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DREADNOUGHT RESOURCES LTD Capital/Financing Update 2022

Nov 22, 2022

64785_rns_2022-11-22_91afd4db-2385-4ca3-a627-61c4939a34af.pdf

Capital/Financing Update

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23 November 2022

MULTIPLE, LARGE SCALE REE-Nb-Ti-P CARBONATITES – MANGAROON 100%

HIGHLIGHTS

  • First pass, wide spaced 160 x 160m RC drilling of the C1-C5 rare earth element (“REE”) carbonatites at the 100% owned Mangaroon project has been completed. The program has successfully identified six coherent zones of REE, niobium (“Nb”), titanium (“Ti”) and/or phosphorus (“P”) mineralisation.

  • The REE-Nb-P mineralised zone at C3 is ~600m x 550m. Earthworks for 80m x 80m follow up drilling (24 holes for ~2,500m) is complete with drilling commencing this week and continuing into December 2022. Diamond drilling at C3 and C4 has already commenced.

  • The carbonatite intrusive complex is interpreted to be larger than originally thought with C2-C5 extending to ~6.5kms in strike length x 1km wide, nearly doubling in size.

  • Nine extensional RC holes (~1,350m) are currently being drilling at Yin to extend mineralisation at depth. Initial JORC Resource remains on track for December 2022.

  • Large coincident gravity/magnetic anomaly (~4.3km x 2.4km) confirmed at the C6 carbonatite complex target. C6 will be drilled in the March 2023 quarter.

  • All samples have been dispatched for rush analysis with assays expected by January/February 2023.

Dreadnought Resources Limited (“ Dreadnought ”) is pleased to announce that REE-Nb-Ti-P mineralised carbonatite intrusions have been confirmed at the C1-C5 carbonatites. Only two drill holes of the program (82 holes for 7,813m) were drilled outside of the carbonatite intrusive complex indicating the original magnetic interpretation was conservative. Reinterpretation of the magnetic data has nearly doubled the extents of the carbonatite intrusive complex to ~6.5kms in strike length x 1km wide.

Dreadnought’s Managing Director, Dean Tuck, commented: “Our first pass, wide spaced drilling at C1-C5 has exceeded expectations, delivering us multiple zones of rare earths, niobium, titanium and phosphorus including the ~600m x 550m mineralised zone at C3. Importantly, the carbonatite complex remains completely open and is interpreted to be significantly larger than we originally believed. We look forward to finishing our drilling season at C3 before coming back to site early in 2023.”

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Figure 1: Photo of the RC drill rig fence line drilling at the C3 carbonatite.

Dreadnought Resources Limited Unit 1, 4 Burgay Court, Osborne Park WA 6017 PO Box 646, West Perth WA 6872

www.dreadnoughtresources.com.au [email protected] +61 (08) 9473 8345

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SNAPSHOT - MANGAROON RARE EARTHS

100% Owned by Dreadnought

  • Mangaroon REE-Nb-Ti-P are 100% owned by Dreadnought.

  • Readily accessible and located 5-20kms from the Cobra-Gifford Creek Road.

Genuine Scale Potential Already at Yin Ironstone Complex

  • Yin discovery contains 3km of mineralisation and remains open along strike – JORC Resource in December 2022 quarter, extensional drilling over 13km of untested strike planned.

  • Sabre and Y8 discoveries contain a combined ~3km of mineralisation and both remain open along strike, extensional and infill drilling planned for 2023.

  • Long term incentives fully triggered at JORC Resource of at least 30Mt @ >1% TREO, 31 December 2024.

- Significant, Step Change, Growth Potential Beyond Yin Ironstone Complex

  • C1-C7 carbonatite targets may be the regional source of REE – initial C1-C5 drill program exceeds expectations with C1-C5 carbonatite intrusive complex expanded to ~6.5kms in strike length x 1km wide.

  • Confirmed mineralisation at 22 outcropping targets with another 10 prospective targets requiring further work – drilling planned.

  • 100 additional targets prospective for REE identified – under assessment.

- - High grade, Multi Metal Potential Including Neodymium, Praseodymium, Niobium, Titanium & Phosphorus

  • Numerous thick, high-grade assays out of 120 RC hole program at Yin.

  • Yin, like the Yangibana REE project controlled by the ~$450M Hastings Technology Metals Ltd (ASX.HAS), (“ Hastings ”) is globally unique due to the high proportion of neodymium and praseodymium (“ Nd ” and “ Pr ”) in the total rare earth oxide (“ NdPr:TREO “ ratio). NdPr values up to ~46%, nearly double the global average, have been intersected at Yin.

  • Six coherent zones of REE-Nb-Ti-P successfully identified within C1-C5 carbonatites.

Potentially Attractive Mining Proposition

  • Broad zones of shallow dipping mineralisation with parallel lodes make for a potentially attractive mining proposition.

Positive Metallurgy Results

  • Initial metallurgical test work from Yin performed well, achieving a recovery of 92.8% at a concentrate grade of 12.3% Nd2O3 and an average 40% TREO.

