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DREADNOUGHT RESOURCES LTD Regulatory Filings 2019

May 26, 2019

64785_rns_2019-05-26_2dd23091-8384-4d54-8c17-c028e2a6b9e2.pdf

Regulatory Filings

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27 May 2019

GROUND EM SURVEY LIGHTS UP STRONG CONDUCTORS AT THE CHIANTI VMS TARGET

HIGHLIGHTS

  • Ground Fixed-Loop Electro-Magnetic (“FLEM”) survey over the Chianti Cu-Zn-Pb-Ag Volcanogenic Massive Sulphide (“VMS”) Target lights up multiple conductors

  • Conductors sitting below outcropping gossan and historical mineralised drilling intercepts

  • Drilling approvals well advanced with drilling to commence in September 2019 quarter

Dreadnought Resources Ltd (“Dreadnought” or “the Company”) is pleased to announce the results of the ground FLEM survey at the Chianti VMS Target at the Tarraji-Yampi Ni-Cu-Au Project (“Tarraji” or “the Project”) in the West Kimberley Region of Western Australia. The FLEM survey has defined two EM conductors underlying outcropping gossans and aligned with historical high-grade massive sulphide intersections drilled by Australian Consolidated Minerals (“ACM”) in 1972 (see Figure 1).

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Figure 1: Cross Section through Chianti showing the EM plates, historical drilling and outcropping gossan.

Dreadnought Managing Director, Dean Tuck, commented “Defining two EM plates immediately underlying high grade historical drilling, and aligned with outcropping gossans is an exciting outcome for our initial exploration activities at the Tarraji-Yampi Project. Chianti is a high priority drill target and we are looking forward to drill testing these EM plates in the September Quarter 2019.”

Dreadnought Resources Limited DIRECTORS CORPORATE STRUCTURE Suite 5, 16 Nicholson Road Paul Chapman Non-Executive Chairman ASX Code: DRE Subiaco WA 6008 Dean Tuck Managing Director Shares on Issue: 1,110M T: +61 (0) 428 824 343 David Chapman Non-Executive Director Market Cap: $3.3M E: [email protected] Ian Gordon Non-Executive Director Share Price $0.003 W: www.dreadnoughtresources.com.au Paul Payne Non-Executive Director Cash (1/4/19): $0.35M

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Background on the Chianti Cu-Zn-Pb-Ag VMS Target

Chianti was originally defined by Australian Consolidated Minerals (“ACM”) in 1972. An airborne EM survey flown in 2015 highlighted an EM conductor at depth beneath the 1972 ACM drilling. A FLEM survey has recently been completed over part of the airborne EM conductor and identified two strong EM plates.

The Upper EM plate is roughly 100m x 40m with a moderate to high conductivity of 900 siemens. The top of this EM plate is ~25m below the surface and lines up with the historical ACM drill intercepts:

  • PD1: 4.57m @ 1.13% Cu, 0.69% Pb, 2.05% Zn, 21.7 g/t Ag from 10.7m; and

  • ‒ DDH3: 6.55m @ 1.23% Cu, 0.93% Pb, 2.85% Zn, 32.2 g/t Ag from 36m.

The Lower EM plate is roughly 160m x 80m with a high conductivity of 2,050 siemens. The lower EM plate appears to be fault offset in section view extending to a depth of ~150m.

Both EM plates are associated with outcropping gossans (see Figure 3), covering almost 200m of strike (see Figure 2). When combined with the previous drill intercepts, the EM plates create compelling high priority targets for drill testing.

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Figure 2: Plan view of the EM plates (blue) and outcropping gossans (bright red) over the 2015 airborne VTEM anomaly.

