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DREADNOUGHT RESOURCES LTD Regulatory Filings 2021

Oct 10, 2021

64785_rns_2021-10-10_93f5aa6a-15ec-499e-8c73-39bc34a80c27.pdf

Regulatory Filings

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11 October 2021

MASSIVE SULPHIDES INTERSECTED IN MULTIPLE HOLES AT ORION Cu-Au-Ag-Co

HIGHLIGHTS

  • 8 RC drill holes have been completed to date at Orion, with 6 of these holes intersecting massive sulphides, confirming base metal mineralisation over 120m of strike and remaining open in all directions.

  • Initial drilling is designed to follow up on KMRC017 (12m @ 1.6% Cu, 31.7 g/t Ag and 0.5g/t Au from 45m)

  • RC drilling to commence at Fuso and Grants while downhole EM (“DHEM”) surveys are undertaken at Orion to assist with planning additional drill holes.

  • Drilling updates and assay results are expected throughout October and November 2021.

Dreadnought Resources Limited (“ Dreadnought ”) is pleased to provide an update on the RC drilling program at the Tarraji-Yampi Project in the West Kimberley region of Western Australia.

Drilling at Orion has seen 8 holes (846m) of a 23 Hole (2,411m) program completed. This program

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follows up on the previous massive sulphide intersection from KMRC017 (12m @ 1.6% Cu, 31.7 g/t Ag and 0.5g/t Au from 45m) testing along strike, at depth and for shallow supergene mineralisation (17 holes) before proceeding to test the remaining EM plates and three magnetic anomalies (6 holes).

Dreadnought’s Managing Director, Dean Tuck, commented: “We are off to an encouraging start with our drilling program at Orion. Strong mineralisation has been observed in six of eight holes with copper, cobalt and zinc sulphide mineralisation present. Down hole EM is currently underway to assist with our targeting at Orion. Orion remains open in all directions. Drilling at Fuso, and Grant’s Find will commence tomorrow and will be followed by the balance of the Orion program on the back of the down hole EM results. Orion, Fuso and Grant’s Find are considered to be part of a large mineralised system and this program is well on its way to providing the framework to determine the scale of the opportunity.”

Figure 1: Dreadnought Geologists and the RC Drill Crew with massive sulphide mineralisation on hole KMRC022 From L to R, Nick, Liam, Jesse, Luke, Matt and Rodney.

Dreadnought Resources Limited Suite 6, 16 Nicholson Road, Subiaco WA 6008 PO Box 1240, West Perth WA 6872

www.dreadnoughtresources.com.au [email protected]

+61 (0) 428 824 343

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Figure 2: Image showing the location of planned holes (red) and previous drilling (black) in relation to magnetic anomalies and mapped lodes.

Dreadnought Resources Limited Suite 6, 16 Nicholson Road, Subiaco WA 6008 PO Box 1240, West Perth WA 6872

www.dreadnoughtresources.com.au

[email protected] +61 (0) 428 824 343

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Program at Orion Cu-Au-Ag-Co (E04/2315: 80%)

Orion consists of multiple magnetic and EM anomalies within a thick 4km long Ruins Dolerite and sediment package. Originally targeted for Ni-Cu-PGE mineralisation within the Ruins Dolerite, a number of anomalies also sit adjacent to significant cross cutting structures which could provide fluid pathways for Proterozoic Cu-Au-Ag mineralisation.

Two RC drill holes for 336m were recently drilled at Orion (see Figure 4), being: EM Plate C (KMRC018); and a magnetic anomaly ~850m north of EM Plate C (KMRC017).

KMRC017 intersected 12m @ 1.6% Cu, 31.7g/t Ag and 0.5g/t Au from 45m from an interval of massive to semi-massive sulphides within the Ruins Dolerite. The massive sulphide is also strongly magnetic, likely due to pyrrhotite, making other magnetic anomalies attractive drill targets. Given the wellpreserved supergene mineralisation seen across the Tarraji-Yampi project, including at Grant’s Find and Rough Triangle, the shallower up dip projections of the massive sulphide zone are high priority follow up drill targets.

