DREADNOUGHT RESOURCES LTD — Regulatory Filings 2016

Jan 28, 2016

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Australian Securities Exchange Announcement

29 January 2016

ASX Market Announcements Australian Securities Exchange 20 Bridge Street SYDNEY NSW 2000

SPARGOVILLE DRILLING DELIVERS HIGH GRADE RESULTS

HIGHLIGHTS

Maximus Resources Limited (ASX:MXR) announces;

• Significant gold intersection reported in several holes including high grade intercepts

• 24m at 3.05 g/t including 8 metres at 4.0g/t in hole MXENRC04

• 7m at 4.0g/t including 1m at 14.7g/t in hole MXENRCO5

• Drilling, sampling and assay protocols to JORC 2012 standard

Tychean Resources Limited (ASX:TYK) wishes to update investors on exploration activities carried out by Maximus Resources Limited (‘Maximus’).

Maximus yesterday announced drilling results from Spargoville drilling.

The announcement as released by Maximus is attached subsequent to this release.

For further information please contact

Mr. Robert Kennedy Mr. Duncan Gordon Chairman Executive Director Tychean Resources Limited Adelaide Equity Partners Limited M: 0418 836 965 M: 0404 006 444

Further information relating to Tychean Resources Ltd and its various exploration projects can be found at its website: www.tycheanresources.com

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ASX Announcement

28 January 2016

Spargoville Drilling Delivers High Grade Gold Results

HIGHLIGHTS

• Significant gold intersections reported in several holes including high grade intercepts

• 24m at 3.05 g/t including 8 metres at 4.0g/t in hole MXENRC04

• 7m at 4.0 g/t including 1m at 14.7 g/t in hole MXENRC05

• Drilling, sampling and assay protocols to JORC 2012 standard

Maximus Resources Limited (ASX: MXR) is pleased to update shareholders following completion of the Company’s maiden drilling program on the Eagles Nest project in December 2015 and the receipt of assay results from the Project, located 70 kilometres south of Kalgoorlie, WA.

A total of 8 holes were completed for a total of 809 metres testing for strike and depth extensions to known mineralisation in the Eagles Nest goldfield. Visual logging of the drill chips by the geologist confirmed alteration and sulphides at the interpreted mineralised horizon in 7 holes.

A further important component of this drilling program is that it was designed to check the validity of historical mineralised intercepts, by drilling adjacent to or twinning previous drillhole locations, and assaying all samples using the fire assay method. Technical reports indicate that utilising the partial leach or aqua regia assaying method on high grade oxide samples (particularly samples with a high coarse gold component) does not provide a representative assay result.

Significant mineralised intersections recorded in the recent Eagles Nest drill program include 24m @ 3.05g/t , from 19m, including 8m @ 4.0 g/t from 35m, in hole MXENRC004, 7m @ 4.0 g/t from 33m, including 1m @ 14.7g /t from 34m in hole MXENRC005, 6m @ 1.98g/t from 81m, including 1m @ 5.3g/t from 81m in hole MXENRC07. Alteration assemblages included biotite, pyrrhotite, pyrite, arsenopyrite and chalcopyrite and are typical in areas of stronger gold mineralisation.

The Eagles Nest project is located on the Spargoville shear approximately 8km south of the previously mined high grade Wattle Dam gold mine. The drill results at the Eagles Nest Project demonstrate the potential for similar high grade gold mines, along strike from Wattle Dam, within the prospective Spargoville Shear Zone.

Results to date indicate a mineralized body dipping steeply to the east, and plunging to the north is present at Eagles Nest.

The company is currently planning the next drilling program on the Spargoville tenements, with approval received for the subsequent Eagles Nest drilling program.

