Perth-based explorer Dreadnought Resources (ASX: DRE) has signed deals with unrelated third party companies to acquire 10 new tenements to complement the Mangaroon and Central Yilgarn projects in Western Australia.
At Mangaroon, the company has agreed to acquire seven tenements across 926 square kilometres of ground prospective for a range of minerals including rare earth elements.
Total consideration for the deal is $300,000 cash and up to 5.7 million in Dreadnought shares with a 1% production royalty.
Mangaroon is considered to be a first mover opportunity covering 4900sq km southeast of Exmouth in the state’s vastly underexplored Gascoyne region.
Part of the project is targeting nickel-copper-platinum group elements and is subject to a joint venture with major miner First Quantum Minerals (where First Quantum is earning up to 70%).
The joint venture area contains outcropping high-tenor blebby sulphides at the recently- defined Money Intrusion.
Dreadnought’s wholly-owned areas of Mangaroon contain outcropping high-grade, gold-bearing quartz veins along the Edmund and Minga Bar Faults as well as outcropping high-grade rare earth ironstones.
Six potentially rare earth-bearing carbonatite intrusions were recently identified as a possible source of regional rare earths.
Option to purchase
At Central Yilgarn, Dreadnought has acquired an option to purchase three tenements across 100sq km of ground prospective for iron ore, nickel and gold.
The company agreed to an upfront fee of $50,000 for the 12-month option, with an extension fee (if required) of $50,000 for another 12 months.
Central Yilgarn is located 190km northwest of Kalgoorlie and comprises 1,600sq km covering 150km of strike along the majority of the Illaara, Yerilgee and Evanston greenstone belts.
The project is prospective for typical Archean mesothermal lode gold deposits, volcanogenic massive sulphide base metals, komatiite-hosted nickel sulphides and critical metals including lithium, caesium and tantalum.
Prior to consolidation by Dreadnought, the Central Yilgarn was predominantly held by iron ore explorers and remains highly prospective for that metal.
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