The initial results of DHEM and fixed loop EM (“FLEM”) surveys from Orion, indicate that only the edge of a ~400m x ~300m highly conductive (~4,000-5,000S) plate and coincident magnetic anomaly was intersected.

Eleven RC holes were designed to test the strike extents of the FLEM and DHEM plates associated with

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the massive sulphide mineralisation. Six of these holes will also test the potential for high-grade supergene mineralisation. An additional six RC holes will be drilled at EM Plates A and B as well as three additional magnetic anomalies sitting on similar structures as mineralisation intersected in KMRC017.

Drilling should take two to three weeks to complete with rushed assays expected in November 2021. The results of the initial program could lead to additional holes being drilled as part of this program.

Figure 3: Image showing the location of planned holes (red) in relation to the FLEM plates and magnetic anomalies at Orion Cu-Au-Ag.

Dreadnought Resources Limited Suite 6, 16 Nicholson Road, Subiaco WA 6008 PO Box 1240, West Perth WA 6872

www.dreadnoughtresources.com.au [email protected]

+61 (0) 428 824 343

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Drilling Summary: Massive Sulphide Intersections

KMRC019 and KMRC020 were drilled up and down dip from KMRC017 (12m @ 1.6% Cu, 31.7g/t Ag and 0.5g/t Au from 45m) with both holes intersecting base metal rich massive sulphides.

  • KMRC019 was drilled 40m down dip of KMRC017 and intersected 12m of pyritedominant massive sulphide from 83m, which contained 2 – 10% chalcopyrite. The mineralised zone was hosted in a foliated chlorite-altered mafic with numerous quartz-pyrite-pyrrhotite veins.

  • KMRC020 was drilled 30m up dip of KMRC017 targeting supergene mineralisation but instead intersected 3m of pyrite-dominant semi-massive to massive sulphides from 33m, with up to 5% chalcopyrite and minor sphalerite. The mineralised zone was hosted in a foliated and chlorite-altered mafic that contained disseminated sulphides.

Figure 4: Semi-massive sulphide quartz breccia chips from KMRC019 drilled down dip of KMRC017 showing Cu-Ag bearing massive sulphides from 83m.

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Figure 5: Chip tray from KMRC019 showing the 12m of pyrite-dominant massive sulphide from 83m, which contained 2 – 10% chalcopyrite.

Dreadnought Resources Limited Suite 6, 16 Nicholson Road, Subiaco WA 6008 PO Box 1240, West Perth WA 6872

www.dreadnoughtresources.com.au [email protected]

+61 (0) 428 824 343

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KMRC021 and KMRC022 were drilled 40m northwest along strike from with both holes intersecting base metal rich massive sulphides:

  • KMRC021 intersected a sheared mafic package, with significant chlorite-silica alteration. The alteration halo surrounded a 3m-wide mineralised zone of semimassive sulphides from 45m, which contained 2-20% chalcopyrite.

  • KMRC022 intersected 11m of mineralisation from 78m, which included a highly enriched 5m zone that contained 1525% semi-massive chalcopyrite and significant quartz-carbonate veining. The mafic rocks hosting the mineralised package were strongly altered to a silicachlorite-bearing assemblage.

Figure 6: Dreadnought’s Luke Blais holding a chip tray from KMRC022 showing the highly enriched 5m of 1525% chalcopyrite from 82m.

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Figure 7: RC rig drilling hole KMRC022 at Orion.

KMRC023 and KMRC024 were drilled 40m to the southwest along strike of KMRC017 and intersected a possible offsetting fault with minimal chalcopyrite-pyrite bearing quartz veins. The occurrence of an offsetting fault is further supported by magnetic interpretation with mineralisation not considered closed out to the south. DHEM will be undertaken on KMRC024 to test for offset mineralisation.