  • REE at Yin is predominantly hosted in monazite which is amenable to commercial processing.

Analogous to a Globally Unique, Commercially Viable Development 25kms Away

  • Yangibana is located only 25km to the northeast of Yin and currently has a JORC Resource* of 29.93Mt @ 0.93% TREO with 0.32% Nd2O3+Pr6O11 (34% NdPr:TREO).

  • Yangibana is under construction and development with first production planned for 2024.

Global Strategic Imperative Driving Rare Earth Growth & Prices

  • Supply chain security and low carbon transition are imperatives against a backdrop of heightened geopolitical tension.

*HAS.ASX: 11 Oct 2022 “Drilling along 8km long Bald Hill-Fraser’s trend increases indicated resources by 50%”

Dreadnought Resources Limited Unit 1, 4 Burgay Court, Osborne Park WA 6017 PO Box 646, West Perth WA 6872

www.dreadnoughtresources.com.au [email protected]

+61 (08) 9473 8345

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Technical Discussion on the Carbonatite Drill Program

Carbonatite intrusions are known globally to host several different commodities including rare earths, niobium, titanium and phosphate often as different mineralised bodies within the same intrusion. Great examples of this include Mt Weld in Australia, Ngualla in Tanzania and Araxa in Brasil. We also know that a world class deposit like Mountain Pass in California can fit into a relatively small footprint (700m x 150m).

Since the C1-C5 carbonatite complex has minimal outcrop, a first-pass RC drilling program (82 holes for 7,813m) was designed on a ~160m x 160m grid spaced pattern to drill through cover and into fresh rock. The objective of this program was to confirm the extent and complexity of the interpreted carbonatite intrusions, define zones of mineralisation and to better understand the cover regolith and depth of weathering.

The first pass program has delivered numerous successes including:

  • 6 coherent zones of REE mineralisation plus Ti, Nb and/or P including at C3 where an extensive 600m x 550m zone has been delineated and remains open;

  • thick mineralised intercepts in both weathered and fresh carbonatites;

  • multiple carbonatite and syenite intrusions, confirming a carbonatite-alkaline intrusive complex;

  • highly weathered carbonatite up to 152m depth which could host residual mineralisation; and

  • a more extensive carbonatite intrusive complex than previously interpreted, almost doubling in size to ~6.5kms in strike length x 1km wide.

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Figure 2: Plan view of the C1-C5 carbonatite intrusive complex highlighting the zones of REE-Nb-Ti-P identified to date. Also shown are planned 80m x 80m spaced angled infill holes (white) and 160m x 160m vertical holes over the extended carbonatite zone (black). C7 is also shown and C6 is off image – both remain untested.

Dreadnought Resources Limited Unit 1, 4 Burgay Court, Osborne Park WA 6017 PO Box 646, West Perth WA 6872

www.dreadnoughtresources.com.au [email protected]

+61 (08) 9473 8345

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Only two RC holes drilled through the carbonatite complex into country rock, both at C2. The magnetic rings previously interpreted to be fenite alteration forming boundaries to the carbonatites have been shown to be internal to the carbonatite complex. Removal of these boundaries has led to a reinterpretation of the magnetic data resulting in a significant increase in the extents of the C1 and in particular the C2-C5 carbonatite complex.

Drilling at the carbonatites will next commence on a ~80m x 80m spaced angled hole pattern over all six of the mineralised areas, starting at C3. This drilling program will continue into December 2022 and then recommence in February 2023. Assays will be ongoing through to the end of the March 2023 quarter.

Mangaroon Carbonatite C6 (E09/2448: 100% DRE)

C6 is another potential carbonatite intrusive complex, located between the Minnie Creek and Minga Bar Faults, with structural splays linked with the crustal scale Lyons River Fault, which is the interpreted conduit for carbonatite intrusions. C6 occurs ~25kms south of the C1-C5 carbonatites. C6 is defined by a large ~4.2km x 2.4km ovoid magnetic and gravity feature. The majority of C6 is under cover and drilling is required to confirm the lithology and presence of mineralisation.

Part of C6 that outcrops is an intense 900m x 600m magnetic feature which has been confirmed as an outcropping pyroxenite cumulate intrusion. Pyroxenite intrusions are known to occur associated with carbonatite intrusions and this is interpreted to be part of the C6 carbonatite intrusive complex.

C6 will be drilled in the March 2023 quarter to confirm lithology and to test for mineralisation.

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Figure 3: Magnetic image (L) and gravity image (R) highlighting the ~4.2km x 2.4km coincident geophysical feature that defines the interpreted C6 carbonatite intrusive complex.

Dreadnought Resources Limited Unit 1, 4 Burgay Court, Osborne Park WA 6017 PO Box 646, West Perth WA 6872

www.dreadnoughtresources.com.au [email protected]

+61 (08) 9473 8345

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Background on Mangaroon (E08/3274, E8/3178, E09/2384, E09/2433, E09/2473: FQM Earn-in) (E08/3275, E09/2370, E09/2448, E09/2449, E09/2450, E09/2467, E09/2478: 100%)

Mangaroon covers >5,300 sq kms of the Mangaroon Zone in the Gascoyne Region of Western Australia. Part of the project is targeting Ni-Cu-PGE and is subject to an earn in with First Quantum Minerals Ltd (earning up to 70%) – Figure 4. The region is host to high-grade gold mineralisation at the Bangemall/Cobra and Star of Mangaroon gold mining centres and the high NdPr:TREO ratio Yangibana REE deposits.