DIRECTORS CORPORATE STRUCTURE Paul Chapman Non-Executive Chairman ASX Code: DRE Dean Tuck Managing Director Shares on Issue: 1,110M David Chapman Non-Executive Director Market Cap: $3.3M Ian Gordon Non-Executive Director Share Price $0.003 Paul Payne Non-Executive Director Cash (1/4/19): $0.35M

Dreadnought Resources Limited Suite 5, 16 Nicholson Road Subiaco WA 6008 T: +61 (0) 428 824 343 E: [email protected] W: www.dreadnoughtresources.com.au

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Figure 3: Outcropping Chianti gossan samples with Malachite (L) (GDA94 MGA Z51 611890E, 8167100N) and malachite and chalcocite (R) (GDA94 MGA Z51 611890E, 8167115N)

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Figure 4: Maps showing the location of Tarraji in relation to other Proterozoic Mobile Belts within Western Australia. Location of Dreadnought’s high priority targets also shown VMS (red), Proterozoic Cu-Au (yellow) and magmatic sulphide Ni-Cu-PGE (green) targets highlighted.

Upcoming Results:

Field operations from the initial reconnaissance sampling and ground geophysics is now complete. Over 250 rock chips samples have been collected from 12 prospects and FLEM surveys carried out at Chianti, Texas and Fuso. Assay and FLEM results will be announced to the market over the coming weeks.

Dreadnought Resources Limited DIRECTORS CORPORATE STRUCTURE Suite 5, 16 Nicholson Road Paul Chapman Non-Executive Chairman ASX Code: DRE Subiaco WA 6008 Dean Tuck Managing Director Shares on Issue: 1,110M T: +61 (0) 428 824 343 David Chapman Non-Executive Director Market Cap: $3.3M E: [email protected] Ian Gordon Non-Executive Director Share Price $0.003 W: www.dreadnoughtresources.com.au Paul Payne Non-Executive Director Cash (1/4/19): $0.35M

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Concluding Comments

Dreadnought is extremely pleased to have defined multiple EM plates at Chianti and to have completed data acquisition in the field. Dreadnought looks forward to announcing the results of reconnaissance rock chip sampling and FLEM surveys as results are received.

We would like to acknowledge the assistance of our stakeholders including the Department of Defence, the Dambimangari Aboriginal Corporation and our shareholders for bringing us to this point.

Planned Activities

Dreadnought has planned an aggressive exploration strategy for the remainder of 2019 including:

  • Released: FLEM results over Chianti

  • Late May 2019: Release of initial mapping and rock chipping results

  • Late May 2019: FLEM results over Texas

  • Early June 2019: FLEM results over Fuso

  • Early June 2019: Corporate Roadshow

  • Early June 2019: Results from larger surface sampling campaign

  • Mid-June 2019: Identification of FLEM conductors and refined drill targets

  • June/July 2019: Receive final approvals for drilling

  • July/August 2019: Commence diamond drilling of priority targets

  • August/September 2019: Drilling assay results

  • August/September 2019: Corporate Roadshow

  • September/October2019: Follow up Tarraji drilling, pending results

  • October-December 2019: Rocky Dam initial field program to commence

Dreadnought looks forward to reporting a strong news flow for the remainder of 2019.

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 and a 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 Persons findings are presented have not been materially modified from the original reports.

Dreadnought Resources Limited DIRECTORS CORPORATE STRUCTURE Suite 5, 16 Nicholson Road Paul Chapman Non-Executive Chairman ASX Code: DRE Subiaco WA 6008 Dean Tuck Managing Director Shares on Issue: 1,110M T: +61 (0) 428 824 343 David Chapman Non-Executive Director Market Cap: $3.3M E: [email protected] Ian Gordon Non-Executive Director Share Price $0.003 W: www.dreadnoughtresources.com.au Paul Payne Non-Executive Director Cash (1/4/19): $0.35M

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INVESTMENT HIGHLIGHTS

Tarraji Ni-Cu-Au Project

Dreadnought controls over 870 sq kms of the highly prospective West Kimberley located only 85 kms from Derby, Western Australia. The project area was locked up as a Defence reserve for >40 years and has only recently been opened up under the Commonwealth Government’s coexistence regime that balances Defence needs with the requirements of others including Aboriginal groups, the resources industry, pastoralists and State Governments. Defence usage in that period has been light with no unexploded ordnance mapped in the area. The area has seen minimal exploration since the 1950s and has numerous pre-WW1 workings and outcropping mineralisation.

