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DREADNOUGHT RESOURCES LTD Capital/Financing Update 2021

Apr 6, 2021

64785_rns_2021-04-06_c6c3d4cc-5eb9-48bd-a0f6-b7f3a81688ae.pdf

Capital/Financing Update

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  • 7 April 2021

OPTION/JV AGREEMENT SIGNED WITH GLOBAL BASE METAL MINER AT MANGAROON

HIGHLIGHTS

  • Dreadnought and First Quantum Minerals Ltd. (TSE:FM) (“FQM”) have entered into an Option Agreement in respect of base metal rights over 5 tenements within the Mangaroon Ni-Cu-PGE & Au Project (“Mangaroon”) in the Gascoyne Region of Western Australia (“Option”).

  • The Option provides FQM with the right, following the completion of an exploration program funded by FQM, to earn a 51% interest in Mangaroon by spending $15m and a further 19% interest by sole funding all expenditure up until a Decision to Mine.

  • Dreadnought will manage activities during the Option Period and will retain rights to any gold discovery.

  • Exploration targeting base metals continues at Mangaroon and will be funded by FQM. Gold exploration funded by Dreadnought is underway at the Minga Bar and Edmund Faults.

Dreadnought Resources Limited (“ Dreadnought ”) is pleased to announce that it has entered into an Option with global mining company FQM at Mangaroon. Key terms of the Option are shown later in this announcement.

FQM is a significant Canadian listed group operating eight mines across four continents producing copper, nickel, and gold with an additional three mines under development. With a proven track record in discovering and developing deposits, Dreadnought considers FQM an ideal partner in the exploration and potential development of any base metal discoveries at Mangaroon.

Dreadnought Managing Director, Dean Tuck, commented: “ Finding a partner for Mangaroon is a significant validation of our project generation work and the potential to host high tenor massive sulphides. Furthermore, it allows Dreadnought shareholders a potential free carried pathway from exploration to development of a mine. Importantly, Dreadnought retains the rights to any potential gold discovery. We are excited to be managing the early stages of exploration and working with FQM in our search for a significant discovery.”

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Figure 1A: A cut slab through rock chip GLRK008 showing multiple three-phase blebby magmatic sulphides within the Money Intrusion.

Figure 1B: a close up of a blebby three-phase magmatic sulphide comprised of chalcopyrite (top), pentlandite (middle) and pyrrhotite (base).

Dreadnought Resources Limited Suite 6, 16 Nicholson Road, Subiaco WA 6008 PO Box 572, Floreat WA 6014

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

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Earn-in and Joint Venture Principles

FQM has committed $700,000 to a target definition program after which point FQM must commit to the project or exit with 0% interest. By spending a further $2,300,000 within 18 months of committing to the project, FQM has the right to enter a staged earn-in and joint venture agreement (“ Agreement ”) in relation to the base metal rights over the option tenements (See Figure 2). The key terms of the Agreement include:

  • The Option covers five tenements being E09/2384, E09/2473, E09/2433, E08/3178 and E08/3274.

  • FQM can earn an initial 51% interest by sole funding an additional $12,000,000 of expenditure by 1 March 2026. FQM may withdraw from the project at any time during the earn-in phase with 0% interest.

  • Upon satisfying the earn-in requirements, a Joint Venture will be formed where FQM may elect to increase its interest to 70% by sole funding expenditure up until a Decision to Mine. If FQM elects to cease funding expenditure, it will revert to a 49% interest.

  • Once a Decision to Mine has been made Dreadnought can elect to either:

  • Maintain its 30% by co-contributing.

  • Dilute to 20% and be loan carried by FQM, repaid through revenue.

  • Divest its 30% interest to FQM at fair market value.

  • Dreadnought will manage exploration through the Option phase.

  • Dreadnought to retain rights to any gold discoveries where any defined JORC resource contains >75% of the in-situ metal value as gold.

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Figure 2: Plan view map of Mangaroon showing the tenements subject to the Option in relation to major

structures, geology and current prospects.

Dreadnought Resources Limited Suite 6, 16 Nicholson Road, Subiaco WA 6008 PO Box 572, Floreat WA 6014

www.dreadnoughtresources.com.au [email protected]

+61 (0) 428 824 343

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Next Steps and Ongoing Exploration

Ongoing work at Mangaroon is currently targeting base metals over the Money Intrusion and gold over the Minga Bar and Edmund Faults. All work for base metals undertaken to date and going forward will be funded by FQM.

