Dreadnought (ASX:DRE) on the Money at Mangaroon
August 30, 2023Fresh off bringing in its third rare earth resource to Mangaroon, Dreadnought Resources has begun drilling for nickel, copper and platinum group elements at the Money Intrusion, targeting five strong electromagnetic conductors consistent with high tenor, massive and net textured sulphide bodies at the Gascoyne project.
The five planned holes for around 1000 metres are fully funded by First Quantum Minerals under the companies’ earn-in joint venture agreement, with results expected for October.
Bookathanna North has notably been interpreted to represent a massive sulphide accumulation in a shallow keel position, with conductors at the target showing up to 37,000S – more than a little higher than 160-200S conductors tested in last year’s drilling.
“With Rare Earth Resource drilling at Mangaroon coming to a close, we are excited to return to the highly prospective Ni-Cu-PGE targets defined at Bookathanna North and High Range with our partners First Quantum Minerals,” Dreadnought Managing Director Dean Tuck said.
“Dreadnought is excited to return to exploring for nickel, copper and gold across our project portfolio for the remainder of 2023 whilst our Resource and study preparation work on the rare earths advances in the background.”
High tenor joint venture
Dreadnought has made its name as a significant Australian discovery-maker but is not quite yet at the level of its JV partner at Money, with First Quantum standing tall as an $20 billion market cap company on the Toronto Stock Exchange.
Fertile Ni-Cu-PGE sulphide systems are exceedingly rare and valuable, and with high tenor magmatic mineralisation already proven, First Quantum is starting to earn in towards a majority interest, with a 51 per cent stake on the line if it funds $12 million of expenditure by March 1st, 2026.
The majors have made huge investments in nickel and copper as the vital metals for the energy transition, and BHP has found that the Paris-aligned pathways simply cannot occur without an enormous uplift in supply.
Dreadnought will have drill results coming from Mangaroon right through to year’s end ahead of its upgraded rare earth resource and will soon begin drilling at both its Mangaroon gold assets and at Tarraji-Yampi, the second largest land holding in a highly prospective Kimberley region with indications of a large-scale Proterozoic Cu-Au-Ag-Bi-Sb-Co system.
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