Dreadnought has located outcropping high-grade gold bearing quartz veins along the Edmund and Minga Bar Faults, outcropping high-grade REE ironstones, similar to those under development at Yangibana and outcropping high tenor Ni-Cu-PGE blebby sulphides in the recently defined Money Intrusion.

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Figure 4: Plan view map of Mangaroon showing the location of the FQM Earn-in and 100% DRE ground in relation to major structures, geology and roads.

Dreadnought Resources Limited Unit 1, 4 Burgay Court, Osborne Park WA 6017 PO Box 646, West Perth WA 6872

www.dreadnoughtresources.com.au [email protected]

+61 (08) 9473 8345

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For further information please refer to previous ASX announcements:

  • 24 September 2021 Airborne Magnetic-Radiometric Survey Commenced at Mangaroon

  • 29 November 2021 Five Carbonatite Intrusions Identified at Mangaroon

  • 2 February 2022 Rare Earths, Phosphate, Niobium & Zirconium Results from Mangaroon

  • 28 September 2022 Drilling Commenced C1-C5 Carbonatites & Y8 Discovery

  • 17 October 2022 Mineralised Carbonatites Discovered at C3 and C4

UPCOMING NEWSFLOW

November-March: Further updates on and assays from REE drilling at Yin Ironstone Complex (Mangaroon 100%)

November/December: Initial JORC Resource for Metzke’s Find Au (Central Yilgarn 100%)

November/December: Results from Kimberley Auger sampling (Tarraji-Yampi 80% and 100%)

December Quarter: Initial Yin JORC Resource (Mangaroon 100%)

23-24 November: RIU Resurgence Conference

30 November: Annual General Meeting

December-March: Further updates on and assays from REE drilling at C1-C5 Carbonatites (Mangaroon 100%)

December: Results of FLEM survey at the Money Intrusion (FQM JV/Earn-in)

December/January: Results from Wombarella Heli-EM survey (Tarraji-Yampi 100%)

February/March: Recommencement of RC and diamond drilling at Mangaroon (Mangaroon 100%) March/April: Metallurgical results from Yin (Mangaroon 100%)

June Quarter: Updated Yin JORC Resources (Mangaroon 100%)

~Ends~

For further information please contact:

Dean Tuck Jessamyn Lyons Managing Director Company Secretary Dreadnought Resources Limited Dreadnought Resources Limited E:[email protected] E:[email protected]

This announcement is authorised for release to the ASX by the Board of Dreadnought.

Competent Person’s Statement

The information in this announcement that relates to geology and exploration results and planning 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 report 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.

Dreadnought Resources Limited Unit 1, 4 Burgay Court, Osborne Park WA 6017 PO Box 646, West Perth WA 6872

www.dreadnoughtresources.com.au [email protected]

+61 (08) 9473 8345

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INVESTMENT HIGHLIGHTS

Kimberley Ni-Cu-Au Projects

Dreadnought controls the second largest land holding in the highly prospective West Kimberley region of WA. The main project area, TarrajiYampi, is located only 85kms from Derby and has been locked up as a Defence Reserve since 1978.

Tarraji-Yampi presents a rare first mover opportunity with known outcropping mineralisation and historic workings from the early 1900’s 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 TarrajiYampi, similar to Cloncurry / Mt Isa in Queensland and Tennant Creek in the Northern Territory.

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Mangaroon Ni-Cu-PGE JV & REE Au 100% Project

Mangaroon is a first mover opportunity covering ~5,300sq kms located 250kms south-east of Exmouth in the vastly underexplored Gascoyne Region of WA. Part of the project is targeting Ni-Cu-PGE and is subject to a joint venture with First Quantum Minerals (earning up to 70%). The joint venture area contains outcropping high tenor Ni-Cu-PGE blebby sulphides in the recently defined Money Intrusion. Dreadnought’s 100% owned areas contain outcropping high-grade gold bearing quartz veins along the Edmund and Minga Bar Faults and outcropping high-grade REE ironstones, similar to those under development at the Yangibana REE Project. Recently six potentially REE bearing carbonatite intrusions have been identified which may also be the source of the regional rare earths.

Central Yilgarn Gold, Base Metals, Critical Minerals & Iron Ore Project

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-CaesiumTantalum.

Prior to consolidation by Dreadnought, the Central Yilgarn was predominantly held by iron ore explorers and remains highly prospective for iron ore.

Dreadnought Resources Limited Unit 1, 4 Burgay Court, Osborne Park WA 6017 PO Box 646, West Perth WA 6872

www.dreadnoughtresources.com.au

[email protected]

+61 (08) 9473 8345

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Table 1: Mineralised intervals as confirmed by an infield preliminary pXRF analysis (correlation with laboratory assays currently unknown and should be treated with caution) at least 5m of >0.2% TREO, >0.1% Nb2O5, >4% TiO2, >3% P2O5.

