Drilling Extended for Nb-REE and Cu-Au Targets
Released
Released
Announcement PDF
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ASX ANNOUNCEMENT 19 June 2024
Drilling Extended for Nb-REE and Cu-Au Targets – Mangaroon (100%)
HIGHLIGHTS
•
A RC drill rig has been secured to commence drilling the Gifford Creek Nb-REE carbonatite targets
in July 2024, immediately following the Tarraji-Yampi drill program. The drill for equity agreement
with Topdrill Pty Ltd (“Topdrill”) (ASX 4 June 2024) has been extended and will now cover the
following programs:
• Cu-Au drilling (6 holes, ~1,640m) at Tarraji-Yampi (underway);
• Nb-REE drilling (15 holes, ~1,500m) at the Gifford Creek Carbonatite targeting
extensions to thick, high-grade Nb-REE and areas of deeper weathering with potential
accumulations of Nb-REE commencing after Tarraji-Yampi;
• Cu-Zn-Ag-Au drilling (6-9 holes, ~1,500m) at the exciting Tiger volcanic massive sulphide
(“VMS”) target following Gifford Creek; and
• Au drilling (13 holes, ~800m) at Two Peaks, Popeye and Diamond historical gold mines.
• A GSWA Exploration Incentive Scheme (“EIS”) grant will co-fund the Gifford Creek and Tiger
programs.
•
In addition, a moving loop electromagnetic survey (“MLEM”) will be completed ahead of the Tiger
program to assist with target definition.
Dreadnought Resources Limited (“Dreadnought”) is pleased to announce that it has
extended the current Tarraji-Yampi drilling arrangements to Gifford Creek and Tiger
targets at the 100% owned Mangaroon Project, located in the Gascoyne Region of Western
Australia.
Dreadnought’s Managing Director, Dean Tuck, commented: “We are pleased to have extended drill for equity
arrangements with Topdrill and to have secured a RC rig for programs at Mangaroon. The programs at Mangaroon will include
extensions to thick, high-grade niobium, testing areas of deeper weathering for niobium accumulations as well as our first test
of the exciting Cu-Au, Zn-Ag VMS target at Tiger. We are also grateful for the support of the GSWA EIS for co-funding the
Gifford Creek and Tiger programs. Drilling has commenced at Tarraji-Yampi, we see this as the beginning of a very exciting
period ahead for Dreadnought.”
Figure 1: RC Drilling at the Gifford Creek Nb-REE Carbonatite in 2023
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SNAPSHOT – MANGAROON CRITICAL MINERALS
Mangaroon is 100% Owned
•
100% owned Mangaroon confirmed as a globally significant critical minerals complex with a combined,
independent Resource at the Yin Ironstones (“Yin”) and the Gifford Creek Carbonatite of 40.82Mt @ 1.03%
TREO.
Genuine Scale Potential Already at the Yin Ironstones
•
Independent Yin Resource of 29.98Mt @ 1.04% TREO (ASX 30 Nov 2023) covers only ~4.6km of ~43km of
strike - 87% Measured and Indicated.
•
Yin contain a higher NdPr to total rare earth oxides (“NdPr:TREO”) ratio than most REE deposits and
>50% higher than the global average.
Significant, Growth and Multiple Critical Minerals Potential at the Gifford Creek Carbonatite
•
The Gifford Creek Carbonatite is considered to be the regional source of REE and is one of the largest
carbonatite complexes in the world.
•
In <12 months from discovery, a large, independent Resource of 10.84Mt @ 1.00% TREO was delivered (ASX
28 Aug 2023).
•
Wide spaced drilling over <25% of the ~17km long Gifford Creek Carbonatite has already identified 4 zones
of mineralisation containing rare earths, niobium, scandium and titanium. This makes for a potential multicritical mineral mix of co-products.
Potentially Attractive Mining Proposition
•
At Yin, broad zones of flat to moderate dipping mineralisation with parallel lodes and Resource intensity of
~6.5Mt/km make for a potentially attractive mining proposition. This is further demonstrated by an initial
Measured Resource of 5.17Mt @ 1.34% TREO over just ~250m of strike at Yin where the thick, high-grade
Resource occurs at surface.
Positive Metallurgy Results
•
Metallurgical test work from Yin has performed well, achieving recoveries ranging from 85.9% to 92.8% at a
concentrate grade of 10.76% to 15.31% Nd2O3+Pr6O11.