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Figure 1: Map showing southern portion of Spargoville project over TMI background

Hole Number	Total Depth (m)	North	East	RL	Dip	Azi	From (m)	To (m)	Downhole Width (m)	Au (g/t)	Comment
MXENRC01	67	6520940	357454	355	-60	270	45 58	46 59	1 1	1.75 1.11
MXENRC02	104	6520941	357468	353	-60	270					NSR
MXENRC03	110	6520872	357479	354	-60	270					NSR
MXENRC04	100	6520765	357414	358	-60	90	5 12 19 Incl 35 49 58 73 78 81 91 95	7 15 43 43 50 69 74 79 88 92 96	2 3 24 8 1 11 1 1 7 1 1	2.16 1.77 3.05 4.0 4.57 1.55 1.64 1.53 1.91 1.02 1.26
MXENRC05	100	6520804	357426	359	-60	90	25 Including 33 Including 34 44 49 52	40 40 35 45 50 53	15 7 1 1 1 1	2.64 4.01 14.7 1.63 2.07 1.38
MXENRC06	97	6520723	357466	355	-60	270	49	60	11	1.62
MXENRC07	100	6520759	357499	354	-60	270	81 Including 81	87 82	6 1	1.98 5.3
MXENRC08	131	6520798	357490	354	-60	270	68 102 108	74 104 109	6 2 1	1.65 2.76 2.63

Table 1. Drill results completed on Eagles Nest project in December 2015. NSR means no significant result (> 1g/t)

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Figure 2: Cross section showing recent RC drill results from holes MXENRC04 and RC07 with historical results shown in half tone

MXR is now sufficiently encouraged that the correlation between recent drilling and historical results will allow the company to include past drill assay results in planned preliminary resource calculations for internal use only. The historic data cannot be considered JORC compliant, however the correlation (see figure 2) between recent RC holes drilled perpendicular to historic drillholes is sufficiently robust to warrant inclusion in internal calculations. Future drilling will however include further infill and twin drilling to increase the confidence and accuracy of the existing mineralised outline.

One drill hole was cancelled due to difficulties accessing the location with the large drill rig available to complete the drill program. This hole may be completed in a subsequent drill program when a smaller unit is available.

For further information contact

Kevin Malaxos on 08 7324 3172 Duncan Gordon, Adelaide Equity Partners Kmalaxos@maximusresources.com on 08 8232 8800 or 0404 006 444 dgordon@adelaideequity.com.au

Further information relating to Maximus Resources Limited and its diversified exploration projects will be found on Maximus’ website : www.maximusresources.com

The information in this report that relates to Exploration Targets, Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr Stephen Hogan who is a Member of the Australasian Institute of Mining and Metallurgy, and who has sufficient experience relevant to the style of mineralisation, the type of deposit under consideration, and the activities being undertaking, 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 (the JORC Code). This report is issued in the form and context in which it appears with the written consent of the Competent Person.

JORC Code, 2012 Edition – Table 1 report template

Section 1 Sampling Techniques and Data

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

Criteria	JORC Code explanation	Commentary
Sampling	Nature and quality of sampling (eg cut channels, random chips, or	The sampling has been carried out using Reverse Circulation (RC)
techniques	specific specialised industry standard measurement tools appropriate to	Drilling. Eight holes were drilled in this reported programme. All drill
	the minerals under investigation, such as down hole gamma sondes, or	holes had samples collected on the drilling rig via a mounted cone
	handheld XRF instruments, etc). These examples should not be taken as	splitter at intervals of every one metre.
	limiting the broad meaning of sampling.
	Include reference to measures taken to ensure sample representivity and	Sampling was carried out under Maximus’ protocols and QAQC
	the appropriate calibration of any measurement tools or systems used.	procedures as per industry best practice. See further details below.
	Aspects of the determination of mineralisation that are Material to the	RC holes were drilled with a 5.25 inch face-sampling bit, 1m samples
	Public Report. In cases where ‘industry standard’ work has been done	collected through a cyclone and cone splitter, to form a 2-3kg sample.
	this would be relatively simple (eg ‘reverse circulation drilling was used to	For mineralised samples the entire 1m sample was sent to the laboratory
	obtain 1 m samples from which 3 kg was pulverised to produce a 30 g	for analysis. All samples were fully pulverised at the lab to-75um, to
	charge for fire assay’). In other cases more explanation may be required,	produce a 50g charge for Fire Assay with ICP-OES finish.
	such as where there is coarse gold that has inherent sampling problems.
	Unusual commodities or mineralisation types (eg submarine nodules)
	may warrant disclosure of detailed information.
Drilling	Drill type (eg core, reverse circulation, open-hole hammer, rotary air	An RC drilling rig, owned and operated by Kennedy Drilling, was used to
techniques	blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or	collect the samples. The face-sampling RC bit has a diameter of 5.25
	standard tube, depth of diamond tails, face-sampling bit or other type,	inches (13.3 cm).
	whether core is oriented and if so, by what method, etc).
Drill sample	Method of recording and assessing core and chip sample recoveries and	All samples were dry with no significant ground water encountered
recovery	results assessed.	during drilling and no water egress into holes recorded. Samples
		recoveries were estimated for each metre of sample based upon a
		expected volume of sample recovered. All recovery estimates are noted
		in the logs. Samples recoveries were >90%.
	Measures taken to maximise sample recovery and ensure representative	RC face-sample bits and dust suppression were used to minimise
	nature of the samples.	sample loss. RC samples are collected through a cyclone and cone
		splitter, the rejects deposited in a plastic bag, and the lab samples up to
		3kg collected, to enable a full sample pulverisation.
	Whether a relationship exists between sample recovery and grade and	All RC samples were dry with no significant water encountered. No
	whether sample bias may have occurred due topreferential loss/gain of	sample bias or material loss was observed to have takenplace during

