8 of 15 Holes Hit Gold at Steve’s Reward with Up to 6.8 g/t Au Near Surface

• First-ever drilling at Steve’s Reward yields multiple shallow gold intercepts
• 8 of 15 holes return significant gold grades including 4m at 4.1 g/t Au
• Large, open gold-in-soil anomaly measuring approximately 2.6km by 600m
• Follow-up drilling planned for September 2025 to test anomaly and depth extensions
• Inevitable prospect shows base metal anomalism but no immediate follow-up

A New Chapter at Steve’s Reward

Dreadnought Resources Ltd has unveiled encouraging results from its maiden drilling campaign at Steve’s Reward, part of its wholly owned Mangaroon Gold Project in Western Australia’s Gascoyne region. The reverse circulation (RC) drilling program, comprising 15 holes totaling 1,140 metres, marks the first-ever systematic exploration at this historically underexplored site.

Notably, more than half of the holes (8 out of 15) intersected significant gold mineralisation near surface, with standout intercepts including 4 metres grading 4.1 grams per tonne (g/t) gold starting at just 6 metres depth. These results confirm the presence of multiple veins reaching the surface, a promising indicator for open-pit mining potential.

Geochemical Footprint and Structural Setting

Complementing the drilling success, a recent surface geochemical survey delineated a substantial gold-in-soil anomaly stretching approximately 2,600 metres by 600 metres, which remains open along strike. Intriguingly, the strongest anomaly lies about 500 metres northwest of the drilled lodes, featuring one of the highest soil gold values recorded to date at 770 parts per billion.

Geologically, Steve’s Reward is situated within a complex structural corridor involving the Leake Spring Metamorphics and proximity to major shear zones such as Magweera and Jimmy Well. These structural features are known to host orogenic gold deposits, which often produce high-grade veins associated with significant mineralisation.

Broader Project Context and Exploration Strategy

Steve’s Reward is one of several prospects within the expansive Mangaroon Gold Project, which covers roughly 5,000 square kilometres. Dreadnought’s strategy focuses on leveraging modern exploration techniques to unlock the potential of historically fragmented and underexplored gold corridors. The company’s approach includes a self-funded model anchored by the nearby Star of Mangaroon deposit, which already boasts a shallow, high-grade resource and is progressing towards production.

Meanwhile, the Inevitable prospect, tested with four RC holes targeting strong electromagnetic conductors, returned base metal anomalism but no immediate plans for further drilling. This contrast underscores the selective focus on gold targets with the highest near-term potential.

Looking Ahead

Dreadnought plans to resume drilling at Steve’s Reward in September 2025, aiming to extend the known mineralisation both at depth and along strike, as well as to test the large soil anomaly. This next phase will be critical in defining the scale and continuity of the gold system, potentially setting the stage for resource estimation and advancing the project’s development pipeline.

With a series of upcoming milestones including further drilling results from Star of Mangaroon and Popeye, plus progress on processing agreements, Dreadnought is positioning itself to accelerate discovery and production in a region ripe for new gold finds.

Bottom Line?

Steve’s Reward’s first drilling success opens a promising new front in Dreadnought’s quest for rapid gold discoveries at Mangaroon.

Questions in the middle?

• How extensive and continuous is the gold mineralisation beyond the initial shallow intercepts at Steve’s Reward?
• Will the upcoming September drilling confirm the large soil anomaly’s potential to host high-grade gold?
• How will Dreadnought balance exploration efforts between Steve’s Reward and other Mangaroon prospects like Star of Mangaroon?