Dreadnought Resources Limited Suite 6, 16 Nicholson Road, Subiaco WA 6008 PO Box 1240, West Perth WA 6872

www.dreadnoughtresources.com.au [email protected]

+61 (0) 428 824 343

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KMRC025 and KMRC026 were drilled 120m northwest along strike from KMRC017 with both holes intersecting base metal rich massive sulphides:

  • KMRC025 intersected 1m of mineralisation from 41m, containing approximately 10% chalcopyrite within a semi-massive sulphide from 41-42m, hosted in a sheared sulphidic shale and chlorite altered mafic package.

  • KMRC026 intersected two zones of massive sulphides, including 5m of copper-rich mineralisation from 91m, with 1m containing ~5% chalcopyrite. A further 7m of copperzinc mineralisation was intersected from 105m, which included a highly enriched 3m zone with 10-15% chalcopyrite and up to 20% sphalerite.

Figure 8: 1m RC piles of massive sulphide mineralisation from KMRC026.

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Figure 9: KMRC026 chip tray from lower zone of massive sulphides.

Drilling to date indicates that there is localised fault offsets and a DHEM survey is underway to assist in targeting the remaining holes. Two more holes are underway at Orion with the balance to be drilled after the DHEM results are received.

All mineralised intercepts from Orion will be rushed through the lab with assays expected in October/November 2021.

Drilling will then progress to test the Fuso magnetic anomalies (4 holes) and then Grant’s Find along strike and at depth (3 holes).

Dreadnought Resources Limited Suite 6, 16 Nicholson Road, Subiaco WA 6008 PO Box 1240, West Perth WA 6872

www.dreadnoughtresources.com.au [email protected] +61 (0) 428 824 343

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Background on Tarraji-Yampi

Tarraji-Yampi is located entirely within the Yampi Sound Training Area (“ YSTA ”), a Commonwealth Defence Reserve in the West Kimberley, ~80kms from the port of Derby. The YSTA is the second largest defence reserve in Australia after Woomera in South Australia and was off limits to mineral exploration from 1978 to 2013.

In 1906, Mr J.H. Grant, a mining engineer from Ballarat working with local prospector Mr. G.J. Poulton, reported the discovery of copper lodes in the Mt Nellie district and took out several mining leases for the Oobagooma Copper Syndicate. Small scale shafts were developed at Grant’s Find, Wilson’s Reward, Ironclad and Monarch.

Since the Oobagooma Copper Syndicate, the only significant exploration undertaken was by WMC Resources in 1958 and Australian Consolidated Minerals in 1972, with both parties exploring for copper. Since opening for exploration in 2013, Dreadnought has secured the largest ground holding within the YSTA and developed strong working relationships with both the Department of Defence and the Dambimangari People.

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Figure 10: Plan view of Tarraji-Yampi showing the location of prospects in relation to solid geology.

www.dreadnoughtresources.com.au [email protected]

Dreadnought Resources Limited Suite 6, 16 Nicholson Road, Subiaco WA 6008 PO Box 1240, West Perth WA 6872

+61 (0) 428 824 343

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Acknowledgements:

Dreadnought would like to acknowledge the continued support of the Dambimangari People, Department of Defence, Frontier Helicopters, Southern Geoscience Consultants, Hagstrom Drilling, Ausdrill, Golden Connection, Onshore Environmental and Derby Stock Supplies.

For further information please refer to previous ASX announcements:

  • 23 December 2019 Grants Cu-Au Assays and Coincident Magnetic/Gravity Targets

  • 24 August 2020 High Priority Copper Gold Targets at Fuso and Paul’s Find

  • 11 May 2021 Multiple Conductors Identified at Orion Ni-Cu-PGE

  • 1 July 2021 Sulphides Intersected within the Ruins Dolerite at Texas

  • 25 August 2021 RC Results from Orion, Grant’s & Fuso Indicate a large Cu-Au-Ag-Co System

  • 4 October 2021 Drilling Program Commenced at Tarraji-Yampi Project

UPCOMING NEWSFLOW

October: Commencement of ground EM survey along the Money Intrusion at Mangaroon

October: Results of DHEM surveys from Texas and Chianti

October: Remaining assays from drilling at Tarraji-Yampi (Texas, Orion Ni-Cu-PGE, Grant’s Find, Fuso and Paul’s Find Cu-Au and Chianti-Rufina VMS targets)

