Maiden drilling by Dreadnought Resources (ASX: DRE) at the Chianti volcanogenic massive sulphide target within the Tarraji-Yampi nickel-copper-gold project in WA’s West Kimberley region has confirmed the existence of VMS mineralisation in the target’s upper electromagnetic (EM) plate.
Reports show that drilling intersected sulphides over an interval of 12.7 metres including a thick stringer zone of sulphide mineralisation followed by massive to semi-massive sulphides.
Drilling activities commenced this month, with the maiden hole being the first drilled at Chianti since the early 1970s.
Managing director Dean Tuck said it confirmed the company’s choice of geophysical methods in identifying VMS mineralisation.
“[Our] exploration model and geophysical techniques have been confirmed [as effective] and will open up the wider Chianti VMS target to exploration,” he said.
“VMS deposits tend to occur in clusters and we believe this highlights the potential for the rest of the VTEM (versatile time domain electromagnetic) anomaly at Chianti to contain additional non-outcropping mineralisation.”
Mr Tuck said the company would now move onto a larger and stronger EM plate sitting beneath the plate just drilled.
Chianti was originally defined by Australian Consolidated Minerals in 1972.
An airborne VTEM survey in 2015 highlighted a conductor beneath the target, and a recent ground-based fixed loop electromagnetic survey identified two strong EM plates.
Both plates have been associated with outcropping and recent rock chip sampled gossans covering approximately 200 metres of strike.
Mr Tuck said that the EM plates create compelling high priority targets for drill testing when combined with the rock chips and previous drill intercepts.
The Tarraji-Yampi project is based across a significant land holding in the highly-prospective West Kimberley region near Derby.
The project area had been locked up since 1978 as a Defence Force reserve and was recently opened under the federal government’s co-existence regime which aims to balance Defence Force needs with the need of other parties including Aboriginal groups, the resources industry, pastoralists and state governments.
Mr Tuck said the project presents Dreadnought with a “rare first mover opportunity” in WA, with known outcropping mineralisation and historic workings from the early 1900s which have seen no modern exploration.
The project boasts three styles of mineralisation – VMS; Proterozoic copper-gold (or IOCG); and magmatic sulphide containing nickel-copper-platinum group elements.
Numerous high-priority nickel, copper and gold drill targets have been identified from recent VTEM surveys, historical drilling and surface sampling of outcropping mineralisation.
At mid-morning, shares in Dreadnought Resources were up 25% to $0.010.