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Criteria	JORC Code explanation	Commentary
	fine/coarse material.	drilling activities. Three was no discernable change in the sample
		recoveries between mineralised, and unmineralised samples.
	Whether core and chip samples have been geologically and	All chips were geologically logged by Maximus geologists using the
	geotechnically logged to a level of detail to support appropriate Mineral	Maximus logging scheme. No geotechnical logging was undertaken.
	Resource estimation, mining studies and metallurgical studies.
	Whether logging is qualitative or quantitative in nature. Core (or costean,	Logging of RC chips records lithology, mineralogy, mineralisation,
	channel, etc) photography.	weathering, colour and other features of the samples All samples are
		wet-sieved and stored in a chip tray.
Logging	The total length and percentage of the relevant intersections logged.	All holes were logged in full.
Sub-	If core, whether cut or sawn and whether quarter, half or all core taken.	No core was collected.
sampling
techniques
and sample
preparation
	If non-core, whether riffled, tube sampled, rotary split, etc and whether	One-metre drill samples are channelled through a rotary cone-splitter,
	sampled wet or dry.	installed directly below a rig mounted cyclone, and an average 2-3 kg
		sample is collected in a pre- ~~n~~umbered calico bag, and positioned on top
		of the green plastic bag containing the bulk reject for that metre sample.
	For all sample types, the nature, quality and appropriateness of the	Samples were prepared at the Intertek Laboratory in Kalgoorlie. Samples
	sample preparation technique.	were dried, and the whole sample pulverised to 85% passing 75um. A
		nominal 50g was used for the analysis by Fire Assay. The procedure is
		industry standard for this type of sample.
	Quality control procedures adopted for all sub-sampling stages to	A duplicate field samples are taken from the cone splitter at a rate of
	maximise representivity of samples	approximately 1 in 50 samples. At the laboratory, regular Repeats and
		Lab Check samples are assayed.
	Measures taken to ensure that the sampling is representative of the in	One metre samples are split on the rig using a cone-splitter, mounted
	situ material collected, including for instance results for field	directly under the cyclone. Samples are collected to weigh less than 3kg
	duplicate/second-half sampling.	to ensure total preparation at the pulverisation stage.
	Whether sample sizes are appropriate to the grain size of the material	Sample sizes are considered appropriate to give an indication of
	being sampled.	mineralisation given the particle size and the preference to keep the
		sample weight below a targeted 3kg mass.
Quality of	The nature, quality and appropriateness of the assaying and laboratory	Samples were analysed at the Intertek Laboratory in Perth. The
assay data	procedures used and whether the technique is considered partial or total.	analytical method used was a 50g Fire Assay with ICP-OES finish for
and		gold only,which is considered to be appropriate for the material and