First pass soil sampling over the Money Intrusion has been completed with all samples delivered to the lab. Results are expected in April/May 2021. Once assays are received, infill sampling will commence over the Money Intrusion.

A detailed airborne magnetic survey has commenced along the 50km strike of the Money Intrusion which will aid in targeting prospective areas. In addition, a mapping and rock-chipping program will commence in April 2021 over the Money Intrusion, targeting areas of interest and outcropping mineralisation.

Soil sampling is also underway targeting gold mineralisation along the Edmund and Minga Bar Faults (including Cullen’s Find, White Well and Mitchell’s Find).

All work programs are designed to have targets defined for drill testing by August/September 2021.

Background on Base Metals (E09/2384, E09/2473, E09/2433, E08/3178, E08/3274: FQM Option to Earn-in to 70%)

Allan “Lumpy” McDonald was born and raised on Mangaroon Station where he was both a successful pastoralist and prospector having played a part in the discovery of the Star of Mangaroon and Diamond gold mines alongside a gossanous outcropping Ni-Cu-PGE occurrence in the early 1960s[1] , now named Lumpy’s Find.

In the 1980s, Regional Resources NL sampled over 5km strike along the base of the Money Intrusion including Lumpy’s Find. This sampling program returned assays up to 1.2% Ni, 0.6% Cu and 4.7g/t PdPt-Au[2] . Despite these encouraging results, no further exploration has taken place at Lumpy’s Find or along the Money Intrusion.

Reconnaissance exploration undertaken by Dreadnought has confirmed magmatic Ni-Cu-PGE mineralisation in the form of blebby and disseminated high tenor two and three phase sulphides along the 50kms strike the Money Intrusion which is up to 400m wide.

In addition to the gold, exploration undertaken by pastoralists and small explorers from the 1960s and 1980s identified This intrusion is significant in scale and has the potential to host high tenor massive Ni-Cu-PGE mineralisation.

With high tenor multiphase sulphides with pyrrhotite, chalcopyrite and pentlandite confirmed over a substantial strike length, work will focus on defining accumulations of massive sulphide using a combination of helicopter and ground-based EM, surface sampling and mapping.

1McDonald, Rhonda. Gold in the Gascoyne. Hesperian Press, 2000

2Regional Resources 1988 Annual Report, WAMEX Report A23712

Figure 3: GLRK008A showing a three-phase blebby sulphide with chalcopyrite, pentlandite and pyrrhotite within a Gabbro.

Dreadnought Resources Limited Suite 6, 16 Nicholson Road, Subiaco WA 6008 PO Box 572, Floreat WA 6014

www.dreadnoughtresources.com.au [email protected]

+61 (0) 428 824 343

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Background on Gold (E08/3275, E09/2370, E09/2448, E09/2449, E09/2450, E09/2467, E09/2468: 100%) (E08/3178, E08/3274, E09/2384, E09/2473, E09/2433: FQM Option to Earn-in to 70%)

Mangaroon covers >4,000 sq kms of the Mangaroon Zone in the Gascoyne Province of Western Australia. The Mangaroon Zone is host to historically high-grade gold mineralisation at the Bangemall/Cobra and Star of Mangaroon gold mining centres. During both of Western Australia’s early gold rushes (1890s and 1930s), this region never received an operating state battery despite pleas from local government and prospectors. As a result, gold was mined but had to be transported to Meekatharra at a high cost thus significantly hampering gold exploration. Despite these handicaps, the region still managed to produce small-scale, high-grade gold on the order of multiple ounces to the tonne. Accordingly, the region is prospective for additional high-grade gold mineralisation and contains limited historical exploration.

Ongoing work at Mangaroon will be conducted during 2021 in accordance with other priorities and as tenements are granted.

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Figure 4: Plan view map of Mangaroon showing the location of current gold prospects and tenements in relation to major structures and geology.