•
REE at Yin is predominantly hosted in monazite which is amenable to commercial processing.
•
ANSTO, a world-leader in the processing of critical and strategic metals, has demonstrated that the Yin
monazite concentrate has excellent metallurgical recoveries using a conventional low-temperature acid
bake/leach process and produces a high quality mixed rare earth carbonate (“MREC”) containing 60.7%
TREO (16.3% Nd2O3 and 4.4% Pr6O11) with ~94% recovery of Nd/Pr.
•
Recent mineralogical work at the Gifford Creek Carbonatite has confirmed that the dominant Nb mineral
is pyrochlore, which is a high niobium mineral (>50%) from which ~95% of global niobium is produced.
Global Strategic Imperative Driving Critical Minerals Growth
•
Supply chain security and low carbon transition are imperatives against a backdrop of heightened geopolitical
tension.
•
Dreadnought is receiving increasing levels of interest from midstream and downstream industry participants
in Mangaroon. While the current focus is on upstream options (mining, milling and concentrating)
opportunities to collaborate with midstream and downstream industry participants may represent an
opportunity.
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Figure 2: Plan view of the Gifford Creek Nb-REE Carbonatite over a greyscale magnetics and coloured gravity image showing
previous drilling and planned Nb-REE focused on extensions to thick, high-grade Nb and areas of deeper weathering with
potential Nb accumulations.
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Niobium Review of the Gifford Creek Carbonatite Complex
The Gifford Creek Carbonatite and the Yin Ironstones together form one of the largest alkali-carbonatite complexes in the
world (Figure 3). Carbonatite intrusions are known globally to host several different commodities including rare earths,
niobium, phosphate, titanium and scandium often as separate deposits within the same intrusion. Examples of this include Mt
Weld in Australia, Ngualla in Tanzania, Araxa in Brazil and Bayan Obo in China.
The Gifford Creek Carbonatite was identified in November 2021 and has limited outcrop. Drilling and surveys have extended
the Gifford Creek Carbonatite to ~17kms long x ~1km wide. To date 147 RC holes (15,767m) and 8 diamond holes
(1,257.3m) have been drilled over ~25% of the Gifford Creek Carbonatite. Four zones of mineralisation have been confirmed
to date with significant niobium intercepts including:
CBRC085: 48m @ 0.8% Nb2O5 from 30m, including 36m @ 1.0% Nb2O5 from 39m
CBRC111: 48m @ 0.7% Nb2O5 from 63m, including 9m @ 1.4% Nb2O5 from 72m
CBRC086: 77m @ 0.7% Nb2O5 from 16m, including 30m @ 1.0% Nb2O5 from 39m
CBRC125: 59m @ 0.6% Nb2O5 from 63m, including 19m @ 1.0% Nb2O5 from 99m
CBRC110: 39m @ 0.6% Nb2O5 from 66m, including 3m @ 1.1% Nb2O5 from 81m
CBRC138: 57m @ 0.6% Nb2O5 from 45m, including 3m @ 1.4% Nb2O5 from 90m
CBDD009: 51.4m @ 0.6% Nb2O5 from 74.6m, including 15m @ 1.1% Nb2O5 from 102m
Recent mineralogical work has confirmed the presence of coarse grained (>0.30mm) pyrochlore from both weathered and
fresh magnesio-carbonatite.
Regional geophysical surveys undertaken in 2021-2023 have been reviewed along with recent drilling and known mineralised
areas to assist in “fingerprinting” high-grade niobium zones, which are generally in areas of deeper weathering. A combination
of gravity, airborne EM
and magnetics has been
used to target niobium
more effectively and
efficiently.
Figure 3: Location of
significant niobium
mineralisation within the
limited extent of current
drilling at the Gifford
Creek Carbonatite
Complex. Inset image
shows globally significant
carbonatite complexes at
Mt Weld, Ngualla and
Luni at similar scale
highlighting the footprints
of niobium mineralisation.
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Tiger Cu-Zn-Ag-Au Prospect
Tiger is defined by a ~900m x 300m Cu-Au, Zn-Ag and pathfinder-in-soil anomaly generated over multiple soil sampling
programs. Tiger contains some of the strongest Cu-Au, Zn-Ag and pathfinder anomalism defined to date at Mangaroon and
has been a priority target for mapping and target definition. Importantly, Tiger has recently been awarded a co-funded drilling
grant of up to $150,000 under the Geological Survey of Western Australia’s merit-based Exploration Incentive Scheme
(“EIS”).