Three styles of mineralisation occur at Tarraji including: volcanogenic massive sulphide (“VMS”); Proterozoic Cu-Au; and magmatic sulphide Ni-Cu-PGE (see Figure 4). Within these mineralisation styles, numerous high priority Ni-Cu-Au targets have been identified from recent VTEM surveys, historical geochemical sampling and outcropping mineralisation. Other highlights include:

  • area has seen minimal exploration since the 1950s;

  • large scale Ni-Cu-Au opportunity with numerous, high priority nickel-coppergold targets identified from 2015 airborne VTEM survey and supported by 1960’s geochemical sampling; and

  • successful EIS grant of $120,000 awarded via independent, competitive process; and

Rocky Dam Au:

  • gold and base metal prospectivity defined by previous exploration; and

  • surrounded by Riversgold; Northern Star; Sumitomo and Aruma with gold targets identified by CRA and Delta Gold.

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Dreadnought Resources Limited Suite 5, 16 Nicholson Road Subiaco WA 6008 T: +61 (0) 428 824 343 E: [email protected] W: www.dreadnoughtresources.com.au

DIRECTORS CORPORATE STRUCTURE Paul Chapman Non-Executive Chairman ASX Code: DRE Dean Tuck Managing Director Shares on Issue: 1,110M David Chapman Non-Executive Director Market Cap: $3.3M Ian Gordon Non-Executive Director Share Price $0.003 Paul Payne Non-Executive Director Cash (1/4/19): $0.35M

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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 • Nature and quality of sampling (e.g. cut channels, Current Exploration
techniques • 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		 •
•
•		 Fixed Loop EM (FLEM) surveyed at 25m and
50m station spacing with 50m and 100m
spaced lines.
FLEM stations were planned perpendicular to
geological strike of target horizons.
Rock Chips were collected by Dreadnought
sample
representivity
and
the
appropriate
calibration of any measurement tools or systems
used.		 staff and submitted for analysis. Rock chips are
random,
subject
to
bias
and
often
unrepresentative for the typical widths required
•
•		 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.		 • 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 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 Au, Pt and Pd by
PGM-ICP24 and multiple (48) elements by ME-
MS61
Historical Exploration
• WMC completed diamond drilling at Yampi in
the 1950s. The drilling intersected copper
mineralisation, but sampling techniques are not
known.
• ACM completed percussion and diamond
drilling at Chianti in the 1970s. The drilling
intersected base metal mineralisation, but
sampling techniques are not known.
• Versatile time domain electromagnetic (VTEM)
and aeromagnetic data acquired for Rio Tinto
Exploration in October 2015 were flown by UTS
Geophysics using an A-star 350 B3 helicopter
with a VTEM max receiver and transmitter and
Geometrics caesium vapour magnetic sensor.
Drilling • Drill type (e.g. core, reverse circulation, open-hole Current Exploration
techniques hammer, rotary air blast, auger, Bangka, sonic,
etc.) and details (e.g. core diameter, triple or		 • No drilling undertaken.
standard tube, depth of diamond tails, face-
Dreadnought Resources Limited
DIRECTORS		 CORPORATE STRUCTURE
Suite 5, 16 Nicholson Road
Paul Chapman
Non-Executive Chairman
ASX Code: DRE
Subiaco WA 6008 Dean Tuck
Managing Director
Shares on Issue: 1,110M
T: +61 (0) 428 824 343 David Chapman Non-Executive Director
Market Cap: $3.3M
E: [email protected]
Ian Gordon
Non-Executive Director
Share Price $0.003
W: www.dreadnoughtresources.com.au
Paul Payne
Non-Executive Director
Cash (1/4/19): $0.35M