Dreadnought Resources Limited Suite 6, 16 Nicholson Road, Subiaco WA 6008 PO Box 572, Floreat WA 6014

www.dreadnoughtresources.com.au [email protected]

+61 (0) 428 824 343

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For further information please refer to previous ASX announcements:

  • 25 November 2020 Mangaroon Ni-Cu-PGE & Au Project

  • 15 March 2021 Exploration Commences at Mangaroon Ni-Cu-PGE & Au Project

UPCOMING NEWSFLOW

April: Results from gold and VMS target generation work using regional soils across Illaara

April: Recommencement of exploration at Tarraji-Yampi with three FLEM surveys at Orion Ni-Cu-PGE Target

April to May: Results from RC drilling at Illaara (Black Oak, Bald Hill, Lawrence’s Corridor, Metzke’s Find, Longmore’s Find)

April to May: Results of target definition and generation at work at Mangaroon Ni-Cu-PGE & Au Project

April/May: Results of three FLEM surveys over the Orion Ni-Cu-PGE target at Tarraji-Yampi May/June: Commence diamond drilling at Texas Ni-Cu-PGE target at Tarraji-Yampi

May/June: Results from target definition and generation work at Mangaroon Ni-Cu-PGE & Au Project June: Commence RC drilling at Orion Ni-Cu-PGE, Fuso and Paul’s Find Cu-Au and Chianti-Rufina VMS

targets

July/August: Results of drilling at Tarraji-Yampi (Texas and Orion Ni-Cu-PGE, Fuso and Paul’s Find CuAu, and Chianti-Rufina VMS targets).

~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 572, Floreat WA 6014

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 1900s which have seen no modern exploration.

Three styles of mineralisation occur at Tarraji-Yampi including: volcanogenic massive sulphide (“ VMS ”); Proterozoic Cu-Au (“ IOCG ”); and magmatic sulphide Ni-Cu-PGE. Numerous high priority nickel, copper and gold drill targets have been identified from recent VTEM surveys, historical drilling and surface sampling of outcropping mineralisation.

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Illaara Gold, VMS & 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 and base metals VMS mineralisation.

Dreadnought has consolidated the Illaara Greenstone Belt mainly through an acquisition from Newmont. Newmont defined several camp-scale targets which were undrilled due to a change in corporate focus. Prior to Newmont, the Illaara Greenstone Belt was predominantly held by iron ore explorers and has seen minimal gold and base metal exploration since the 1990s.

Rocky Dam Gold & VMS Project

Rocky Dam is located 45kms east of Kalgoorlie in the Eastern Goldfields Superterrane of Western Australia. Rocky Dam is prospective for typical Archean mesothermal lode gold deposits and Cu-Zn VMS mineralisation. Rocky Dam has known gold and VMS occurrences with drill ready gold targets including the recently defined CRA-North Gold Prospect.

Mangaroon Ni-Cu-PGE & Au Project

Mangaroon is a first mover opportunity covering ~4,000sq kms of tenure located 250kms southeast of Exmouth in the Gascoyne Region of Western Australia. Mangaroon is prospective for magmatic NiCu-PGE mineralisation and high grade gold with evidence of both outcropping within the project area and virtually unexplored for the past 40 years.

Dreadnought Resources Limited Suite 6, 16 Nicholson Road, Subiaco WA 6008 PO Box 572, Floreat WA 6014

www.dreadnoughtresources.com.au

[email protected]

+61 (0) 428 824 343

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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
techniques

Nature and quality of sampling (e.g. cut
channels,
random
chips,
or
specific
specialised industry standard measurement
tools appropriate to the minerals under
investigation, such as down hole gamma
sondes, or handheld XRF instruments, etc.).
These examples should not be taken as
limiting the broad meaning of sampling.

Include reference to measures taken to
ensure sample representivity and the
appropriate calibration of any measurement
tools or systems used.

Aspects
of
the
determination
of
mineralisation that are Material to the Public
Report.

In cases where ‘industry standard’ work has
been done this would be relatively simple
(e.g. ‘reverse circulation drilling was used to
obtain 1 m samples from which 3 kg was
pulverised to produce a 30 g charge for fire
assay’). In other cases more explanation
may be required, such as where there is
coarse gold that has inherent sampling
problems.
Unusual
commodities
or
mineralisation
types
(e.g.
submarine
nodules) may warrant disclosure of detailed
information.
Rock Chips

Rock Chips were collected by Dreadnought
staff and submitted for analysis. Rock chips are
random,
subject
to
bias
and
often
unrepresentative for the typical widths required
for economic consideration. They are by nature
difficult to duplicate with any acceptable form of
precision or accuracy.

Rock
chips
have
been
collected
by
Dreadnought
to
assist
in
characterising
different
lithologies,
alterations
and
expressions
of
mineralisation.
In
many
instances, several rock chips were collected
from
a
single
location
to
assist
with
characterising 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.
Dreadnought Soil Sampling

Soil samples were collected by Dreadnought
and contractor (XM / OMNI GeoX) personnel on
an 800x50m or 400x50m grid across the
Prospect.