Tiger was originally interpreted to be an intrusion-related gold prospect. However, ongoing detailed mapping and sampling
has identified significant horizons of sub-cropping gossans extending for ~500m strike. Importantly, soil geochemical
anomalism indicates the horizons extend along strike for >500m. The Cu-Au, Zn-Ag gossans appear to have formed after
massive sulphides and, given the strong Bi-Cd-In-Mo-Sb-Se-Sn-Te-W pathfinder association, could be related to VMS style
mineralisation. VMS deposits form early within a geological province and tend to occur along primary basement structures
that can later be reactivated leading to further enrichment through orogenic or intrusion-related mineralisation systems. VMS
deposits can be gold-rich in their own right, similar to Sunshine Gold’s (ASX.SHN) Liontown Project, or have later orogenic
or intrusion-related gold mineralisation overprint the primary mineralisation such as at Capricorn Metal’s (ASX.CMM) Mt
Gibson Project.
Regardless of deposit style, these results add high-grade Cu-Au, Zn-Ag targets to Mangaroon.
Mapping and geochemical sampling at Tiger and surrounding areas is ongoing and planning is underway for EM surveys to
define additional targets within the area. These programs are underway with results expected in July 2024.
Figure 4: Plan view image of Tiger highlighting recent and previous rock chip assays along the ~500m of mapped gossanous horizons in
relation to the strong Cu-Au, Zn-Ag soil anomalism which suggest the horizons extend along strike for >500m.
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Mangaroon Gold – Two Peaks, Popeye and Diamond
Dreadnought began the consolidation of the Mangaroon region in late 2020. Dreadnought’s consolidated ownership has, for the
first time, allowed for a comprehensive assessment of the high-grade gold potential in the region. This assessment is ongoing and
includes collating unpublished records; rock chipping and mapping of historical workings; a first ever detailed airborne magnetics
survey; ultrafine fraction soil surveys; a stream sediment program. RC and diamond drilling at historical workings commenced in
2023 with several historical mines remaining to be tested.
This drill program will test historical mines at Two Peaks (3 RC holes, ~200m), Popeye (4 RC holes, ~240m) and Diamond (6 RC
holes, ~360m).
Two Peaks is a small open cut mine believed to have been discovered and developed by Eric Kempton as a drill, blast and detect
operation. Gold at Two Peaks is nuggety and hosted within sheeted extensional veins that have intruded a quartz-porphyry with
free gold variably associated with copper, silver and lead. A prospector, Tony Stehn, drilled a number of holes in 2017 primarily
testing the western extensions of ~E-W veins that are exposed in the pit walls with limited success. Two Peaks clearly has strong
evidence of gold mineralisation that is very nuggety. Drilling will test the E-W veins as well as a shallowly north plunging vein that
the pit appears to have been developed along. All drilling will be assessed by Photon Assay and Screen Fire Assay to account for
the nuggety nature of mineralisation.
Popeye is a small collapsed or backfilled shaft located within the Star of Mangaroon mining lease with no record of previous drilling.
Mineralisation is hosted within deformed quartz-biotite schists. Gold is associated with a series of E-W veins containing gold, silver,
copper and lead. Similar veins have been exposed in a costean ~130m to the ENE, across an unmineralised mafic dyke. Drilling will
test E-W veins with two fence lines of holes on either side of the mafic dyke.
Diamond Gold Mine was
discovered by pastoralist
Alan McDonald in 1979.
The Diamond Gold Mine
comprises three shafts sunk
on
mineralised
veins
running 1-10m wide and 20200m
long.
Historical
records indicate that the
mine produced at ~1oz per
tonne of gold when put
through the Meekatharra
State Battery. Importantly,
aside
from
historical
production, there has been
no exploration of the
Diamond Gold Mine other
than surface costeans and it
has never been drilled.
Drilling will test under the
historical workings with
three fence lines of holes.
Figure 5: Plan view
image of the ~15km x
10km Mangaroon gold
camp highlighting
historical
mines/workings (gold
dots), mineralised rock
chips, and recently
generated VMS targets
(red dots) in relation
to the strong gold-insoil anomalism.