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Criteria JORC Code explanation Commentary
sampling bit or other type, whether core is oriented Historical Exploration
and if so, by what method, etc.). • Diamond drilling at Grants and Wilsons,
percussion and diamond drilling at Chianti.
Drill sample • Method of recording and assessing core and chip Current Exploration
recovery • sample recoveries and results assessed.
Measures taken to maximise sample recovery and		 • No drilling undertaken.
ensure representative nature of the samples. Historical Exploration
• Whether a relationship exists between sample
recovery and grade and whether sample bias may		 • Not known.
have occurred due to preferential loss/gain of
fine/coarse material.
Logging • Whether core and chip samples have been Current Exploration
geologically and geotechnically logged to a level
of detail to support appropriate Mineral Resource
estimation, mining studies and metallurgical		 • Basic mineralogy, textures and lithology logged
in the field.
studies. Historical Exploration
• Whether logging is qualitative or quantitative in
nature.
Core
(or
costean,
channel,
etc.)		 • Not known.
photography.
• The total length and percentage of the relevant
intersections logged.
Sub-sampling • If core, whether cut or sawn and whether quarter, Current Exploration
techniques and
sample
preparation		 • half or all core taken.
If non-core, whether riffled, tube sampled, rotary
split, etc. and whether sampled wet or dry.		 • Entire rock chips were submitted to
sample prep and analysis.		 the lab for
• For all sample types, the nature, quality and Historical Exploration
appropriateness of the sample preparation
technique.		 • Not known.
• Quality control procedures adopted for all sub-
sampling stages to maximise representivity of
samples.
• Measures taken to ensure that the sampling is
representative of the in situ material collected,
including
for
instance
results
for
field
duplicate/second-half sampling.
• Whether sample sizes are appropriate to the grain
size of the material being sampled.
Quality of assay • The nature, quality and appropriateness of the Current Exploration
data and
laboratory tests		 assaying and laboratory procedures used and
whether the technique is considered partial or
total.		 • The
Company
commissioned
Southern
Geoscience Consultants (SGC) of Perth to
•
•		 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.		 • supervise the (FLEM) surveys that were
undertaken by SGC Niche Acquisitions across
the Tarraji-Yampi Project.
The geophysical FLEM program parameters
were as follows:
Contractor:SGC Niche Acquisition
Configuration:Fixed-Loop EM (FLEM)
Tx Loop size:200 x 300 m
Transmitter:TTX2
Receiver:Smartem24
Sensor:Smart Fluxgate
Line spacing:50 and 100 m
Line bearing:E/W

Dreadnought Resources Limited DIRECTORS CORPORATE STRUCTURE Suite 5, 16 Nicholson Road Paul Chapman Non-Executive Chairman ASX Code: DRE Subiaco WA 6008 Dean Tuck Managing Director Shares on Issue: 1,110M T: +61 (0) 428 824 343 David Chapman Non-Executive Director Market Cap: $3.3M E: [email protected] Ian Gordon Non-Executive Director Share Price $0.003 W: www.dreadnoughtresources.com.au Paul Payne Non-Executive Director Cash (1/4/19): $0.35M

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Criteria JORC Code explanation Commentary
Station spacing:25 and 50 m
Tx Freq.:2.0833 Hz
Duty cycle:50%
Current:7 Amp
Stacks:64
Reading:
minimum
2
repeatable
readings per station
• No assay results reported, no standards,
duplicates or blanks submitted with rock chips.
Historical Exploration
• Not known.
Verification of • The verification of significant intersections by Current Exploration
sampling and
assaying		 • either
independent
or
alternative
personnel.
The use of twinned holes.		 company • Geophysical data has been assessed by
Southern Geoscience Consultants.
•
•		 Documentation of primary data, data entry
procedures,
data
verification,
data
storage
(physical and electronic) protocols.
Discuss any adjustment to assay data.		 •
•		 Geophysical data was recorded by the
Smartem24 and downloaded in the field and
emailed to Southern Geoscience Consultants
daily.
Geophysical data is back up to tape weekly.
• Rock
chip
coordinates
and
geological
information is written in field books and
coordinates and track data saved from hand
held GPSs used in the field.
• Field data is entered into excel spreadsheets to
be loaded into a database.
Historical Exploration
• No verification of historical drilling has been
made at this time. There is no core or samples
preserved on site or in any known storage
facility. Data procedures are unknown.
Location of data • Accuracy and quality of surveys used to locate drill Current Exploration
points holes (collar and down-hole surveys), trenches,
mine workings and other locations used in Mineral
Resource estimation.		 • Surface geophysics was positioned with a
Garmin 64 hand held GPS which has an
•
•		 Specification of the grid system used.
Quality and adequacy of topographic control.		 • accuracy of +/- 5m.
All rock chip locations were recorded with a
Garmin handheld GPS which has an accuracy
of +/- 5m.
• GDA94 MGAz51.
Historical Exploration
• Not known.
Data spacing and
•		 Data spacing for reporting of Exploration Results. Current Exploration
distribution • 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		 •
•		 25m and 50m station spacing and 50m and
1200m line spacing.
The geophysical anomalies cross multiple
• procedure(s) and classifications applied.
Whether sample compositing has been applied.		 • stations and lines and as such the data spacing
is sufficient to model the anomalies.
The rock chip spacing and distribution is not
sufficient to establish the degree of geological
and grade continuity appropriate for a Mineral
Resource.

