Dreadnought Resources Completes First Gold Drilling Programme of 2025

Dreadnought Makes Strong Progress in First Gold Drilling Program of 2025

Dreadnought Resources has successfully completed its first gold drilling program of 2025 at the Mangaroon Gold Project in Western Australia's Gascoyne region, marking a significant step in the company's "Finding More Gold, Faster" strategy.

Comprehensive Drilling Campaign Targets Near-Term Production

The recently completed reverse circulation (RC) drilling program consisted of 46 holes totaling 2,724 meters across multiple targets within mining leases, including Star of Mangaroon, Popeye, Pritchard's, Two Peaks, and the Lead Mine. All drilling locations showed encouraging signs with mineralised veining observed.

"We are pleased with the first drill program of 2025 being delivered on time, on budget and with encouraging observations of mineralised lodes at all prospects." – Dean Tuck, Managing Director

The program specifically targeted:

• Star of Mangaroon: 12 holes (544m) focused on near-surface, high-grade gold previously identified in historical drilling, including intercepts of 1m @ 53.0g/t Au, 3m @ 12.1g/t Au, and 2m @ 29.8g/t Au
• Popeye: 12 holes (900m) following up on a previous intercept of 3m @ 22.8g/t Au
• Pritchard's: 8 holes (544m) testing mineralisation beneath historical workings
• Two Peaks: 3 holes (180m) targeting deeper extensions
• Lead Mine: 11 holes (546m) investigating extensions around historical workings

Building on a Solid Foundation

The drilling program builds on Dreadnought's previously established resource base and commercialisation strategy at Mangaroon. Key achievements to date include:

• November 2024: Initial resource of 23,300 oz @ 12.8g/t Au (84% in Indicated category)
• January 2025: Scoping study showing potential operating cashflow after capital of >$40M at $4,100/oz gold
• Feb-April 2025: Successfully raised ~$14.3M to accelerate gold exploration

What Makes Mangaroon Distinctive: Historical High-Grade Production

The Mangaroon Gold Project includes several historical high-grade gold mines, with Star of Mangaroon being the largest historical producer in the region, having yielded 7,464 oz at an exceptional grade of 34.8 g/t Au between 1960-1983.

The company's current exploration program is targeting extensions and additional lodes around these proven high-grade areas, with the goal of adding near-term production ounces on mining leases.

Understanding Orogenic Gold Systems

Orogenic gold deposits represent one of the most significant sources of gold globally. These deposits form during tectonic events when gold-bearing fluids migrate upward through the Earth's crust along structural pathways such as faults and shear zones.

At Mangaroon, the gold mineralisation occurs within a tabular, siliceous horizon at the contact between paragneiss and underlying orthogneiss. This geological setting is characteristic of orogenic gold systems, where structural controls play a critical role in the distribution and concentration of gold.

Key features of orogenic gold systems include:

• Structural control: Gold mineralisation is typically concentrated along structural features such as faults, shear zones, and fold hinges.
• Vertical continuity: These deposits can extend to significant depths, often beyond 1 km below surface.
• Quartz veining: Gold is commonly associated with quartz veins, often containing sulphide minerals.
• Alteration halos: The host rocks surrounding the mineralisation often show distinctive alteration patterns.

The grade distribution in orogenic gold systems is often heterogeneous, with high-grade zones or "ore shoots" occurring within broader mineralised envelopes. This is consistent with the high-grade nature of the historical production at Star of Mangaroon, which reported an exceptional grade of 34.8 g/t Au.

Modern exploration techniques, including systematic drilling and advanced geophysical methods, allow companies like Dreadnought to target extensions and parallel structures that may have been missed by earlier miners who lacked contemporary technology and understanding of these geological systems.

Near-Term Catalysts and Timeline

Dreadnought has outlined a clear development pathway for Mangaroon:

• May/June 2025: Assay results expected from current drilling program
• June 2025: Follow-up RC and diamond drilling to commence, including discovery-focused drilling at Steve's Reward and Inevitable
• Ongoing in 2025: Multiple drilling programs planned to advance the "Finding More Gold, Faster" strategy
• Parallel Development: Advancing study work, approvals, and mining/processing agreements

Investment Case: Self-Funding Exploration Model

Dreadnought presents a compelling investment case built around its transition to a self-funded explorer:

1. High-Grade Resource Base: Initial 23,300 oz at 12.8 g/t Au provides a strong foundation
2. Robust Economics: Scoping study indicates strong potential returns with minimal capital requirements
3. Black Cat Partnership: First right to negotiate development with Black Cat Syndicate provides pathway to production
4. Multiple Growth Targets: Several priority targets on mining leases could quickly add ounces
5. Strong Cash Position: Recent $14.3M capital raising funds aggressive exploration program

The company's strategy of developing high-grade, low-capex deposits to fund exploration of larger targets is a proven model in the Western Australian gold sector.

Why Investors Should Track Dreadnought

Dreadnought offers exposure to a unique high-grade gold opportunity with several compelling advantages:

• Near-term production potential from shallow, high-grade gold deposits
• Minimal capital requirements through partnership model with Black Cat
• Outstanding exploration upside across a consolidated 5,000km² land package
• Clear pathway from resource to production with multiple catalysts in 2025
• Experienced management with track record of discovery and development

With the current Dreadnought Resources gold drilling program completed ahead of assay results expected in May/June 2025, Dreadnought is positioned at an exciting juncture as it advances toward its goal of becoming a self-funded explorer.

Ready to Invest in High-Grade Gold Potential?

Discover how Dreadnought Resources is advancing its "Finding More Gold, Faster" strategy with a robust foundation of high-grade gold resources and a clear pathway to self-funded exploration. With multiple catalysts expected throughout 2025, including imminent assay results and follow-up drilling programmes, now is the time to explore this compelling investment opportunity. Visit Dreadnought Resources' investor page for comprehensive information about their Mangaroon Gold Project and to stay updated on their progress towards near-term production.