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Background on Mangaroon (E08/3274, E8/3178, E09/2384, E09/2433, E09/2473, 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 6) covers >5,000kms2 of the Mangaroon Zone in the Gascoyne Region of Western Australia and
is comprised of:
-
>45km long Money Intrusion (Ni-Cu-Co-PGE): containing high tenor magmatic Ni-Cu-Co-PGE.
-
~10km x 15km Mangaroon Gold Camp (Au, Cu-Zn-Ag-Au): where fractured, small-scale ownership has
limited previous gold exploration with only ~200m of the >12km long Mangaroon Shear Zone having been
drilled.
-
~43km long Yin Ironstone (REE): which already contains: an independent 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).
-
~17km long Gifford Creek Carbonatites (REE-Nb-Ti-P-Sc): which contains a suite of critical minerals and an
initial independent Inferred Resource of 10.84Mt @ 1.00% TREO at C3 (ASX 28 Aug 2023).
Figure 6: Plan view map of Dreadnought’s 100% owned Mangaroon projects: the >45km long Money Intrusion (Ni-Cu-CoPGE); the ~10km x 15km Mangaroon gold camp (Cu-Zn-Ag-Au); Yin Ironstone Complex (REE) and the Gifford Creek
Carbonatites (REE-Nb-Ti-P-Sc) in relation to major structures, geology and roads.
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For further information please refer to previous ASX announcements:
•
•
•
•
•
•
•
•
•
•
•
•
•
•
14 October 2021
17 October 2022
23 November 2022
24 January 2023
3 April 2023
10 July 2023
17 July 2023
7 August 2023
28 August 2023
2 October 2023
30 November 2023
6 December 2023
6 June 2024
18 June 2024
Exploration Update and Further Consolidation
Mineralised Carbonatites Discovered at C3 and C4
Multiple, Large Scale, REE-Nb-Ti-P Carbonatites
Carbonatite Discovery Shaping up as Regional Rare Earth Source
Carbonatites Deliver Thick, Near Surface REE Results
High Grade Rare Earth & Niobium Zones at C3 & C5
High Grade Rare Earth & Niobium Zones at C3 & C5
Rare Earth Ironstone and Carbonatite Drilling Update
Initial, Independent REE-Nb-P-Ti-Sc Resource at C3
Mangaroon Carbonatite now >17km – Higher Grade Zones Fingerprinted
Large, High Confidence Yin Ironstone Resource
Gifford Creek REE-Nb-P-Ti-Sc Carbonatite Drilling Update
Gifford Creek REE-Nb Carbonatite Update
Tiger Cu-Au-Zn-Ag Gossan Confirmed over 500m
UPCOMING NEWSFLOW
June: Results of Ni-Cu-Co-PGE IP survey at Mangaroon (100%)
June: Commencement of EIS co-funded IP surveys at Tarraji-Yampi (80)
July: Commencement of RC drilling at Gifford Creek Carbonatite (Nb-REE) (Mangaroon 100%)
July: MLEM survey at Tiger Cu-Au, Zn-Ag target (Mangaroon 100%)
July: Quarterly Activities and Cashflow Reports
July/August: Results of further target generation and definition work at Mangaroon Au (100%)
July/August: Commencement of EIS co-funded RC drilling at Tiger Cu-Zn-Ag-Au target (Mangaroon 100%)
July/August: Commencement of RC drilling at Mangaroon Au (100%)
July/August: Results from drilling at Tarraji-Yampi (80/100%)
August/September: Results from EIS co-funded IP surveys at Tarraji-Yampi (80%)
August/September: Results from Au and Cu-Au, Zn-Ag drilling at Mangaroon (100%)
For further information please contact:
Dean Tuck
Managing Director
Dreadnought Resources Limited
E: dtuck@dreres.com.au
~Ends~
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.
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Cautionary Statement
This announcement and information, opinions or conclusions expressed in the course of this announcement contains forecasts and forwardlooking 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.
Competent Person’s Statement – Mineral Resources
The information in this announcement that relates to Mineral Resources is based on information compiled by Mr. Lynn Widenbar, a Competent
Person who is a Member of the Australasian Institute of Mining and Metallurgy. Mr. Widenbar is a full-time employee of Widenbar and
Associates Pty Ltd. Mr. Widenbar has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration
and to the activity that is being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for
Reporting of Exploration Results, Minerals Resources and Ore Reserves’. Mr. Widenbar consents to the inclusion in the announcement of the
matters based on his information in the form and context that the information appears.
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.