Dreadnought Resources Limited DIRECTORS CORPORATE STRUCTURE Suite 5, 16 Nicholson Road Paul Chapman Non-Executive Chairman ASX Code: DRE Subiaco WA 6008 Dean Tuck Managing Director Shares on Issue: 1,110M T: +61 (0) 428 824 343 David Chapman Non-Executive Director Market Cap: $3.3M E: [email protected] Ian Gordon Non-Executive Director Share Price $0.003 W: www.dreadnoughtresources.com.au Paul Payne Non-Executive Director Cash (1/4/19): $0.35M

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Criteria JORC Code explanation JORC Code explanation Commentary
Historical Exploration
• Historical drilling is not sufficient to establish the
degree of geological and grade continuity
appropriate for a Mineral Resource.
Orientation of • Whether the orientation of sampling achieves Current Exploration
data in relation to
geological
structure
•		 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 mineralised structures is
considered to have introduced a sampling bias,		 •
•
•		 FLEM stations were planned perpendicular to
geological strike of the target units.
The rock chip sampling is by nature highly
biased.
No drilling was undertaken.
this should be assessed and reported if material. Historical Exploration
• 2015 VTEM data was acquired in three blocks
on lines orientated 137° (Block A), 164° (Block
B) and 000° (Block C), slightly oblique to the
strike of the predominant structural/geological
trend.
• Drilling at Chianti was drilled at 60 degrees to
the west into a N-S trending and east dipping
mineralised lode, this drilling is believed to be
largely perpendicular, but reported thicknesses
are down hole thicknesses and cannot be
converted to true thickness based on current
knowledge.
• Grants and Wilsons were drilled at 60 degrees
to the west into a N-S trending and near vertical
dipping mineralised lode. This drilling is believed
to be largely perpendicular, but reported
thicknesses are down hole thicknesses and
cannot be converted to true thickness based on
current knowledge.
Sample security • The measures taken to ensure sample security. Current Exploration
• FLEM data was recorded by the Smartem24
and downloaded in the field and emailed to
Southern Geoscience Consultants daily and is
backed up to tape weekly.
• All samples were collected, bagged and sealed
by Dreadnought staff. Sealed sample bags
were placed into a bulk sample container and
dispatched from a reputable trucking company
in Derby to ALS Laboratories in Perth with
tracking con notes recording dispatch and
delivery.
Historical Exploration
• Not known.
Audits or reviews • The results of any audits or reviews of sampling Current Exploration
techniques and data. • Geophysical data has been audited and
reviewed by Southern Geoscience Consultants
Historical Exploration
• No external audits or reviews of sampling
Dreadnought Resources Limited DIRECTORS CORPORATE STRUCTURE
Suite 5, 16 Nicholson Road Paul Chapman Non-Executive Chairman
ASX Code: DRE
Subiaco WA 6008 Dean Tuck Managing Director
Shares on Issue: 1,110M
T: +61 (0) 428 824 343 David Chapman Non-Executive Director
Market Cap: $3.3M
E: [email protected] Ian Gordon Non-Executive Director
Share Price $0.003
W: www.dreadnoughtresources.com.au Paul Payne Non-Executive Director
Cash (1/4/19): $0.35M

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Criteria JORC Code explanation Commentary
techniques and data collection have been
undertaken.