Samples
were
collected
by
digging
a
30x30x15cm, pit, homogenizing and then
sieving and collection of a dry 200g -250µm
sample.

Soils samples were submitted to LabWest
(Perth) for for Ultra Fine Fraction (UFF)
separation (<2µm) and analysis by Aqua Regia
ICP-MS & ICP-OES for determination of Au,
and 45 other elements.
Drilling
techniques

Drill type (e.g. core, reverse circulation,
open-hole hammer, rotary air blast, auger,
Bangka, sonic, etc.) and details (e.g. core
diameter, triple or standard tube, depth of
diamond tails, face-sampling bit or other
type, whether core is oriented and if so, by
what method, etc.).
No drilling undertaken
Drill sample
recovery

Method of recording and assessing core and
chip
sample
recoveries
and
results
assessed.

Measures
taken
to
maximise
sample
recovery and ensure representative nature
No drilling undertaken

Dreadnought Resources Limited Suite 6, 16 Nicholson Road, Subiaco WA 6008 PO Box 572, Floreat WA 6014

www.dreadnoughtresources.com.au

[email protected]

+61 (0) 428 824 343

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Criteria JORC Code explanation Commentary
of the samples.

Whether a relationship exists between
sample recovery and grade and whether
sample bias may have occurred due to
preferential loss/gain of fine/coarse material.
Logging
Whether core and chip samples have been
geologically and geotechnically logged to a
level of detail to support appropriate Mineral
Resource estimation, mining studies and
metallurgical studies.

Whether logging is qualitative or quantitative
in nature. Core (or costean, channel, etc.)
photography.

The total length and percentage of the
relevant intersections logged.
No drilling undertaken
Sub-sampling
techniques and
sample
preparation

If core, whether cut or sawn and whether
quarter, half or all core taken.

If non-core, whether riffled, tube sampled,
rotary split, etc. and whether sampled wet or
dry.

For all sample types, the nature, quality and
appropriateness of the sample preparation
technique.

Quality control procedures adopted for all
sub-sampling
stages
to
maximise
representivity of samples.

Measures taken to ensure that the sampling
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.
Rock Chips
Entire rock chips were submitted to the lab for
sample prep and analysis
Dreadnought Soil Samples

Samples were screened in the field to -250µm.

LabWest then takes a sub-sample of <2µm
material for analysis.

The UFF sample preparation was defined
following
a
Research
and
Development
experiment conducted under the direction of
CSIRO.

Field duplicates are submitted and perform to
internal DRE standards.

Orientation work as part of CSIRO research
and previous work by Dreadnought Resources
indicates the grain size is appropriate for the
material being tested
Quality of assay
data and
laboratory tests

The nature, quality and appropriateness of
the assaying and laboratory procedures
used
and
whether
the
technique
is
considered partial or total.

For
geophysical
tools,
spectrometers,
handheld
XRF
instruments,
etc.,
the
parameters used in determining the analysis
including instrument make and model,
reading times, calibrations factors applied
and their derivation, etc.

Nature of quality control procedures adopted
(e.g. standards, blanks, duplicates, external
laboratory checks) and whether acceptable
levels of accuracy (i.e. lack of bias) and
precision have been established.
Rock Chips

All samples were submitted to ALS laboratories
in Perth where 1-3kg rock chips samples were
crushed so that >70% of material passes
through -6mm, the sample is then pulverised to
>85% passing 75 micron.

A 50 gram aliquot was analysed for Au, Pt and
Pd by Fire Assay and ICP-AES finish (ALS
Code PGM-ICP24)

Fire Assay is considered a total digest for Au,
Pt and Pd

A 0.25 grams aliquot was analysed for 48
elements by a four-acid digest and ICP-MS
finish (ALS Code ME-MS61).

Four-acid digest is considered a “near-total”
digest for most elements.

No standards, duplicates or blanks submitted
with rock chips.
Dreadnought Soil Samples

All soil samples were submitted to Labwest
Laboratories in Perth

Samples were submitted as 200g samples
screened in the field to -250µm.