RESOURCES SUMMARY
Yin Ironstone Complex – Yin, Yin South, Y2, Sabre Measured, Indicated and Inferred Resources
Table 1: Summary of Yin Resources at 0.20% TREO Cut-off.
Resource
Classification
Geology
Measured
Measured
Measured
Indicated
Indicated
Indicated
Inferred
Inferred
Inferred
Total
Total
Oxide
Fresh
Subtotal
Oxide
Fresh
Subtotal
Oxide
Fresh
Subtotal
Oxide
Fresh
Resource
(Mt)
TREO
(%)
Nd2O3+Pr6O11
(kg/t)
NdPr:TREO
Ratio (%)
Contained
TREO (t)
Contained
Nd2O3+Pr6O11 (t)
2.47
2.70
5.17
13.46
7.67
21.13
1.51
2.17
3.68
17.44
12.54
29.98
1.61
1.09
1.34
1.06
0.95
1.02
0.75
0.75
0.75
1.11
0.95
1.04
4.6
3.0
3.8
3.1
2.8
3.0
1.9
2.1
2.0
3.2
2.7
2.9
29
27
28
29
29
29
25
28
27
29
29
29
39,700
29,500
69,300
142,600
72,800
215,400
11,200
16,300
27,600
193,600
118,700
312,300
11,400
8,100
19,500
41,000
21,300
62,300
2,800
4,500
7,300
55,300
33,900
89,300
TOTAL
Gifford Creek Carbonatite – Inferred Resource
Table 2: Summary of the Gifford Creek Carbonatite Inferred Resource at various % TREO Cut-offs.
Cut-Off
(%TREO)
Resource
(Mt)
TREO
(%)
NdPr:TREO
(%)
Nb2O5
(%)
P2O5
(%)
TiO2
(%)
Sc
(ppm)
Contained
TREO (t)
Contained Nb2O5
(t)
0.90
0.70
0.50
0.30
5.73
10.84
20.55
45.87
1.18
1.00
0.80
0.58
21
21
21
21
0.25
0.22
0.15
0.10
3.8
3.5
3.0
2.7
5.4
4.9
3.9
3.0
92
85
68
52
67,500
108,000
164,600
265,300
14,500
23,700
31,100
44,800
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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 VMS system at Tarraji-Yampi,
similar to DeGrussa and Monty in the Bryah Basin.
Mangaroon Ni-Cu-Co-3PGE, Au & REE Project
(100%)
Mangaroon covers ~5,000kms2 and is located 250kms
south-east of Exmouth in the Gascoyne Region of WA.
At the Money Intrusion, Ni-Cu-Co-3PGE has been
identified. Dreadnought also has areas of outcropping
high-grade gold including the historic Star of Mangaroon
and Diamond gold mines. In addition, Mangaroon has
emerged as a globally significant, rapidly growing,
potential source of critical minerals. Highlights include:
•
An Exploration Target estimated for the top 150m
of ~40km of the Yin REE Ironstone Complex (ASX
13 Feb 2023).
•
An independent Resource for Yin Ironstones
Complex of 29.98Mt @ 1.04% TREO over only
~4.6kms – including a Measured and Indicated Resource of 26.3Mt @ 1.04% TREO (ASX 30 Nov 2023).
•
Regional source of rare earths at the Gifford Creek Carbonatite totaling ~17kms x ~1km (ASX 7 Aug 2023).
•
A large, independent initial Resource of 10.84Mt @ 1.00% TREO at the Gifford Creek Carbonatites, containing
a range of critical minerals including rare earths, niobium, phosphate, titanium and scandium (ASX 28 Aug 2023).
Bresnahan HREE-Au-U Project (100%)
Bresnahan is located ~125km southwest of Newman in the Ashburton Basin. The project comprises ~3,700kms2
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, unconformity
uranium (“U”) deposits and mesothermal lode gold similar to Paulsens Au-Ag-Sb deposits along strike.
Prior to consolidation by Dreadnought, the Bresnahan Basin had been successfully 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 ~1,400kms2
covering ~150km of strike along the majority of the Illaara, Yerilgee, South Elvire and Evanston greenstone belts.
Central Yilgarn is prospective for typical Archean mesothermal lode gold deposits, VMS base metals, komatiitehosted nickel sulphides and critical metals including Lithium-Cesium-Tantalum.
Prior to consolidation by Dreadnought, the Central Yilgarn was predominantly held by iron ore explorers and
remains highly prospective for iron ore.
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