Hole ID From
(m)		 To
(m)		 Interval
(m)		 Lithology Prospect
CBRC001
And		 16 21 5 Weathered carbonatite C3
33 95 62 Weathered carbonatite
CBRC003 72 78 6 Freshgraphitic-pyritic carbonatite
CBRC004 142 148 6 Freshgraphitic-pyritic carbonatite
CBRC005 21 29 8 Freshgraphitic-pyritic carbonatite
CBRC010 91 145 54 Fresh ferrocarbonatite C4
And 154 190 36 Fresh magnesiocarbonatite
CBRC012 151 162 9 Fresh magnesiocarbonatite
CBRC016 154 190 36 Weathered carbonatite C3/4
CBRC017 30 60 30 Weathered carbonatite
CBRC018 19 60 41 Weathered and fresh carbonatite C3
CBRC023 11 42 31 Weathered carbonatite
CBRC025 1 45
(EOH)		 44 Weathered and fresh carbonatite
CBRC027 7 40 33 Weathered carbonatite
CBRC028 17 41 24 Weathered carbonatite
CBRC029 3 75
(EOH)		 72 Weathered and fresh carbonatite
CBRC030 2 99
(EOH)		 97 Weathered and fresh carbonatite
CBRC031 14 27 13 Weathered carbonatite
CBRC032 7 81
(EOH)		 74 Weathered and fresh carbonatite
CBRC033 7 84 77 Weathered and fresh carbonatite
CBRC041 36 51 15 Weathered carbonatite C4
CBRC042 19 33 14 Weathered carbonatite C4/C5
CBRC044 39 64 25 Weathered carbonatite
CBRC045 41 54 13 Weathered carbonatite C5
CBRC046 43 70 27 Weathered carbonatite
CBRC047 39 50 11 Weathered carbonatite
CBRC051 27 63
(EOH)		 36 Weathered and fresh carbonatite
CBRC052 37 93
(EOH)		 56 Weathered and fresh carbonatite
CBRC053 37 54 17 Weathered carbonatite
CBRC058 14 20 6 Weathered carbonatite C2
CBRC061 21 28 7 Weathered carbonatite
CBRC068 33 42 9 Weathered carbonatite C1
CBRC069 51 57 6 Weathered carbonatite
CBRC070 18 24 6 Weathered carbonatite
CBRC080 53 114 61 Weathered carbonatite
CBRC082 45 54 9 Weathered carbonatite

Dreadnought Resources Limited Unit 1, 4 Burgay Court, Osborne Park WA 6017 PO Box 646, West Perth WA 6872

www.dreadnoughtresources.com.au [email protected]

+61 (08) 9473 8345

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Table 2: Drill Collar Data (GDA94 MGAz50)

Hole ID Easting Northing RL Dip Azimuth EOH **Type ** Prospect
CBRC001 414383 7350106 305 -60 45 105 RC C3
CBRC002 414211 7349938 313 -60 43 165 RC
CBRC003 414102 7349828 313 -60 49 165 RC
CBRC004 414045 7349772 311 -60 43 165 RC
CBRC005 413985 7349716 306 -60 42 165 RC
CBRC006 413932 7349659 306 -60 43 165 RC
CBRC007 414320 7350049 307 -60 52 165 RC
CBRC008 414278 7349999 307 -60 49 123 RC
CBRC009 414160 7349879 310 -60 50 165 RC
CBRC010 414840 7348989 310 -60 45 249 RC C4
CBRC011 414673 7348815 310 -60 45 165 RC
CBRC012 414611 7348750 315 -60 46 165 RC
CBRC013 414782 7348929 308 -60 45 171 RC
CBRC014 414727 7348875 309 -60 44 165 RC
CBRC015 414607 7349429 306 -90 0 45 RC
CBRC016 414499 7349307 308 -90 0 57 RC
CBRC017 414395 7349187 306 -90 0 87 RC
CBRC018 413817 7349995 305 -90 0 75 RC C3
CBRC019 413932 7350106 306 -90 0 75 RC
CBRC020 414157 7350106 315 -90 0 57 RC
CBRC021 414044 7349989 321 -90 0 63 RC
CBRC022 413933 7349877 312 -90 0 45 RC
CBRC023 414495 7349989 309 -90 0 93 RC
CBRC024 414383 7349873 308 -90 0 45 RC
CBRC025 414269 7349765 309 -90 0 45 RC
CBRC026 414161 7349644 306 -90 0 51 RC
CBRC027 414615 7349785 319 -90 0 75 RC
CBRC028 414613 7349875 314 -90 0 99 RC
CBRC029 414494 7349762 310 -90 0 75 RC
CBRC030 414388 7349657 314 -90 0 99 RC
CBRC031 414263 7349550 298 -90 0 75 RC
CBRC032 414607 7349660 316 -90 0 81 RC C4
CBRC033 414498 7349542 310 -90 0 105 RC
CBRC034 414386 7349428 319 -90 0 81 RC
CBRC035 414614 7349202 320 -90 0 39 RC
CBRC036 414495 7349092 318 -90 0 99 RC
CBRC037 414740 7349086 315 -90 0 39 RC
CBRC038 414607 7348977 312 -90 0 57 RC
CBRC039 414528 7348879 314 -90 0 99 RC
CBRC040 414952 7348865 315 -90 0 63 RC
CBRC041 414834 7348745 315 -90 0 93 RC
CBRC042 415068 7348752 316 -90 0 75 RC
CBRC043 414940 7348635 315 -90 0 99 RC
CBRC044 415178 7348632 308 -90 0 87 RC
CBRC045 415330 7348524 315 -90 0 93 RC C5
CBRC046 415433 7348425 315 -90 0 87 RC
CBRC047 415546 7348319 308 -90 0 93 RC
CBRC048 415656 7348204 309 -90 0 99 RC
CBRC049 415886 7348204 306 -90 0 99 RC
CBRC050 415771 7348340 306 -90 0 123 RC
CBRC051 415658 7348431 306 -90 0 63 RC