<2-micron fraction was then collected was

www.dreadnoughtresources.com.au

Dreadnought Resources Limited

[email protected]

Suite 6, 16 Nicholson Road, Subiaco WA 6008 PO Box 572, Floreat WA 6014

+61 (0) 428 824 343

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Criteria JORC Code explanation Commentary
collected at Labwest as per their UFF
procedure.

A microwave assisted Aqua Regia Digest was
used to digest the sample.

The analysis technique was ICP-MS & ICP-
OES for Au and 45 further elements.

This method is considered partial for gold and
near total for multi-elements.
Verification of
sampling and
assaying

The verification of significant intersections by
either independent or alternative company
personnel.

The use of twinned holes.

Documentation of primary data, data entry
procedures, data verification, data storage
(physical and electronic) protocols.

Discuss any adjustment to assay data.
Rock Chips

Rock chip and geological information is written
in field books and coordinates and track data
saved from hand held GPSs used in the field.

Dreadnought geologists have inspected and
logged all rock chips.

Field data is entered into excel spreadsheets to
be loaded into a database.
Dreadnought Soil Samples

Geochemical
sample
coordinates
and
geological information is written in field books
and coordinates and track data saved from
handheld GPSs used in the field.

Field data is entered into excel spreadsheets
and then loaded into a geological database.
Location of data
points

Accuracy and quality of surveys used to
locate drill holes (collar and down-hole
surveys), trenches, mine workings and other
locations
used
in
Mineral
Resource
estimation.

Specification of the grid system used.

Quality and adequacy of topographic control.

All sample locations were recorded with a
Garmin handheld GPS which has an accuracy
of +/- 5m.

GDA94 MGAz50.
Data spacing and
distribution

Data spacing for reporting of Exploration
Results.

Whether the data spacing and distribution is
sufficient to
establish the
degree
of
geological and grade continuity appropriate
for the Mineral Resource and Ore Reserve
estimation procedure(s) and classifications
applied.

Whether sample compositing has been
applied.
Sample spacing and distribution is not sufficient to
establish the degree of geological and grade
continuity appropriate for a Mineral Resource.
Orientation of
data in relation to
geological
structure

Whether
the
orientation
of
sampling
achieves unbiased sampling of possible
structures and the extent to which this is
known, considering the deposit type.

If the relationship between the drilling
orientation and the orientation of key
mineralised structures is considered to have
introduced a sampling bias, this should be
assessed and reported if material.
At this early stage of exploration, mineralisation
thickness’s, orientation and dips are not known.
Sample security
The measures taken to ensure sample
security.

All geochemical samples were collected,
bagged, and sealed by Dreadnought, XM, or
Omni GeoX staff.

Samples were delivered to ALS Laboratories
Perth or LabWest (Perth) by Dreadnought, XM
or Omni GeoX staff.

Dreadnought Resources Limited Suite 6, 16 Nicholson Road, Subiaco WA 6008 PO Box 572, Floreat WA 6014

www.dreadnoughtresources.com.au

[email protected]

+61 (0) 428 824 343

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Criteria JORC Code explanation Commentary
Audits or reviews
The results of any audits or reviews of
sampling techniques and data.
The program is continuously reviewed by senior
company personnel.

Section 2 Reporting of Exploration Results

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

Criteria JORC Code explanation Commentary
Mineral tenement
and land tenure
status

Type, reference name/number, location
and ownership including agreements or
material issues with third parties such as
joint ventures, partnerships, overriding
royalties, native title interests, historical
sites, wilderness or national park and
environmental settings.

The security of the tenure held at the time
of reporting along with any known
impediments to obtaining a licence to
operate in the area.

The Mangaroon Project consists of 1 granted
Exploration License (E09/2370,) and 11
pending Exploration Licenses (E08/3178,
E08/3274, E08/3275, E09/2384, E09/2433,
E09/3178, E09/2448, E09/2449, E09/2450,
E09/2467, E09/2468)

All
tenements
are
100%
owned
by
Dreadnought Resources.

E08/3178,
E09/2370,
E09/2384
and
E09/2433 are subject to a 2% Gross Value
Royalty held by Beau Resources

E08/3274, E08/3275, E09/2433, E09/2448,
E09/2449, E09/2450 are subject to a 1%
Gross Value Royalty held by Beau Resources

The Mangaroon Project covers 4 Native Title
Determinations
including
the
Budina
(WAD131/2004), Thudgari (WAD6212/1998),
Gnulli
Gnulli
(WAD22/2019)
and
the
Combined Thiin-Mah, Warriyangka, Tharrkari
and Jiwarli (WAD464/2016)

The Mangaroon Project is located over
Lyndon,
Mangaroon,
Gifford
Creek,
Maroonah Minnie Creek, Towra and Uaroo
Stations
Exploration done by
other parties

Acknowledgment
and
appraisal
of
exploration by other parties.