October: Quarterly Activities and Cashflow Reports

October-December: Results of drilling at Tarraji-Yampi (Orion, Grant’s Find and Fuso)

November: Results of ground EM surveys along the Money Intrusion at Mangaroon

24 November: Annual General Meeting

December: Results of airborne magnetic surveys for REE ironstones at Mangaroon

~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 Suite 6, 16 Nicholson Road, Subiaco WA 6008 PO Box 1240, West Perth WA 6872

www.dreadnoughtresources.com.au

[email protected]

+61 (0) 428 824 343

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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, Tarraji-Yampi, 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-AuAg-Bi-Sb-Co system at Tarraji-Yampi, similar to Cloncurry / Mt Isa in Queensland and Tennant Creek in the Northern Territory.

Mangaroon Ni-Cu-PGE, REE & Au Project

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Mangaroon is a first mover opportunity covering ~4,500sq kms of tenure located 250kms south-east of Exmouth in the Gascoyne Region of WA. During the region’s early history, there was limited government support for exploration resulting in the region being vastly underexplored.

Since acquiring the project in late 2020, Dreadnought has located: outcropping high-grade gold bearing quartz veins along the Edmund and Minga Bar Faults; outcropping high tenor Ni-Cu-PGE blebby sulphides in the recently defined Money Intrusion; and outcropping high-grade REE ironstones, similar to those under development at the Yangibana REE Project.

Illaara Gold, Base Metals, Critical Minerals & Iron Ore Project

Illaara is located 190km northwest of Kalgoorlie in the Yilgarn Craton and covers 75kms of strike along the Illaara Greenstone Belt. Illaara is prospective for typical Archean mesothermal lode gold deposits, VMS base metals and critical metals including Lithium-Caesium-Tantalum.

Dreadnought has consolidated the Illaara Greenstone Belt mainly through an acquisition from Newmont. Prior to Newmont, the Illaara Greenstone Belt was predominantly held by iron ore explorers and remains highly prospective for iron ore.

Dreadnought Resources Limited Suite 6, 16 Nicholson Road, Subiaco WA 6008 PO Box 1240, West Perth WA 6872

www.dreadnoughtresources.com.au

[email protected]

+61 (0) 428 824 343

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Table 1: Drill Collar Data (GDA94 MGAz51)

Hole ID Easting Northing RL Dip Azimuth EOH **Type ** Prospect
KMRC017* 627928 8168656 94 -63 290 177 RC Orion
KMRC018* 627823 8167849 88 -64 282 159 RC
KMRC019 627968 8168641 86 -59 296 135 RC
KMRC020 627897 8168667 86 -64 295 51 RC
KMRC021 627944 8168695 87 -58 291 87 RC
KMRC022 627982 8168679 87 -58 294 135 RC
KMRC023 627913 8168619 86 -58 292 99 RC
KMRC024 627950 8168603 87 -60 290 123 RC
KMRC025 627976 8168771 86 -60 290 81 RC
KMRC026 628014 8168754 86 -60 290 135 RC