Dreadnought Resources Limited Unit 1, 4 Burgay Court, Osborne Park WA 6017 PO Box 646, West Perth WA 6872

www.dreadnoughtresources.com.au [email protected] +61 (08) 9473 8345

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Hole ID Easting Northing RL Dip Azimuth EOH **Type **
CBRC052 415545 7348538 308 -90 0 93 RC C5
CBRC053 415658 7348657 308 -90 0 93 RC
CBRC054 415422 7348643 309 -90 0 57 RC
CBRC055 413819 7350449 307 -90 0 63 RC C2
CBRC056 413900 7350534 304 -90 0 111 RC
CBRC057 413688 7350449 303 -90 0 45 RC
CBRC058 413818 7350674 300 -90 0 147 RC
CBRC059 413704 7350559 300 -90 0 75 RC
CBRC060 413588 7350674 307 -90 0 93 RC
CBRC061 413476 7350563 307 -90 0 69 RC
CBRC062 413585 7350454 305 -90 0 75 RC
CBRC063 413707 7350785 305 -90 0 111 RC
CBRC064 413474 7350784 291 -90 0 81 RC
CBRC065 413403 7350704 294 -90 0 69 RC
CBRC066 411792 7351282 307 -90 0 57 RC C1
CBRC067 411655 7351163 307 -90 0 57 RC
CBRC068 411506 7351073 307 -90 0 69 RC
CBRC069 410966 7351418 300 -90 0 69 RC
CBRC070 411706 7351802 300 -90 0 99 RC
CBRC071 411703 7351576 300 -90 0 69 RC
CBRC072 411587 7351689 300 -90 0 81 RC
CBRC073 411596 7351458 300 -90 0 87 RC
CBRC074 411489 7351349 300 -90 0 81 RC
CBRC075 411591 7351924 300 -90 0 123 RC
CBRC076 411478 7351578 300 -90 0 88 RC
CBRC077 411362 7351915 300 -90 0 93 RC
CBRC078 411467 7351996 300 -90 0 99 RC
CBRC079 411475 7351800 300 -90 0 93 RC
CBRC080 411250 7351799 300 -90 0 165 RC
CBRC081 411373 7351696 300 -90 0 93 RC
CBRC082 411283 7351594 300 -90 0 75 RC

JORC Code, 2012 Edition – Table 1 report template

Section 1 Sampling Techniques and Data

JORC TABLE 1

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria JORC Code explanation Commentary
Sampling
techniques		 •
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








Reverse Circulation (RC) drilling was undertaken to
produce samples for assaying.
Preliminary pXRF analysis
Preliminary assays were obtained using an
Olympus Vanta M Series pXRF analyser. The
pXRF was placed on the reject sample piles from
the rigs Metzke cone splitter.
One 3 beam, 35 second measurement was

www.dreadnoughtresources.com.au

[email protected]

Dreadnought Resources Limited Unit 1, 4 Burgay Court, Osborne Park WA 6017 PO Box 646, West Perth WA 6872

+61 (08) 9473 8345

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Criteria JORC Code explanation 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

completed for each drill metre sample. The pXRF instrument is calibrated and serviced annually or more frequently as required with daily instrument calibration checks completed. Additionally, silica blanks and OREAS standards, appropriate to the style of mineralisation are routinely analysed to confirm performance. This procedure is in line with normal industry practice and deemed fit for purpose for preliminary analysis in first pass exploration drilling.

This report relates to exploration results of a preliminary nature. pXRF analysis is a preliminary technique which will be superseded by laboratory analysis when it becomes available.

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 sub-sampled 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.

All samples are submitted to ALS Laboratories in Perth for determination of Rare Earth Oxides by Lithium Borate Fusion XRF (ALS Method MEXRF30).

All 1m samples are also submitted for 48 multielements via 4 acid digestion with MS/ICP finish (ALS Code ME-MS61) to assist with lithological interpretation.