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Criteria	JORC Code explanation	Commentary
laboratory		mineralisation. The method gives a near total digestion of the material
tests		intercepted in RC drilling.
	For geophysical tools, spectrometers, handheld XRF instruments, etc,	Not Applicable.
	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 (eg standards, blanks,	Maximus protocol for RC programmes is for Field Standards (Certified
	duplicates, external laboratory checks) and whether acceptable levels of	Reference Materials) and Blanks inserted at a rate of 2 Standards per
	accuracy (ie lack of bias) and precision have been established.	100 samples. Field Duplicates are generally inserted at a rate of
		approximately 1 in 50.
		For the programme reported the relevant assays were part of a total
		sample submission of 845 samples. This included 6 Field Blanks 17
		Field Standards and 16 Field Duplicates.
		At the Lab, regular assay Repeats Lab Standards, Checks and Blanks
		are analysed. In addition 10 lab blanks, 9 lab checks, and 11 lab
		standards were inserted and analysed by Intertek Laboratories.
		Results of the Field and Lab QAQC were checked on assay receipt using
		QAQCR software. All assays passed QAQC protocols, showing no
		significant level of contamination or sample bias. Analysis of field
		duplicate assay data suggests appropriate levels of sampling precision,
		with less than 10% pair difference.
Verification	The verification of significant intersections by either independent or	Significant results were checked by the Exploration Manager.
of sampling	alternative company personnel.
and
assaying
	The use of twinned holes.	No twin holes were employed during this part of the programme.
	Documentation of primary data, data entry procedures, data verification,	All field logging is carried out on paper logs. Logging data is entered into
	data storage (physical and electronic) protocols.	a spreadsheet, then electronically to the Database Geologist in the
		office. Assay files are received electronically from the Laboratory. All
		data is stored in a Access database system, and maintained by the
		Database Manager.
	Discuss any adjustment to assay data.	No assay data was adjusted. The lab's primary Au field is the one used
		for plotting and resource purposes. No averaging is employed.
Location of	Accuracy andquality of surveys used to locate drill holes(collar and	RC locations were determined byhandheld GPS with an accuracyof 5m

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Criteria	JORC Code explanation	Commentary
data points	down-hole surveys), trenches, mine workings and other locations used in	in Northing and Easting.
	Mineral Resource estimation.	Plans are in place to complete locational survey of the drill collars using
		DGPS by a Certified surveyor.
	Specification of the grid system used.	Grid projection is GDA94, MGA Zone 51.
	Quality and adequacy of topographic control.	No RL’s were measured.
		Plans are in place to complete locational survey of the drill collars using
		DGPS by a Certified surveyor.
Data spacing	Data spacing for reporting of Exploration Results.	The drillholes are spaced along traverses 40m to 100m apart.
and
distribution
	Whether the data spacing and distribution is sufficient to establish the	This is not considered relevant at this early stage in the programme.
	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.	No sample compositing has been applied.
Orientation	Whether the orientation of sampling achieves unbiased sampling of	The orientation of the drill lines (270 degrees azimuth) is approximately
of data in	possible structures and the extent to which this is known, considering the	perpendicular to the strike of the regional geology. 6 holes were drilled
relation to	deposit type.	approximately -60 degrees angled to the west (270°), while two holes
geological		(MXENRC05 and MXENRC05)were drilled approximately -60 degrees
structure		angled to the east (90°), approximately parallel to strike.
	If the relationship between the drilling orientation and the orientation of	It is considered that holes (except MXENRC04 and MXENRC05) have
	key mineralised structures is considered to have introduced a sampling	been drilled relatively perpendicular to a moderately east dipping
	bias, this should be assessed and reported if material.	mineralised structure (approximately 65 to 75 degrees to the east) and
		as such the reported intersection lengths are considered to be a close
		approximation of the true thickness of mineralisation. The true thickness
		are estimated to be not less than 85°%of the reported down hole
		intersections. Drill holes MXENRC04 and MXENRC05 were drilling
		approximately parallel to strike, and therefore approximately down dip of
		the mineralised structures.
Sample	The measures taken to ensure sample security.	Pre-numbered calico sample bags were collected in plastic bags (ten
		calico bagsper singleplastic bag),sealed,and transported bycompany

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Criteria	JORC Code explanation	Commentary
security		transport to the Intertek Laboratory in Kalgoorlie. Pulps were despatched
		by Intertek to their laboratory in Perth for assaying.
Audits or	The results of any audits or reviews of sampling techniques and data.	Sampling and assaying techniques are industry-standard. No specific
reviews		audits or reviews have been undertaken at this stage in the programme.