*Previous drilling at Orion

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, Reverse Circulation (RC) drilling
techniques random chips, or specific specialised industry
standard measurement tools appropriate to the		 Original 1m Splits (All drilling)
minerals under investigation, such as down hole Every metre drilled, two 2-3kg sample (split and
gamma sondes, or handheld XRF instruments, duplicate) were sub-sampled into calico bags via a
etc.). These examples should not be taken as Metzke cone splitter. This results in two 1m split
limiting the broad meaning of sampling. samples.
• Include reference to measures taken to ensure
sample
representivity
and
the
appropriate		 3m Composites (unmineralized samples)
calibration of any measurement tools or systems Outside the target zone, all remaining spoil from the
used. sampling system was collected in buckets and
• Aspects of the determination of mineralisation that neatly deposited in rows adjacent to the rig. An
are Material to the Public Report. aluminium scoop was used to then sub-sample
• In cases where ‘industry standard’ work has been each spoil pile to create a 2-3kg 3m composite
done this would be relatively simple (e.g. ‘reverse sample in a calico bag.
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		 QAQC samples, in addition to the target lode
duplicates and blanks, consisting of duplicates and
CRM’s (OREAS Standards) were inserted through
the program at a rate of 1:50 samples.
problems. Unusual commodities or mineralisation Samples will be submitted to the ALS Laboratories
types (e.g. submarine nodules) may warrant in Perth and pulverised to produce a 50g charge for
disclosure of detailed information. Fire Assay to determine Au and PGEs (PGM-
ICP24) and 0.25g aliquot for four acid digest to
determine 48 elements (ME-MS61) with overranges
as required.
Diamond Drilling
Core is orientated for structural and geotechnical
logging where possible. In orientated core, quarter
core will be submitted to the lab for analysis in
intervals ranging from 20cm to 1m depending on the
geological context. If core is orientated, then the half
core will be cut so as topreserve the orientation line

Dreadnought Resources Limited Suite 6, 16 Nicholson Road, Subiaco WA 6008 PO Box 1240, West Perth WA 6872

www.dreadnoughtresources.com.au [email protected]

+61 (0) 428 824 343

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Criteria JORC Code explanation Commentary
with the same side of the core submitted down the
hole.
QAQC samples consisting of duplicates, blanks
and CRM’s (OREAS Standards) will be inserted
through the program at a rate of 1:50 samples.
Samples will be submitted to the ALS Laboratories
in Perth and pulverised to produce a 50g charge for
Fire Assay to determine Au and PGEs (PGM-
ICP24) and 0.25g aliquot for four acid digest to
determine 48 elements (ME-MS61) with overranges
as required.
Drilling • Drill type (e.g. core, reverse circulation, open-hole RC Drilling
techniques hammer,
etc.) and
standard
sampling
and if so,		 rotary air blast, auger, Bangka, sonic,
details (e.g. core diameter, triple or
tube, depth of diamond tails, face-
bit or other type, whether core is oriented
by what method, etc.).		 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”.
Diamond Drilling
Diamond drilling is being undertaken by Hagstrom
Drilling with a frame mounted LF70. Drilling is
initially HQ and dropping to NQ once the hole is
cased off.
Core is orientated using a Reflex EZ trac and Boart
Longyear True Core Orientation Tool.
Drill sample • Method of recording and assessing core and chip RC Drilling
recovery sample recoveries and results assessed. Drilling was undertaken using a ‘best practice’
• Measures taken to maximise sample recovery and approach to achieve maximum sample recover and
ensure representative nature of the samples. quality through the ore zones.
• Whether a relationship exists between sample
recovery and grade and whether sample bias may Best practice sampling procedure included: suitable
have occurred due to preferential loss/gain of usage of dust suppression, suitable shroud, lifting
fine/coarse material. 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 bias occurs between sample
recovery and grade.
Diamond Drilling
HQ and NQ drilling has been undertaken. All core
recoveries are measured and recorded by the drill
crew for each run and remeasured and checked by
Dreadnought personnel.
Core recovery to date has been very high.
At this stage, no known bias occurs between
sample recovery and grade.
Logging • Whether core and chip samples have been RC chips and diamond core were logged by a
geologically and geotechnically logged to a level qualified geologist with sufficient experience in this
of detail to support appropriate Mineral Resource geological
terrane
and
relevant
styles
of
estimation, mining studies and metallurgical mineralisation using an industry standard logging
studies. system which could eventually be utilised within a
• Whether logging is qualitative or quantitative in Mineral Resource Estimation.
• nature.
Core
(or
costean,
channel,
etc.)
photography.
The total length and percentage of the relevant		 Lithology,
mineralisation,
alteration,
veining,
weathering and structure were all recorded digitally.