Rock Chips

Rock Chips were collected by Dreadnought staff and submitted for analysis. Rock chips are random, subject to bias and often unrepresentative for the typical widths required for economic consideration. They are by nature difficult to duplicate with any acceptable form of precision or accuracy. Rock chips have been collected by Dreadnought to assist in characterising different lithologies, alterations and expressions of mineralisation. In many instances, several rock chips were collected from a single location to assist with characterising

Dreadnought Resources Limited

www.dreadnoughtresources.com.au

[email protected]

Unit 1, 4 Burgay Court, Osborne Park WA 6017 PO Box 646, West Perth WA 6872

+61 (08) 9473 8345

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Criteria JORC Code explanation Commentary
and
understanding
the
different
lithologies,
alterations and expressions of mineralisation
present at the locality.
Rock chips were submitted to ALS Laboratories in
Perth for determination of Rare Earth Oxides by
Lithium Borate Fusion XRF (ALS Method ME-
XRF30).
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 oriented and if so, by
what method, etc.).		 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 size was 5¾”.
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
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.
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.		 RC chips were logged by 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.
Lithology,
mineralisation,
alteration,
veining,
weathering and structure 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, scintillometer 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		 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.

www.dreadnoughtresources.com.au

Dreadnought Resources Limited Unit 1, 4 Burgay Court, Osborne Park WA 6017 PO Box 646, West Perth WA 6872

[email protected]

+61 (08) 9473 8345

==> picture [149 x 85] intentionally omitted <==

Criteria JORC Code explanation Commentary
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.		 RC Drilling
From every metre drilled, a 2-3kg sample (split) was
sub-sampled into a calico bag via a Metzke cone
splitter.
QAQC in the form of duplicates and CRM’s
(OREAS Standards) were inserted through the ore
zones at a rate of 1:50 samples. Additionally, within
mineralised zones, a duplicate sample was taken
and a blank inserted directly after.
2-3kg samples are submitted to ALS laboratories
(Perth), oven dried to 105°C and pulverised to 85%
passing 75um to produce a 0.66g charge for
determination of Rare Earth Oxides by Lithium
Borate Fusion XRF (ALS Method ME-XRF30) and
to produce a 0.25g charge for determination of 48
multi-elements via 4 acid digestion with MS/ICP
finish (ALS Code ME-MS61).
Standard laboratory QAQC is undertaken and
monitored.
Rock Chips
Entire rock chips were submitted to the lab for
sample prep and analysis.
Quality of assay
data and
laboratory tests		 •
The nature, quality and appropriateness of
the assaying and laboratory procedures
used
and
whether
the
technique
is
considered partial or total.
•
For
geophysical
tools,
spectrometers,
handheld
XRF
instruments,
etc.,
the
parameters used in determining the analysis
including instrument make and model,
reading times, calibrations factors applied
and their derivation, etc.
•
Nature of quality control procedures adopted
(e.g. standards, blanks, duplicates, external
laboratory checks) and whether acceptable
levels of accuracy (i.e. lack of bias) and
precision have been established.		 Preliminary pXRF analysis
Olympus Vanta M Series pXRF analyser is used to
provide preliminary quantitative measurement of
mineralisation. A 3-beam, 35 second reading time
was used with a single reading on unprepared raw
RC chip sample piles. High grade samples were
repeated to confirm repeatability of grade.
Calibration checks of the pXRF are undertaken
daily, a silica blank and certified REE standard
OREAS 461 is routinely analysed to monitor pXRF
performance.
Laboratory Analysis
Lithium borate fusion is considered a total digest
and Method ME-XRF30 is appropriate for REE
determination.
Standard laboratory QAQC is undertaken and
monitored by the laboratory and by the company
upon assay result receival.
Rock Chips
All samples were submitted to ALS Laboratories in
Perth where 1-3kg rock chips samples were
crushed so that >70% of material passes through -
6mm, the sample is then pulverised to >85%
passing 75 micron.
A 66-gram aliquot of pulverised sample is fused
with 12:22 lithium borate flux containing an
oxidizing agent, and poured to form a fused disk.
The resultant disk is in then analysed by XRF
spectrometry specifically for Rare Earths (ALS
Method ME-XRF30).
Lithium borate fusion is considered a total digest

Dreadnought Resources Limited

www.dreadnoughtresources.com.au

[email protected]

