Mangaroon Drilling Intersects Mineralised Veining, Assays Could Drive Production Plans

Comprehensive Drilling Program Completed

Dreadnought Resources Ltd has successfully completed its first gold drilling program of 2025 at the Mangaroon Gold Project in Western Australia. The campaign comprised 46 reverse circulation (RC) holes totaling 2,724 metres, targeting key mining leases including Star of Mangaroon, Popeye, Pritchard’s, Two Peaks, and the Lead Mine. The program was specifically designed to add near-term production ounces by testing mineralised zones not previously included in the November 2024 resource estimate or the January 2025 scoping study.

Encouragingly, drilling at all prospects intersected mineralised veining, confirming the continuity of gold-bearing structures across the project area. Assay results are anticipated in May and June 2025, with follow-up RC and diamond drilling scheduled to commence in June, underpinning Dreadnought’s aggressive exploration timetable.

Focus on High-Grade, Near-Surface Targets

The Star of Mangaroon remains the flagship target, historically the region’s largest high-grade gold producer. Recent drilling included 12 holes over 544 metres aimed at near-surface, high-grade ounces identified in historical drilling but excluded from prior resource calculations. Historical intercepts at Star of Mangaroon boast impressive grades such as 1m at 53.0 g/t Au and 3m at 12.1 g/t Au, highlighting the potential to significantly enhance the resource base.

Similarly, at Popeye, located just 500 metres south of Star of Mangaroon, 12 holes totaling 900 metres were drilled to extend and better understand a previously identified mineralised lode with intercepts like 3m at 22.8 g/t Au. This area represents a priority target for near-term production given its proximity and geological continuity.

Expanding Exploration Across Multiple Prospects

Beyond these core targets, drilling also tested Pritchard’s, Two Peaks, and the Lead Mine, all historic gold workings with limited modern exploration. At Pritchard’s, eight holes were drilled to test newly interpreted lode orientations, intersecting quartz sulfide veining with elevated lead, consistent with gold mineralisation. Two Peaks saw three holes drilled to validate structural interpretations, again intersecting mineralised quartz sulphide veins. The Lead Mine drilling focused on strike extensions and structural controls of mineralisation, with quartz-sulphide veining and elevated lead/copper anomalism identified in most holes.

This multi-target approach reflects Dreadnought’s strategy to systematically add ounces across its mining leases, leveraging modern exploration techniques to unlock value in historically underexplored areas.

Strategic Path to Self-Funded Exploration

Dreadnought’s Managing Director, Dean Tuck, emphasised the company’s commitment to delivering on its “Finding More Gold, Faster” strategy. The company aims to transition into a self-funded explorer by developing a high-grade open pit at Star of Mangaroon, outsourcing funding, haulage, and processing to third parties. This model, common in Western Australia, reduces reliance on external capital markets and allows internal cashflows to focus on exploration and discovery.

Recent milestones include a 23,300-ounce initial resource at Star of Mangaroon with an average grade of 12.8 g/t Au, and a robust scoping study projecting operating cashflows exceeding A$40 million at conservative gold prices. Equity raisings totaling approximately A$14.3 million have been completed to support ongoing exploration and development activities.

Outlook and Next Steps

With assays pending, the market awaits confirmation of the drilling results that could materially enhance the resource base and support near-term production plans. Follow-up drilling programs are planned to commence in June 2025, including the first discovery-focused drilling at Steve’s Reward and Inevitable prospects, signaling a broader exploration push across the Mangaroon Project.

Dreadnought’s extensive landholding, covering approximately 5,000 square kilometres, combined with modern exploration techniques and a clear commercialisation pathway, positions the company well to unlock significant value in this historically fragmented gold district.