Dreadnought Resources Limited

www.dreadnoughtresources.com.au

[email protected]

Suite 6, 16 Nicholson Road, Subiaco WA 6008 PO Box 1240, West Perth WA 6872

+61 (0) 428 824 343

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Criteria JORC Code explanation Commentary
intersections logged. Chips were washed each metre and stored in chip
trays for preservation and future reference.
Logging is qualitative, quantitative or semi-
quantitative in nature.
Sub-sampling • If core, whether cut or sawn and whether quarter, RC Drilling
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.		 Every metre drilled a 2-3kg sample (split) was sub-
sampled into a calico bag via a Metzke cone splitter.
• For all sample types, the nature, quality and QAQC in the form of duplicates and CRM’s
appropriateness of the sample preparation (OREAS Standards) were inserted through the ore
technique. zones at a rate of 1:50 samples. Additionally, within
• Quality control procedures adopted for all sub- each ore zone, a duplicate sample was taken of the
sampling stages to maximise representivity of lode and a blank inserted directly after.
•
•		 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.		 2-3kg samples will be submitted to ALS laboratories
(Perth), oven dried to 105°C and pulverised to 85%
passing 75um to produce a 50g charge for Fire
Assay with ICP-AES finish to determine Au and
PGEs (PGM-ICP24) and 0.25g aliquot for four acid
digest to determine 48 elements (ME-MS61) with
overranges as required.
Standard laboratory QAQC is undertaken and
monitored.
Diamond Drilling
20cm – 1m quarter core samples will be sawn and
submitted to the lab for analysis. If core is
orientated, then the core will be cut so as to
preserve the orientation line with the same side of
the core submitted down the hole.
QAQC in the form of duplicates, blanks and CRM’s
(OREAS Standards) were inserted through the
mineralised zones at a rate of 1:50 samples.
Additionally, within each mineralised zone, a
duplicate sample was taken and a blank inserted
directly after.
Samples will be submitted to ALS laboratories
(Perth), oven dried to 105°C and pulverised to 85%
passing 75um to produce a 50g charge for Fire
Assay with ICP-AES finish to determine Au and
PGEs (PGM-ICP24) and 0.25g aliquot for four acid
digest to determine 48 elements (ME-MS61) with
overranges as required.
Standard laboratory QAQC is undertaken and
monitored.
Quality of assay • The nature, quality and appropriateness of the Assay technique is Fire Assay which is a ‘Total
data and assaying and laboratory procedures used and Technique’ for Au and PGEs. Four acid digest is
laboratory tests whether the technique is considered partial or considered a ‘near total’ technique for the 48
total. elements received under ME-MS61.
• For geophysical tools, spectrometers, handheld
XRF instruments, etc., the parameters used in
determining the analysis including instrument
make and model, reading times, calibrations		 Standard laboratory QAQC is undertaken and
monitored by the laboratory and by the company
upon assay result receival.
factors applied and their derivation, etc. No assay results reported, so no comment on the
• Nature of quality control procedures adopted (e.g. outcomes of the QAQC at this stage.
standards, blanks, duplicates, external laboratory
checks) and whether acceptable levels of
accuracy (i.e. lack of bias) and precision have

Dreadnought Resources Limited Suite 6, 16 Nicholson Road, Subiaco WA 6008 PO Box 1240, West Perth WA 6872

www.dreadnoughtresources.com.au [email protected]

