Metzke’s Find Resource of 14,900oz Spurs Dreadnought’s Mining Lease Application

Mining Lease Application Signals Progress

Dreadnought Resources Ltd has taken a significant step forward in advancing its Illaara Gold Project in Western Australia by submitting a mining lease application for the Metzke’s Find gold deposit. This application is based on a robust high-grade resource estimate of approximately 14,900 ounces at an average grade of 6.8 grams per tonne, with a strong 72% of that classified as indicated. The lease application not only covers the current resource but also includes provisions for extending mineralisation to the north and establishing infrastructure for an open pit mine and haulage to a third-party processing mill.

Focused Drilling Program to Unlock Value

Looking ahead, Dreadnought plans to commence drilling in November 2025, targeting infill drilling to convert the existing resource into an ore reserve, metallurgical drilling to support processing studies, and extensional drilling to explore along strike and at depth. This drilling campaign is critical to underpinning the company’s pathway to production and aligns with its broader strategy of becoming a self-funded explorer. By outsourcing processing and haulage, Dreadnought aims to reduce capital intensity and reliance on external funding, a model increasingly common in Western Australia’s gold sector.

Illaara – A Large, Underexplored Gold Belt

The Illaara Gold Project covers around 800 square kilometres along a 70-kilometre strike of the Illaara Greenstone Belt, one of the least explored greenstone belts in the Yilgarn Craton. Historically, exploration was limited due to remoteness and lack of infrastructure, but recent work by Dreadnought has consolidated landholdings and delivered the first modern resource at Metzke’s Find. The project’s location near established mining operations and infrastructure enhances its development potential.

Broader Company Strategy and Pipeline

Beyond Illaara, Dreadnought is advancing several other projects, including the Star of Mangaroon gold project and the Gifford Creek critical minerals project. The company’s approach combines exploration for new discoveries with advancing near-term production opportunities. Upcoming news flow includes drilling results from Metzke’s Find and other regional targets, as well as updates on processing agreements and resource upgrades.

Balancing Opportunity with Risk

While the mining lease application marks a milestone, it remains subject to regulatory approvals and environmental assessments. The resource remains open along strike and at depth, offering upside but also uncertainty. Investors will be watching closely as drilling results and studies unfold, which will clarify the project’s economic potential and timeline to production.