Historical exploration of a sufficiently high
standard was carried out by a few parties
which have been outlined and detailed in this
ASX announcement including:
Regional
Resources
1986-1988s:
WAMEX
Reports A23715, 23713
Peter Cullen 1986: WAMEX Report A36494
Carpentaria Exploration Company 1980: WAMEX
Report A9332
Rodney Drage 2011: WAMEX Report A94155
Sandfire Resources 2005-2012: WAMEX Report
94826
Geology
Deposit type, geological setting and style
of mineralisation.

The Managroon Project is located within
Mangaroon Zone of the Gascoyne Province.

The Mangaroon Project is prospective for
orogenic gold and magmatic Ni-Cu-PGE
mineralisation.

Dreadnought Resources Limited

www.dreadnoughtresources.com.au

[email protected]

Suite 6, 16 Nicholson Road, Subiaco WA 6008 PO Box 572, Floreat WA 6014

+61 (0) 428 824 343

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Criteria JORC Code explanation Commentary
Drill hole information
A summary of all information material to
the understanding of the exploration
results including a tabulation of the
following information for all Material drill
holes:
o
easting and northing of the drill hole
collar
o
elevation or RL (Reduced Level –
elevation above sea level in metres)
of the drill hole collar
o
dip and azimuth of the hole
o
down hole length and interception
depth
o
hole length.

If the exclusion of this information is
justified on the basis that the information
is not Material and this exclusion does
not detract from the understanding of the
report, the Competent Person should
clearly explain why this is the case.
No drilling undertaken
Data aggregation
methods

In
reporting
Exploration
Results,
weighting
averaging
techniques,
maximum
and/or
minimum
grade
truncations (e.g. cutting of high grades)
and cut-off grades are usually Material
and should be stated.

Where aggregate intercepts incorporate
short lengths of high-grade results and
longer lengths of low-grade results, the
procedure used for such aggregation
should be stated and some typical
examples of such aggregations should
be shown in detail.

The assumptions used for any reporting
of metal equivalent values should be
clearly stated.
No drilling undertaken
Relationship
between
mineralisation widths
and intercept lengths

These
relationships
are
particularly
important in the reporting of Exploration
Results.

If the geometry of the mineralisation with
respect to the drill hole angle is known, its
nature should be reported.

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’).
No drilling undertaken
Diagrams
Appropriate maps and sections (with
scales) and tabulations of intercepts
should be included for any significant
discovery being reported These should
include, but not be limited to a plan view
of
drill
hole
collar
locations
and
appropriate sectional views.

Refer to figures within this report.
Balanced reporting
Where comprehensive reporting of all
Exploration Results is not practicable,
representative reporting of both low and
high grades and/or widths should be
practiced to avoid misleading reporting of
Exploration Results.

The accompanying document is a balanced
report with a suitable cautionary note.

Dreadnought Resources Limited

www.dreadnoughtresources.com.au

[email protected]

Suite 6, 16 Nicholson Road, Subiaco WA 6008 PO Box 572, Floreat WA 6014

+61 (0) 428 824 343

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Criteria JORC Code explanation Commentary
Other substantive
exploration data

Other exploration data, if meaningful and
material, should be reported including
(but
not
limited
to):
geological
observations; geophysical survey results;
geochemical
survey
results;
bulk
samples – size and method of treatment;
metallurgical test results; bulk density,
groundwater, geotechnical and rock
characteristics; potential deleterious or
contaminating substances.

Suitable
commentary
of
the
geology
encountered are given within the text of this
document.
Further work
The nature and scale of planned further
work (e.g. tests for lateral extensions or
depth extensions or large-scale step-out
drilling).

Diagrams clearly highlighting the areas of
possible extensions, including the main
geological interpretations and future
drilling areas, provided this information is
not commercially sensitive.

Heli-EM, surface sampling and mapping

Dreadnought Resources Limited Suite 6, 16 Nicholson Road, Subiaco WA 6008 PO Box 572, Floreat WA 6014

www.dreadnoughtresources.com.au

[email protected]

+61 (0) 428 824 343