and intensity near subtle changes in the walls and base of the intrusion, including the formation of massive and semi-massive mineralisation. These results highlight the potential for massive sulphide mineralisation to concentrate and form at trap sites. This is similar to Eagle and Eagle East (~5Mt @ 3.5% Ni, 2.9% Cu, 1.6g/t PGE, 0.1% Co, Lundin 2013) located in North America. Drill targeting to date has been dominated by FLEM surveys designed to identify near-surface, massive sulphides along the southwestern edge of the Money Intrusion. Drilling has confirmed high tenor massive, semi-massive sulphides within a halo of net-texture and disseminated sulphides with mineralisation intensifying in trap sites along the edges and base of the intrusion. Drilling at Bookathanna North has confirmed that thick mineralisation occurs over a significant strike length and that net-textured and semi-massive sulphide accumulations have not been identified by the FLEM surveys. Given the high tenor of the Ni-Cu sulphide system, net-textured and semi-massive sulphides are attractive targets in their own right. Additionally, deeper trap sites with the potential to form significant massive sulphide accumulations have not been targeted or assessed. Targeting going forward will focus on identifying and understanding: - large scale, net textured and heavily disseminated sulphide mineralisation using IP surveys; and - deep trap sites for massive sulphides using geophysical inversions, DHEM and more powerful EM surveys; and - blind mineralisation as seen at REYRC019. A reassessment of the Money Intrusion and the targeting completed to date is underway with further drill targets expected in the December 2023 quarter. Figure 4: Plan view image showing the location of recently completed drill holes at Bookathanna North in relation to FLEM plates over an orthoimage and interpreted Money Intrusion. dreadnoughtresources.com.au 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 on Mangaroon (E08/3274, E8/3178, E09/2384, E09/2433, E09/2473: First Quantum Minerals Earn-in) (E08/3275, E08/3439, E09/2290, E09/2359, E09/2370, E09/2405, E09/2448, E09/2449, E09/2450, E09/2467, E09/2478, E09/2531, E09/2535, E09/2616, M09/91, M09/146, M09/147, M09/174, M09/175: 100%) Mangaroon (Figure 5) covers >5,200sq kms of the Mangaroon Zone in the Gascoyne Region of Western Australia and is comprised of: - the ~45km long Money Intrusion (First Quantum Minerals earn-in) which contains high tenor magmatic NiCu-PGE mineralisation; - the >10km long Mangaroon Au Shear Zone (100%) where fractured, small scale ownership has limited previous gold exploration with only ~200m of the >10km having been drilled notwithstanding the high-grade, camp scale potential; - the ~43km long Yin REE Ironstone Complex (100%) which already contains: an independent total Resource of 20.06Mt @ 1.03% TREO (ASX 5 Jul 2023) over only ~4km of the ~43km of ironstones including an initial Indicated Resource of 5.52Mt @ 1.23% TREO over only ~250m of strike (ASX 5 Jul 2023); and an Exploration Target of 50-100Mt at 0.9-1.3% TREO (ASX 13 Feb 2023) over 40 kms of strike. - the ~9km long REE-Nb-Ti-P-Sc C1-C5 carbonatites which contain an initial independent Inferred Resource of 10.84Mt @ 1.00% TREO at C3 (ASX 28 Aug 2023). Figure 5: Plan view map of Mangaroon showing the location of the First Quantum Minerals Earn-in and 100% Dreadnought ground (Mangaroon Au Shear Zone, Yin REE Ironstone Complex and REE-Nb-Ti-P-Sc C1-C5 carbonatites). 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 For further information please refer to previous ASX announcements: • • • • • • • • • • 25 November 2020 7 April 2021 14 February 2022 10 June 2022 30 August 2022 10 November 2022 24 March 2023 30 August 2023 31 August 2023 12 September 2023 Mangaroon Ni-Cu-PGE & Au Project Option/JV Agreement Signed with Global Base Metal Miner Conductors Defined Along the Money Intrusion Drilling Successfully Completed at Mangaroon Ni-Cu-PGE Mangaroon Ni-Cu-PGE Project advances to $15M Earn-In Exploration Update Mangaroon Ni-Cu-PGE (FQM Earn-In) Five Strong EM Conductors at Mangaroon Ni-Cu-PGE Project Drilling Commenced at Money Intrusion Ni-Cu-PGE Massive and Disseminated Ni-Cu Sulphides Intersected Thick Ni-Cu Mineralisation over 400m, Open in all Directions UPCOMING NEWSFLOW August-December: Ongoing drilling results from completed drilling at Mangaroon REE (100%) September: Results of geophysical surveys at Mangaroon (100%) September: Commencement of drilling at Tarraji-Yampi (80% and 100%) September: Results of geophysical and geochemical surveys at Central Yilgarn (100%) October: DHEM and Further Assay Results from Money Intrusion (Earn-in) October/November: Results from target generation and definition work at Bresnahan (100%) October/November: Further RC drilling at Mangaroon Ni (Earn-in) and Au, REEs (100%) October: Quarterly Activities and Cashflow Report 23 November: Annual General Meeting December 2023 quarter: REE Resource upgrade (Mangaroon 100%) ~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 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 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. 