Unit 1, 4 Burgay Court, Osborne Park WA 6017 PO Box 646, West Perth WA 6872

+61 (08) 9473 8345

==> picture [149 x 85] intentionally omitted <==

Criteria JORC Code explanation Commentary
and Method ME-XRF30 is appropriate for REE
determination.
No standards, duplicates or blanks submitted with
rock chips.
Verification of
sampling and
assaying		 •
The verification of significant intersections by
either independent or alternative company
personnel.
•
The use of twinned holes.
•
Documentation of primary data, data entry
procedures, data verification, data storage
(physical and electronic) protocols.
•
Discuss any adjustment to assay data.		 Preliminary pXRF analysis
Analytical data was collected directly by the
Olympus Vanta M Series pXRF analyser and
downloaded by digital transfer to an excel
spreadsheet with inbuilt QAQC. All data was
checked by the responsible geologist and filed on
the company server.
Logging and Sampling
Logging and sampling were recorded directly into a
digital logging system, verified and eventually
stored in an offsite database.
Significant intersections are inspected by senior
company personnel.
No twinned holes have been drilled at this time.
No adjustments to any assay data have been
undertaken.
Rock Chips
Rock chip and geological information is written in
field books and coordinates and track data saved
from hand held GPSs used in the field.
Dreadnought geologists have inspected and logged
all rock chips.
Field data is entered into excel spreadsheets to be
loaded into a database.
Location of data
points		 •
Accuracy and quality of surveys used to
locate drill holes (collar and down-hole
surveys), trenches, mine workings and other
locations
used
in
Mineral
Resource
estimation.
•
Specification of the grid system used.
•
Quality and adequacy of topographic control.		 Collar position was recorded using a Emlid Reach
RS2 RTK GPS system (+/- 0.2m x/y, +/-0.5m z).
GDA94 Z50s is the grid format for all xyz data
reported.
Azimuth and dip of the drill hole was recorded after
the completion of the hole using a Reflex Sprint IQ
Gyro. A reading was undertaken every 30thmetre
with an accuracy of +/- 1° azimuth and +/-0.3° dip.
Data spacing and
distribution		 •
Data spacing for reporting of Exploration
Results.
•
Whether the data spacing and distribution is
sufficient to
establish the
degree
of
geological and grade continuity appropriate
for the Mineral Resource and Ore Reserve
estimation procedure(s) and classifications
applied.
•
Whether sample compositing has been
applied.		 See drill table for hole positions.
Data spacing at this stage is not suitable for Mineral
Resource Estimation.
Orientation of
data in relation to
geological
structure		 •
Whether
the
orientation
of
sampling
achieves unbiased sampling of possible
structures and the extent to which this is
known, considering the deposit type.
•
If the relationship between the drilling
orientation and the orientation of key		 Drilling was undertaken at a near perpendicular
angle to the interpreted strike and dip of the
ironstone outcrops and modelled magnetic data.
No sample bias is known at this time.

Dreadnought Resources Limited Unit 1, 4 Burgay Court, Osborne Park WA 6017 PO Box 646, West Perth WA 6872

www.dreadnoughtresources.com.au

[email protected]

+61 (08) 9473 8345

==> picture [149 x 85] intentionally omitted <==

Criteria JORC Code explanation Commentary
mineralised structures is considered to have
introduced a sampling bias, this should be
assessed and reported if material.
Sample security •
The measures taken to ensure sample
security.		 All geochemical samples were collected, bagged,
and sealed by Dreadnought staff and delivered to
Exmouth Haulage in Exmouth.
Samples were delivered directly to ALS
Laboratories Perth by Exmouth Haulage out of
Exmouth.
Audits or reviews •
The results of any audits or reviews of
sampling techniques and data.		 The program is continuously reviewed by senior
company personnel.

Section 2 Reporting of Exploration Results

(Criteria in this section apply to all succeeding sections.)

Criteria JORC Code explanation Commentary
Mineral tenement
and land tenure
status		 •
Type, reference name/number, location
and ownership including agreements or
material issues with third parties such as
joint ventures, partnerships, overriding
royalties, native title interests, historical
sites, wilderness or national park and
environmental settings.
•
The security of the tenure held at the time
of reporting along with any known
impediments to obtaining a licence to
operate in the area.		 •
The Mangaroon Project consists of 16
granted Exploration License (E08/3178,
E08/3274, E08/3439, E09/2359, E09/2370,
E09/2384, E09/2405, E09/2433, E09/2448,
E09/2449, E09/2450, E09/2467E09/2473,
E09/2478, E09/2531, E09/2535) and 3
pending Exploration Licenses (E08/3275,
E09/2616, E09/2620).
•
All
tenements
are
100%
owned
by
Dreadnought Resources.
•
E08/3178, E08/3274, E09/2384, E09/2433,
E09/2473 are subject to an option agreement
with First Quantum Minerals over the base
metal rights.
•
E08/3178,
E09/2370,
E09/2384
and
E09/2433 are subject to a 2% Gross Revenue
Royalty held by Beau Resources.
•
E08/3274, E08/3275, E09/2433, E09/2448,
E09/2449, E09/2450 are subject to a 1%
Gross Revenue Royalty held by Beau
Resources.
•
E09/2359 is subject to a 1% Gross Revenue
Royalty held by Prager Pty Ltd.
•
The Mangaroon Project covers 4 Native Title
Determinations
including
the
Budina
(WAD131/2004), Thudgari (WAD6212/1998),
Gnulli
Gnulli
(WAD22/2019)
and
the
Combined Thiin-Mah, Warriyangka, Tharrkari
and Jiwarli (WAD464/2016).
•
The Mangaroon Project is located over
Lyndon,
Mangaroon,
Gifford
Creek,
Maroonah, Minnie Creek, Towera and Uaroo
Stations.
Exploration done by
other parties		 •
Acknowledgment
and
appraisal
of
exploration by other parties.		 Historical exploration of a sufficiently high
standard was carried out by a few parties which
have been outlined and detailed in this ASX
announcement including:
Regional
Resources
1986-1988s:
WAMEX

