Dreadnought Advances Mangaroon Gold Target Definition with Soil Sampling and GAIP Survey

• Soil sampling underway across multiple Mangaroon camp scale targets
• GAIP survey planned at Cullen’s Find to extend known mineralisation
• High Range North soil anomalies reveal ~8km gold corridor
• Steve’s Reward gold-in-soil anomaly expands beyond 4km strike
• Target definition results expected July 2026, drilling set for September

Soil Sampling and GAIP Survey Define New Drill Targets

Dreadnought Resources (ASX:DRE) has kicked off an intensive target definition campaign at its 100%-owned Mangaroon Gold Project in Western Australia’s Gascoyne region. The program includes systematic soil sampling across five major camp scale prospects; High Range North, High Range Northwest, High Range South, Minga Bar, and Bordah; with results anticipated in July 2026. Alongside this, a gradient array induced polarization (GAIP) geophysical survey is slated for late May over Cullen’s Find, a prospect where prior drilling intersected 17m at 1.1 g/t gold from 23m depth. The GAIP survey aims to detect geophysical anomalies at depth, potentially extending known mineralisation and identifying fresh targets for upcoming drilling.

High Range North Emerges as a Significant Gold Corridor

Early wide-spaced soil sampling at High Range North has revealed a substantial gold-in-soil anomaly stretching approximately 8,000m by 1,000m, accompanied by pathfinder elements such as silver, arsenic, molybdenum, antimony, and tellurium. This marks the first focused gold exploration in this highly prospective belt within the 1.67 Ga Edmund Group, situated near major shear zones splintering from the crustal-scale Minga Bar Fault. The presence of these anomalies in a favorable lithostructural setting suggests compelling targets for follow-up drilling later this year.

Steve’s Reward Anomaly Expands Along Strike at Bordah

At the Bordah prospect, the Steve’s Reward target now boasts a gold-in-soil anomaly extending over 4,000m in strike and 1,000m in width, remaining open along strike. This area, hosted within 2.4 Ga Leake Spring Metamorphics near significant shear zones, has seen initial drilling return encouraging shallow gold intercepts including 4m at 4.1 g/t Au from 6m and 3m at 2.9 g/t Au from 7m. The ongoing soil sampling program continues to expand this anomaly, enhancing the prospect’s drill target potential.

Mangaroon’s Scale and Strategy Position It for Discovery

Covering approximately 5,000km2, the Mangaroon Project encompasses multiple gold systems along the Mangaroon Shear Zone, with limited historical drilling despite numerous historical workings. Dreadnought’s strategy to become a self-funded explorer hinges on advancing a high-grade open pit at the Star of Mangaroon, outsourcing development and processing to reduce capital reliance. This approach frees internal resources to focus on exploration and discovery, leveraging modern geochemical and geophysical techniques to unlock new camp scale targets like those at Bordah and High Range. The company’s recent progress includes securing mining approvals at Star of Mangaroon and expanding critical metals exploration at nearby Gifford Creek, reflecting a diversified portfolio of growth opportunities.

Upcoming Catalysts and Broader Exploration Pipeline

Dreadnought plans to complete the current target definition work by June 2026, with assay results expected in July. Discovery-focused reverse circulation drilling is scheduled for the September quarter across Bordah, High Range North, High Range South, and Minga Bar targets. Concurrently, the company is advancing drilling and resource updates at Metzke’s Find within its Illaara Gold Project, where recent assays have extended high-grade mineralisation beyond the 2023 resource, with a resource upgrade due in July. Metallurgical test work at Metzke’s Find has confirmed exceptional gold recoveries, complementing the high-grade resources at Mangaroon. The simultaneous progression of these projects underpins Dreadnought’s ambition to accelerate gold discoveries and build a self-sustaining exploration business model.

This target definition phase at Mangaroon, combining soil geochemistry and GAIP surveys, represents a critical step in refining drill targets that could unlock new zones of gold mineralisation beneath shallow cover. The interplay between geochemical anomalies and geophysical signatures will be key to prioritising drill locations, a strategy that has already yielded promising early results at High Range North and Steve’s Reward. As Dreadnought prepares for its discovery-focused drilling campaign, the market will be watching closely for confirmation that these camp scale prospects can deliver significant new gold resources.

Meanwhile, Dreadnought’s broader portfolio, including the critical minerals potential at Gifford Creek and the Ni-Cu-PGE targets within the Money Intrusion JV with Teck Resources, continues to evolve. The company’s ability to advance multiple projects simultaneously while maintaining a self-funded approach will be a defining factor in its long-term success and valuation trajectory.

Investors should note that while the target definition work is promising, the results remain preliminary. The timing and success of subsequent drilling programs will be pivotal in translating these early geochemical and geophysical signals into economically viable gold discoveries. The upcoming July results and September drilling outcomes will provide important data points to assess the true scale and grade potential of Mangaroon’s newly defined targets.

Dreadnought’s target definition work at Mangaroon builds on its recent milestone of securing mining approval for the Star of Mangaroon open pit and expanding rare earth footprints nearby, highlighting a multi-commodity strategy that balances near-term cashflow with longer-term discovery potential. The integration of modern exploration techniques across a largely underexplored region positions Dreadnought to potentially rewrite the gold narrative in this part of Western Australia.

As the company moves into the next phase of exploration, questions remain about the continuity and grade of mineralisation at depth, the scale of potential discoveries beyond known prospects, and the timing of resource upgrades that could underpin development decisions. The interplay between Mangaroon’s gold targets and its critical minerals assets also raises strategic considerations for capital allocation and market positioning in a competitive resource sector.

Notably, the soil sampling and GAIP survey programs complement recent drilling success at Metzke’s Find within Illaara, where Dreadnought has reported record-grade intercepts and exceptional metallurgical recoveries, setting the stage for a resource upgrade and scoping study in July 2026. This multi-project momentum underscores the company’s capacity to generate news flow and value catalysts across its portfolio, a dynamic that investors will be keen to monitor as results unfold.

Overall, Dreadnought’s methodical approach to target definition at Mangaroon, combined with its advancing exploration pipeline, exemplifies a disciplined strategy aimed at delivering discovery and growth in a challenging market environment.

High-grade gold recoveries from metallurgical tests at Metzke’s Find add confidence to the company’s broader exploration and development plans.

Meanwhile, the recent mining approval secured for the Star of Mangaroon open pit underscores progress on the cashflow front, complementing the discovery focus at Mangaroon’s camp scale targets.

Bottom Line?

Dreadnought’s Mangaroon target definition work sets the stage for critical drill tests; July’s assay results will be pivotal in shaping the project’s next chapter.

Questions in the middle?

• Will the soil and GAIP anomalies at Mangaroon translate into economically viable gold deposits?
• How will the timing and results of September drilling influence Dreadnought’s resource growth trajectory?
• Can Dreadnought balance advancing multiple projects while maintaining its self-funded exploration strategy?