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria	JORC Code explanation	Commentary
Mineral	Type, reference name/number, location and ownership including	The RC drilling occurred within tenement M15/1475, which is owned
tenement	agreements or material issues with third parties such as joint ventures,	51% by Maximus Resources, and 49% by Tychean Resources. Maximus
and land	partnerships, overriding royalties, native title interests, historical sites,	is currently increasing its equity to 90% by further planned exploration.
tenure status	wilderness or national park and environmental settings.
	The security of the tenure held at the time of reporting along with any	The tenement is in good standing with the WA DMP.
	known impediments to obtaining a licence to operate in the area
Exploration	Acknowledgment and appraisal of exploration by other parties.	The ML has a long, sporadic history of mining dating back to the late
done by		1800,s. Work consisting of the sinking several, timbered shafts to 10m in
other parties		depth, on the identified gold lodes. Production records of this period are
		unknown, however several large nuggets, ie 70oz, 1130oz are reported
		in 1930, and another 10oz nugget in 2015
		Aircore and RC drilling was completed by Ramelius Resources in the
		period 2007-2012 and assay data was incorporated into the design of
		this drilling program undertaken by Maximus Resources.
Geology	Deposit type, geological setting and style of mineralisation.	The geology is dominated by Archean mafic/ultramafic and sedimentary
		lithologies. Hydrothermal vein and shear related gold mineralisation is
		being targeted by exploration The geological setting, rock types,
		alteration, and nature of the gold are suggestive of a Wattle Dam style of
		mineralisation.
Drill hole	A summary of all information material to the understanding of the	Hole locations are identified in Table 1. Holes with significant
Information	exploration results including a tabulation of the following information for	mineralisation (>1.0g/t Au) are tabulated in Table 1. All RC holes are
	all Material drill holes:	drilled angled at 60 degrees to the west (270), except holes numbers 4

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Criteria	JORC Code explanation	Commentary
	o easting and northing of the drill hole collar	and 5, angled 60 degrees to the east.
	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.
Data	In reporting Exploration Results, weighting averaging techniques,	Grades are reported as down-hole length-weighted averages of grades
aggregation	maximum and/or minimum grade truncations (eg cutting of high grades)	above 1 ppm Au, No top cuts or bottom cuts have been applied to the
methods	and cut-off grades are usually Material and should be stated.	reporting of the assay results.
	Where aggregate intercepts incorporate short lengths of high grade	Higher grade intervals are included in the reported grade intervals and
	results and longer lengths of low grade results, the procedure used for	composite internal intervals above 1 ppm and 10 ppm are also reported
	such aggregation should be stated and some typical examples of such	separately, with a minimum width of 1 metres with from and to depths
	aggregations should be shown in detail.	recorded.
	The assumptions used for any reporting of metal equivalent values	No metal equivalent values are used.
	should be clearly stated.
Relationship	These relationships are particularly important in the reporting of	The geometry of the mineralisation is not known with certainty at this
between	Exploration Results.	stage, however it is interpreted mineralisation is hosted in steeply east
mineralisatio n widths and intercept	If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.	dipping shear zones.
lengths	If it is not known and only the down hole lengths are reported, there
	should be a clear statement to this effect (eg ‘down hole length, true
	width not known’).
Diagrams	Appropriate maps and sections (with scales) and tabulations of	Not Applicable, not a significant discovery.
	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.

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Criteria	JORC Code explanation	Commentary
Balanced	Where comprehensive reporting of all Exploration Results is not	All results above 1 ppm and 10 ppm have been reported.
reporting	practicable, representative reporting of both low and high grades and/or
	widths should be practiced to avoid misleading reporting of Exploration
	Results.
Other	Other exploration data, if meaningful and material, should be reported	Not Applicable for this drilling program.
substantive	including (but not limited to): geological observations; geophysical survey
exploration	results; geochemical survey results; bulk samples – size and method of
data	treatment; metallurgical test results; bulk density, groundwater,
	geotechnical and rock characteristics; potential deleterious or
	contaminating substances.
Further work	The nature and scale of planned further work (eg tests for lateral	DGPS pickup of collar locations will be completed along with downhole
	extensions or depth extensions or large-scale step-out drilling).	gyro and optical televiewer surveying. Follow-up RC drilling will be
	Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this	completed to determine extent of mineralisation along strike and down dip.
	information is not commercially sensitive.

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