Dreadnought Resources Limited

www.dreadnoughtresources.com.au [email protected]

Unit 1, 4 Burgay Court, Osborne Park WA 6017 PO Box 646, West Perth WA 6872

+61 (08) 9473 8345

==> picture [149 x 85] intentionally omitted <==

Criteria JORC Code explanation Commentary
Reports A23715, 23713
Peter Cullen 1986: WAMEX Report A36494
Carpentaria Exploration Company 1980: WAMEX
Report A9332
Newmont 1991: WAMEX Report A32886
Hallmark Gold 1996: WAMEX Report A49576
Rodney Drage 2011: WAMEX Report A94155
Sandfire Resources 2005-2012: WAMEX Report
94826
Geology •
Deposit type, geological setting and style
of mineralisation.		 The Mangaroon Project is located within
Mangaroon Zone of the Gascoyne Province.
The Mangaroon Project is prospective for
orogenic
gold,
magmatic
Ni-Cu-PGE
mineralisation and carbonatite hosted REEs.
Drill hole information •
A summary of all information material to
the understanding of the exploration
results including a tabulation of the
following information for all Material drill
holes:
o
easting and northing of the drill hole
collar
o
elevation or RL (Reduced Level –
elevation above sea level in metres)
of the drill hole collar
o
dip and azimuth of the hole
o
down hole length and interception
depth
o
hole length.
•
If the exclusion of this information is
justified on the basis that the information
is not Material and this exclusion does
not detract from the understanding of the
report, the Competent Person should
clearly explain why this is the case.		 An overview of the drilling program is given within
the text and tables within this document.
Data aggregation
methods		 •
In
reporting
Exploration
Results,
weighting
averaging
techniques,
maximum
and/or
minimum
grade
truncations (e.g. cutting of high grades)
and cut-off grades are usually Material
and should be stated.
•
Where aggregate intercepts incorporate
short lengths of high-grade results and
longer lengths of low-grade results, the
procedure used for such aggregation
should be stated and some typical
examples of such aggregations should
be shown in detail.
•
The assumptions used for any reporting
of metal equivalent values should be
clearly stated.		 All intervals with a preliminary pXRF value over
0.2% TREO, >0.1% Nb2O5, >4% TiO2and/or >3%
P2O5have been reported.
No metal equivalents are reported.
Relationship
between
mineralisation widths
and intercept lengths		 •
These
relationships
are
particularly
important in the reporting of Exploration
Results.
•
If the geometry of the mineralisation with
respect to the drill hole angle is known, its
nature should be reported.		 Drilling is undertaken close to perpendicular to
the dip and strike of the mineralisation.
The
true
thickness
of
the
mineralisation
intersected in drill holes cannot currently be
calculated.

www.dreadnoughtresources.com.au

Dreadnought Resources Limited Unit 1, 4 Burgay Court, Osborne Park WA 6017 PO Box 646, West Perth WA 6872

[email protected]

+61 (08) 9473 8345

==> picture [149 x 85] intentionally omitted <==

Criteria JORC Code explanation Commentary
•
If it is not known and only the down hole
lengths are reported, there should be a
clear statement to this effect (e.g. ‘down
hole length, true width not known’).
Diagrams •
Appropriate maps and sections (with
scales) and tabulations of intercepts
should be included for any significant
discovery being reported These should
include, but not be limited to a plan view
of
drill
hole
collar
locations
and
appropriate sectional views.		 Refer to figures within this report.
Balanced reporting •
Where comprehensive reporting of all
Exploration Results is not practicable,
representative reporting of both low and
high grades and/or widths should be
practiced to avoid misleading reporting of
Exploration Results.		 The accompanying document is a balanced
report with a suitable cautionary note.
Other substantive
exploration data		 •
Other exploration data, if meaningful and
material, should be reported including
(but
not
limited
to):
geological
observations; geophysical survey results;
geochemical
survey
results;
bulk
samples – size and method of treatment;
metallurgical test results; bulk density,
groundwater, geotechnical and rock
characteristics; potential deleterious or
contaminating substances.		 Suitable commentary of the geology encountered
are given within the text of this document.
Further work •
The nature and scale of planned further
work (e.g. tests for lateral extensions or
depth extensions or large-scale step-out
drilling).
•
Diagrams clearly highlighting the areas of
possible extensions, including the main
geological interpretations and future
drilling areas, provided this information is
not commercially sensitive.		 Preliminary pXRF results to be confirmed by
laboratory analysis as soon as possible.
Additional RC drilling
Diamond Drilling
Metallurgical test work
Resource Modelling

Dreadnought Resources Limited Unit 1, 4 Burgay Court, Osborne Park WA 6017 PO Box 646, West Perth WA 6872

www.dreadnoughtresources.com.au [email protected]

+61 (08) 9473 8345

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