Section 2 Reporting of Exploration Results

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

Criteria JORC Code explanation JORC Code explanation JORC Code explanation JORC Code explanation JORC Code explanation Commentary
Mineral tenement • Type,
reference
name/number,		 location
and		 • The Tarraji-Yampi Project consists of 3
and land tenure ownership including agreements or material issues granted
(E04/2315,
E04/2508,
status with third parties
such
as		 joint ventures, E04/2572) and 2 pending exploration
partnerships, overriding royalties,
native
title		 Licenses (E04/2557, E04/2608)
interests, historical sites, wilderness or national park • The Tarraji tenement (E04/2315) is a
and environmental settings. 80/20 JV between IronRinger (Tarraji)
• The security of the tenure held at the time of Pty Ltd and Whitewater Resources Pty
reporting along with any known impediments to Ltd.
obtaining a licence to operate in the area. • The Yampi Tenements (E04/2508,
E04/2572, E04/2557, E04/2608) are
100% owned by IronRinger (Tarraji) Pty
Ltd
• IronRinger (Tarraji) Pty Ltd is a 95%
ultimately
owned
subsidiary
of
Dreadnought and ~5% owned by
Whitewater Pty Ltd.
• E04/2315,
E04/2508,
E04/2572,
E04/2557 are located within the Yampi
Sound Training Area (YSTA) which is
freehold
land
owned
by
the
Commonwealth
Government
and
administered by the Department of
Defence.
Being
freehold
Commonwealth Land, there is no
Native Title over these tenements.
• E04/2608 is partly located within the
YSTA and partly on Vacant Crown Land
which has Native Title claim by the
Warra Combined (NNTT Number 2901)
Exploration done • Acknowledgment and appraisal of exploration by • Regional
mapping,
basic
stream
by other parties other parties. sediment, soil sampling and limited
diamond drilling was completed by
WMC in the 1950s.
• Shallow
percussion
and
diamond
drilling was undertaken by ACM at
Chianti in the 1970s.
• The YSTA was off limits to exploration
from 1978 until 2013.
Geology • Deposit type, geological setting and style of • The Tarraji-Yampi Project is located
mineralisation. within the Hooper Complex which is a
Proterozoic Mobile Belt in the West
Kimberley.

Dreadnought Resources Limited DIRECTORS CORPORATE STRUCTURE Suite 5, 16 Nicholson Road Paul Chapman Non-Executive Chairman ASX Code: DRE Subiaco WA 6008 Dean Tuck Managing Director Shares on Issue: 1,110M T: +61 (0) 428 824 343 David Chapman Non-Executive Director Market Cap: $3.3M E: [email protected] Ian Gordon Non-Executive Director Share Price $0.003 W: www.dreadnoughtresources.com.au Paul Payne Non-Executive Director Cash (1/4/19): $0.35M

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Criteria JORC Code explanation Commentary
• The Hooper Complex has known
occurrences of Cu-Zn-Pb-Ag VMS
mineralisation
within
the
Marboo
Formation,
magmatic
Ni-Cu-PGE
mineralisation in the Ruins Dolerite and
later
stage
Proterozoic
Cu-Au
mineralisation
associated
with
significant structures and late stage
intrusions.
Drill hole • A summary of all information material to the Current Exploration
information understanding of the exploration results including a
tabulation of the following information for all Material		 • No drilling reported.
drill holes: Historical Exploration
o
easting and northing of the drill hole collar
o
elevation or RL (Reduced Level – elevation		 • Drilling was completed in the 1950s and
above sea level in metres) of the drill hole collar 1970s
and
limited
information
is
o
dip and azimuth of the hole		 available.
o
down hole length and interception depth		 • Drill collar locations are not visible on
o
hole length.		 the surface and have not been verified.
• If the exclusion of this information is justified on the • Locations have been georeferenced
basis that the information is not Material and this from historical mapping and drill plans.
exclusion does not detract from the understanding of .
the report, the Competent Person should clearly
explain why this is the case.
Data aggregation • In
reporting
Exploration
Results,
weighting		 Current Exploration
methods averaging techniques, maximum and/or minimum
grade truncations (e.g. cutting of high grades) and		 • No drilling reported.
cut-off grades are usually Material and should be Historical Exploration
stated.
• Where aggregate intercepts incorporate short
lengths of high grade results and longer lengths of		 • Reported mineralised intercepts are
from historical reports and sections.
low grade results, the procedure used for such • Historical intercepts appear to be
aggregation should be stated and some typical weighted averages, but no information
examples of such aggregations should be shown in is known regarding techniques or cut
detail. offs used.
• The assumptions used for any reporting of metal
equivalent values should be clearly stated.
Relationship • These relationships are particularly important in the Current Exploration
between
mineralisation		 • reporting of Exploration Results.
If the geometry of the mineralisation with respect to		 • No drilling was undertaken.
widths and the drill hole angle is known, its nature should be Historical Exploration
intercept lengths • reported.
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’).		 • Chianti was drilled at 60 degrees to the
west into a N-S trending and east
dipping mineralised lode. This drilling is
believed to be largely perpendicular, but
reported thicknesses are down hole
thicknesses and cannot be converted to
true
thickness
based
on
current
knowledge.
• Grants and Wilsons were drilled at 60
degrees to the west into a N-S trending
and near vertical dipping mineralised
lode. This drilling is believed to be
largely perpendicular and with some
bias, but reported thicknesses are down
hole
thicknesses
and
cannot
be

