Bresnahan project emerging as light and heavy rare earth province for Dreadnought Resources
The best result from Dreadnought’s sampling program at Bresnahan graded at 1.33% total rare earth oxides.
Reconnaissance ‘proof-of-concept’ surface sampling along major basement structures and unconformities at the Bresnahan project in Western Australia has produced significant light and heavy rare earth (HREE) results for owner Dreadnought Resources (ASX: DRE).
The company carried out a two-day sampling program in November, visiting 17 locations and confirming significant alteration, veining and brecciation along with related hematite and manganese alteration associated with prospective structures.
Best results included 1.33% total rare earth oxides (31% neodymium and praseodymium:TREO and 25% HREE:TREO) comprised of 3.25kg per tonne neodymium oxide, 0.84kg/t praseodymium oxide, 0.34kg/t dysprosium oxide and 0.06kg/t terbium oxide.
Also reported was 1.21% TREO (30% neodymium and praseodymium:TREO and 19% HREE:TREO) comprised of 2.8kg/t neodymium oxide, 0.77kg/t praseodymium oxide, 0.25kg/t dysprosium oxide and 0.05kg/t terbium oxide.
Multi-element veins
In addition to rare earths, high-grade multi-element veins highlighted the potential for mesothermal gold-silver-antimony mineralisation similar to that seen at the regional Mt Clement deposit owned by Black Cat Syndicate (ASX: BC8).
Significant results included 11.8 grams per tonne gold, 650g/t silver and 2.9% antimony; and 11.9g/t gold, 710g/t silver and 0.5% antimony.
Associated phosphorus, strontium and barium pathfinders are believed to be similar to those seen at Northern Minerals’ (ASX: NTU) Browns Range deposit in northern Australia.
Conceptual unconformity
Bresnahan was acquired at the end of last year as a conceptual unconformity HREE province given its geological similarities to Browns Range and the Athabasca Basin in Canada, where the model was developed and published in 2018.
It comprises 3,700 square kilometres of prospective ground southwest of Newman in the state’s Ashburton Basin.
Dreadnought managing director Dean Tuck said the project represents a significant first-mover opportunity.
“Dreadnought now has a significant land holding in an emerging HREE province making us one of the few — if not only — companies with exposure to critical light and heavy rare earths,” he said.
“With a large landholding to systematically explore, we are excited at what Bresnahan will produce over the next 12 months as we aim to generate and define targets.”
He said next steps will include geophysical surveys and systematic mapping and sampling of more than 300km of strike along major structural trends to define targets.
Mangaroon capital raising
Dreadnought has received firm commitments for a $20 million placement to accelerate activities at its Mangaroon critical minerals project in WA’s Gascoyne region.
The raising will take place via the issue of 200 million new shares at $0.10 each.
The company’s directors have also made commitments to invest $1.4 million at the same share price and will have a pro-forma ownership of approximately 13% on a total investment of $4.5 million.
Mr Tuck said proceeds will be used to advance exploration at Mangaroon with the aim of delivering an upgrade to current resources from multiple rare earth discoveries.
“The range and scale of minerals identified to date has seen Mangaroon emerge as a world-class critical metals province in about six months,” he said.
“These funds will allow for further rapid progress on rare earths and a range of other critical metals at this project… amount to continuous news flow and an exciting period ahead for Dreadnought.”