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 INVESTMENT HIGHLIGHTS Kimberley Ni-Cu-Au Project (80/100%) The project is located only 85kms 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 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 Table 1: Significant Sulphide Intervals – Visual Estimates REYRC014 REYRC015 REYRC016 From (m) 37 45 47 35 28 41 To (m) 45 47 51 61 57 73 Interval (m) 8 2 4 26 29 32 REYRC018 5 58 53 REYRC019 59 78 80 78 80 86 19 2 6 Hole ID REYRC013 Mineralisation Style Disseminated Massive Net Textured Disseminated Disseminated Disseminated Disseminated / Net Textured Disseminated Semi-Massive Disseminated Sulphide Type Sulphide % Prospect 1-5 80-100 5-10 1-10 1-5 1-5 Bookathanna North Pyrrhotite, Pentlandite, Chalcopyrite 1-20 1-5 30-40 1-10 Table 2: Drill Collar Data (GDA94 MGAz50) Hole ID REYRC013 REYRC014 REYRC015 REYRC016 REYRC017 REYRC018 REYRC019 REYRC020 REYRC021 REYRC022 Easting 364221 364222 364192 364245 364279 364150 364136 360783 360759 360725 Northing 7384666 7384657 7384670 7384710 7384805 7384574 7384456 7376739 7376696 7376672 RL 286 288 285 288 288 288 286 334 333 333 Dip -70 -70 -85 -75 -70 -60 -80 -60 -60 -60 Azimuth 045 40 215 15 20 30 215 290 270 260 EOH 153 141 81 87 177 69 111 57 81 117 Type RC RC RC RC RC RC RC RC RC RC Prospect Bookathanna North High Range 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 RC Drilling Reverse Circulation (RC) drilling was undertaken to produce samples for assaying. Two sampling techniques were utilised for this program, 1m metre splits directly from the rig sampling system each metre and 2m composite sampling from spoil piles. Samples submitted to the laboratory were determined by the site geologist. 1m Splits Every metre drilled a 2-3kg sample (split) was sub-sampled into a calico bag via a Metzke cone splitter from each metre of drilling. 2m 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 2m composite sample in a calico. For gold and PGEs, all samples are submitted to the laboratory and pulverised to produce a 50g charge for Fire Assay (ALS Code PGM-ICP24). Base Metal and lithological samples are analysed for 48 multielements via 4 acid digestion with MS/ICP finish (ALS Code ME-MS61) Drilling techniques • Drill type (e.g. core, reverse circulation, open-hole hammer, dreadnoughtresources.com.au RC Drilling 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 Criteria JORC Code explanation Commentary 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. RC Drilling 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. RC Drilling RC chips were logged under the supervision of a qualified 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. 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 oriented and if so, by what method, etc.). • • • Logging • • 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 size was 5¾”. 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. 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 meter to assist with logging and the identification of mineralisation. Logging is qualitative, quantitative or semi-quantitative in nature. Sub-sampling techniques and sample preparation • • • • • • If core, whether cut or sawn and whether quarter, half or all core taken. If non-core, whether riffled, tube sampled, rotary split, etc. and whether sampled wet or dry. For all sample types, the nature, quality and appropriateness of the sample preparation technique. Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second-half sampling. Whether sample sizes are appropriate to the grain size of the material being sampled. Preliminary pXRF analysis pXRF analysis of pulverised and partially homogenised reject RC sample piles is fit for purpose as a preliminary exploration technique. pXRF is a spot reading on raw (unprocessed) RC sample piles with variable grain sizes and states of homogenisation. High grade results were repeated at multiple locations to confirm repeatability. The competent person considers this acceptable within the context of reporting preliminary exploration results. RC Drilling From every metre drilled, a 2-3kg sample (split) was subsampled into a calico bag via a Metzke cone splitter or taken as a grab sample from the bulk reject in more clay-rich material. QAQC in the form of duplicates and CRM’s (OREAS Standards) were inserted through t