Dreadnought Resources Limited Suite 5, 16 Nicholson Road Subiaco WA 6008 T: +61 (0) 428 824 343

Dreadnought Resources Limited DIRECTORS CORPORATE STRUCTURE Suite 5, 16 Nicholson Road Paul Chapman Non-Executive Chairman ASX Code: DRE Subiaco WA 6008 Dean Tuck Managing Director Shares on Issue: 1,110M T: +61 (0) 428 824 343 David Chapman Non-Executive Director Market Cap: $3.3M E: [email protected] Ian Gordon Non-Executive Director Share Price $0.003 W: www.dreadnoughtresources.com.au Paul Payne Non-Executive Director Cash (1/4/19): $0.35M

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

Criteria JORC Code explanation Commentary
converted to true thickness based on
current knowledge.
Diagrams • Appropriate maps and sections (with scales) and • Refer to figures within this report.
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.
Balanced • Where comprehensive reporting of all Exploration Current Exploration
reporting Results is not practicable, representative reporting of
both low and high grades and/or widths should be		 • No assays reported.
practiced
to
avoid
misleading
reporting
of		 Historical Exploration
Exploration Results.
• All collar locations have been shown in
plan view. Further information can be
found in WAMEX in reports
WMC: A405, A407, A413, A415, A417
ACM: 7506.
Other substantive • Other exploration data, if meaningful and material, • Rio Tinto Exploration completed a
exploration data should be reported including (but not limited to): versatile time domain electromagnetic
geological observations; geophysical survey results; (VTEM)
and
aeromagnetic
survey
geochemical survey results; bulk samples – size and covering 206 sq km of the Yampi
method of treatment; metallurgical test results; bulk tenements for 901 line kilometres of
density,
groundwater,
geotechnical
and
rock		 data using 125 and 250 m line spacing.
characteristics;
potential
deleterious
or		 Targets from the VTEM survey are
contaminating substances. shown in Figure 3 in this report.
• Whitewater
Resources
Pty
Ltd
completed rock chip sampling of copper
gossans in 2013.
• Maldron Minerals NL completed rock
chip sampling of gossans in 1993.
Further work • The nature and scale of planned further work (e.g. • Dreadnought is continuing rock chip
tests for lateral extensions or depth extensions or sampling with results expected in June
large-scale step-out drilling). 2019.
• Diagrams clearly highlighting the areas of possible • FLEM surveys are ongoing with results
extensions,
including
the
main
geological		 expected by June 2019.
interpretations and future drilling areas, provided this • Further Heritage and Environmental
information is not commercially sensitive. Surveys are planned to be carried out in
July 2019.
• Once all approvals are in place, drilling
is expected to commence in August
2019.

Dreadnought Resources Limited Suite 5, 16 Nicholson Road Subiaco WA 6008 T: +61 (0) 428 824 343 E: [email protected] W: www.dreadnoughtresources.com.au

DIRECTORS CORPORATE STRUCTURE Paul Chapman Non-Executive Chairman ASX Code: DRE Dean Tuck Managing Director Shares on Issue: 1,110M David Chapman Non-Executive Director Market Cap: $3.3M Ian Gordon Non-Executive Director Share Price $0.003 Paul Payne Non-Executive Director Cash (1/4/19): $0.35M

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