Dreadnought Unveils Record-Grade Gold Hits at Illaara’s Metzke’s Find

Metzke’s Find Delivers Exceptional High-Grade Gold Intercepts

Dreadnought Resources Ltd (ASX:DRE) has kicked off its resource extension drilling at Metzke’s Find with a bang, reporting some of the highest-grade gold intercepts recorded at the Illaara Gold Project in Western Australia’s Yilgarn Craton. The highlight is a 7-metre interval grading an eye-watering 49.9 grams per tonne (g/t) gold from 67 metres downhole, alongside other significant hits like 5 metres at 23.5 g/t Au. These results come from assays for 23 of the 57 planned reverse circulation (RC) holes, covering 2,088 metres of a broader 4,800-metre program.

Importantly, all drilling intersected the key shear lode horizon that hosts mineralisation at Metzke’s Find, confirming continuity along strike and at shallow depths. These intercepts sit outside the existing 2023 resource estimate, which currently stands at 14,900 ounces at 6.8 g/t Au, with 72% classified as Indicated. The company expects these results to feed directly into an updated and upgraded resource model and a scoping study scheduled for July 2026.

Strategic Shift to Self-Funded Exploration

Managing Director Dean Tuck emphasised the significance of these early results in advancing Dreadnought’s "Finding More Gold, Faster" strategy aimed at adding near-term production ounces. This approach is designed to transform the company into a self-funded explorer by outsourcing funding, development, haulage, and processing to third parties; a model increasingly common in Western Australia’s gold sector given the robust price environment.

“Our high-grade Metzke’s Find Resource is a great commercial opportunity,” Tuck said, highlighting the potential for near-term cash flow generation while the company pursues discovery-focused air core drilling across the broader Illaara belt. The Illaara project, covering approximately 800 square kilometres and 70 kilometres of strike, remains one of the most underexplored greenstone belts in the Yilgarn, offering ample scope for further discoveries.

Metallurgical Confidence Supports Development Plans

Complementing the drilling success, recent metallurgical test work has confirmed the coarse-grained nature of gold mineralisation at Metzke’s Find, with strong gravity recoveries averaging 78.5% and combined gravity and carbon-in-leach (CIL) recoveries reaching 98.9%. This near-complete gold extraction efficiency underpins the economic viability of both open pit and underground mining scenarios under consideration.

The assays were conducted using Photon Assay technology, which offers greater reliability for this style of mineralisation compared to traditional fire assay methods, and was unavailable for previous drilling campaigns. This technological edge enhances confidence in the reported grades and will inform the upcoming resource update and economic studies.

Illaara’s Untapped Potential and Broader Work Program

Metzke’s Find is just one piece of Dreadnought’s expansive Illaara portfolio. The company acquired the project from Newmont in 2019 and has since consolidated the greenstone belt, which historically suffered from limited exploration due to remoteness and prior iron ore focus. Early-stage drilling has already delivered a high-grade resource that remains open along strike and at depth, with further air core drilling underway to test regional targets.

Dreadnought’s broader 2026 work plan includes advancing the Mangaroon Gold Project, where mining approvals are progressing for the Star of Mangaroon open pit, and expanding its rare earth footprint at Gifford Creek. The company’s multi-commodity approach is evident in its simultaneous development of gold, critical metals, and nickel-copper projects, including a significant joint venture with Teck Resources on the Money Intrusion Ni-Cu-PGE system.

This multi-pronged strategy aims to balance near-term production opportunities with longer-term discovery potential across Western Australia’s mineral-rich terranes.

Drilling results at Illaara will continue to flow through May and June, with the resource update and scoping study at Metzke’s Find expected by July. The company’s ability to convert these high-grade intercepts into a robust, economically viable resource will be critical to validating its self-funded explorer model and unlocking value for shareholders.

Notably, the metallurgical results released just days earlier confirmed the strong recoveries now expected from Metzke’s Find, providing a solid foundation for the upcoming resource upgrade and study combined gravity and CIL gold recoveries. Meanwhile, progress on mining approvals at the Star of Mangaroon project highlights Dreadnought’s broader operational momentum mining approval secured for Star.