+61 (0) 428 824 343

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Criteria JORC Code explanation Commentary
been established.
Verification of • The verification of significant intersections by Logging and sampling were recorded directly into a
sampling and either
independent
or
alternative
company		 digital logging system, verified and eventually
assaying personnel. stored in an offsite database.
•
•		 The use of twinned holes.
Documentation of primary data, data entry
procedures,
data
verification,
data
storage		 Significant intersections have been inspected by
senior company personnel.
(physical and electronic) protocols. No twinned holes have been drilled at this time.
• Discuss any adjustment to assay data. No adjustments to any assay data have been
undertaken.
Location of data • Accuracy and quality of surveys used to locate drill Collar position was recorded using a Emlid Reach
points holes (collar and down-hole surveys), trenches, RS2 RTK GPS system (+/- 0.2m x/y, +/-0.5m z).
• mine workings and other locations used in Mineral
Resource estimation.
Specification of the grid system used.		 GDA94 Z51s is the grid format for all xyz data
reported.
• Quality and adequacy of topographic control. 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
•		 Data spacing for reporting of Exploration Results. See drill table for hole positions.
distribution • Whether the data spacing and distribution is
sufficient to establish the degree of geological and
grade continuity appropriate for the Mineral		 Data spacing at this stage is not suitable for Mineral
Resource Estimation.
Resource
and
Ore
Reserve
estimation
procedure(s) and classifications applied.
• Whether sample compositing has been applied.
Orientation of • Whether the orientation of sampling achieves Drilling was undertaken at a near perpendicular
data in relation to unbiased sampling of possible structures and the angle to the interpreted strike and dip of the
geological extent to which this is known, considering the modelled FLEM plates and known outcrop.
structure • deposit type.
If the relationship between the drilling orientation		 No sample bias is known at this time.
and the orientation of key 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 samples from collection at rig through to
submission at the laboratory have been under the
supervision of Dreadnought personnel or sub-
contractors associated with the company. All
samples are stored is core trays and strapped to
pallets for storage and transport.
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 • Type,
reference
name/number,
location		 and
•		 The Tarraji-Yampi Project consists of 5
and land tenure ownership including agreements or material issues granted
(E04/2315,		 E04/2508,
status with
third
parties
such
as
joint
ventures,		 E04/2572,
E04/2557,		 E04/2608)
partnerships,
overriding
royalties,
native		 title exploration Licenses.
interests, historical sites, wilderness or national park
•		 The Tarraji tenement (E04/2315) is a
and environmental settings. 80/20 JV between IronRinger(Tarraji)

www.dreadnoughtresources.com.au [email protected]

Dreadnought Resources Limited Suite 6, 16 Nicholson Road, Subiaco WA 6008 PO Box 1240, West Perth WA 6872

+61 (0) 428 824 343

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

Criteria JORC Code explanation Commentary
• 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
Dreadnought
Exploration Pty Ltd
• Dreadnought Exploration Pty Ltd is a
wholly
owned
subsidiary
of
Dreadnought Resources 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, Native Title has
been extinguished but falls within
Dambinmangari Land.
• 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.
• 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 • An overview of the drilling program is
information understanding of the exploration results including a given within the text and tables within
tabulation of the following information for all Material this document.
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

Dreadnought Resources Limited

www.dreadnoughtresources.com.au

[email protected]

Suite 6, 16 Nicholson Road, Subiaco WA 6008 PO Box 1240, West Perth WA 6872

+61 (0) 428 824 343

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

Criteria JORC Code explanation Commentary Commentary Commentary
explain why this is the case.
Data aggregation • In
reporting
Exploration
Results,
weighting		 • No assays reported.
methods 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.
Relationship • These relationships are particularly important in the • Drilling
is		 undertaken
close		 to
between reporting of Exploration Results. perpendicular to the dip of the
mineralisation • If the geometry of the mineralisation with respect to mineralisation.
widths and the drill hole angle is known, its nature should be • The true thickness of the mineralisation
intercept lengths reported. intersected
in		 drill holes cannot
• If it is not known and only the down hole lengths are currently be calculated.
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 • 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 • The accompanying document is a
reporting Results is not practicable, representative reporting of balanced
report		 with a suitable
both low and high grades and/or widths should be cautionary note.
practiced
to
avoid
misleading
reporting
of
Exploration Results.
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. .
Further work • The nature and scale of planned further work (e.g. • Additional
drilling		 is expected to
tests for lateral extensions or depth extensions or commence in September 2021.
large-scale step-out drilling). • DHEM surveys are underway.
• Diagrams clearly highlighting the areas of possible
extensions,
including
the
main
geological
interpretations and future drilling areas, provided this
information is not commercially sensitive.

Dreadnought Resources Limited Suite 6, 16 Nicholson Road, Subiaco WA 6008 PO Box 1240, West Perth WA 6872

www.dreadnoughtresources.com.au

[email protected]

+61 (0) 428 824 343

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