Dreadnought Resources : Conductors Defined Along the Money Intrusion - Mangaroon

For personal use only

14 February 2022

CONDUCTORS DEFINED ALONG THE MONEY INTRUSION

MANGAROON FQM JV

HIGHLIGHTS

• Two EM conductors defined within the Money Intrusion and consistent with high tenor, net textured sulphide bodies.
• The northern conductor is also associated with a ~1.2km long gossanous outcrop.
• First Quantum Minerals Ltd. ("FQM") has committed to 1,200m of RC drilling to test both EM conductors and other mapped gossans followed by downhole EM to test the intrusion at depth.
• Drilling is planned to commence in April 2022.

Dreadnought Resources Limited ("Dreadnought") is pleased to announce geophysical results from the recently completed, FQM funded, Fixed Loop EM ("FLEM") survey at Mangaroon in the Gascoyne region of Western Australia (FQM earning up to 70%).

The FLEM survey was designed to screen ~12kms of strike along the Money Intrusion for near surface conductive bodies. Any conductive body within the Money Intrusion would make for a priority target given the presence of high tenor blebby sulphides and gossanous horizons.

The survey has successfully identified two conductive bodies within the Money Intrusion. The northern conductor is located directly down dip of an outcropping gossanous horizon. The southern conductor is located undercover near a termination or offset of the Money Intrusion against the crustal scale Edmund Fault. Both conductors are consistent with the signature of a high tenor, net textured sulphide body.

FQM has committed to a 1,200m RC program which will test the two conductors, as well as under other gossanous outcrops with several deep holes. All drill holes will be surveyed by downhole EM to test the intrusion at depth.

Dreadnought's Managing Director, Dean Tuck, commented: "It has been less than 10 months since partnering with FQM to explore the Money Intrusion for high tenor Ni-Cu-PGEsulphide. In that time, we have mapped over 45kms of strike, undertaken a number of geochemical and geophysical surveys to focus in on the most prospective sections for maiden drill testing. We have identified outcropping gossans and now two conductors along the unexplored Money Intrusion providing us with two attractive and technically robust targets for drill testing. We expect to be drilling the Money Intrusion along with the 100% rare earth prospects in April 2022

following the Illaara drilling program.

	Figure 1: Rock chip sample MNRK0366
	from the ~1.2km long northern
	gossanous horizon showing limonitic
	staining around boxworks (0.4% Cu, 0.4%
	Ni, 0.03% Co, 0.3 g/t Pt-Pd-Au).
Dreadnought Resources Limited	www.dreadnoughtresources.com.au
Unit 1, 4 Burgay Court, Osborne Park WA 6017	[e-mail]
PO Box 1240, West Perth WA 6872	[phone]

For personal use only

Figure 2: Two recently identified FLEM conductors to be drilled in April 2022. The northern conductor is expressed at

surface in the form of a gossanous horizon.

Dreadnought Resources Limited	www.dreadnoughtresources.com.au
Unit 1, 4 Burgay Court, Osborne Park WA 6017	[e-mail]
PO Box 1240, West Perth WA 6872	[phone]

For personal use only

Update on Ni-Cu-PGE Work Programs (E08/3178, E08/3274, E09/2384, E09/2433, E09/2473: 100% - Option with FQM)

To date, ~45kms of the ~50km long Money Intrusion have been flown with detailed airborne magnetics. In addition, the area has been mapped and surface sampled (Figure 2) resulting in the identification of 32 areas contains high tenor, three phase blebby sulphides and a ~1.2km long gossanous horizon. Ground based FLEM surveys were undertaken over areas with the most developed outcropping mineralisation to screen for near surface conductive bodies.

Two conductors associated with prospective structural settings have been identified. The northern conductor is associated with a ~1.2km long gossanous horizon. Outcrop at the southern conductor sits under shallow cover.

1,200m of RC drilling will commence in April 2022 with results expected in June 2022. Additional work will commence along the remainder of the Money Intrusion after completion of the planned drill program.

Figure 3A: A cut slab through rock chip GLRK008 showing multiple blebby three-phase magmatic sulphides

within the Money Intrusion. Figure 3B: a close up of a blebby three-phase magmatic sulphide comprised of chalcopyrite (top), pentlandite (middle) and pyrrhotite (base).

Dreadnought Resources Limited	www.dreadnoughtresources.com.au
Unit 1, 4 Burgay Court, Osborne Park WA 6017	[e-mail]
PO Box 1240, West Perth WA 6872	[phone]

For personal use only

Background on Mangaroon (E08/3274, E8/3178, E09/2384, E09/2433, E09/2473: Option with

FQM) (E08/3275, E09/2370, E09/2448, E09/2449, E09/2450, E09/2467, E09/2478: 100%)

Mangaroon covers >4,500 sq kms of the Mangaroon Zone in the Gascoyne Region of Western Australia. Part of the project is targetting Ni-Cu-PGE and is subject to a joint venture with First Quantum Minerals (earning up to 70%) - Figure 4. The region is host to high-grade gold mineralisation at the Bangemall/Cobra and Star of Mangaroon gold mining centres and the high-grade Yangibana rare earth ("REE") deposits.

Dreadnought has located outcropping high-grade gold bearing quartz veins along the Edmund and Minga Bar Faults, outcropping high-grade REE ironstones, similar to those under development at Yangibana and outcropping high tenor Ni-Cu-PGE blebby sulphides in the recently defined Money Intrusion.

Figure 4: Plan view map of Mangaroon showing the location of the FQM JV and 100% DRE ground in relation

to major structures, geology and roads.

Dreadnought Resources Limited	www.dreadnoughtresources.com.au
Unit 1, 4 Burgay Court, Osborne Park WA 6017	[e-mail]
PO Box 1240, West Perth WA 6872	[phone]

For personal use only

For further information please refer to previous ASX announcements:

•	25 November 2020	Mangaroon Ni-Cu-PGE & Au Project
•	15 March 2021	Exploration Commences at Mangaroon Ni-Cu-PGE & Au Project
•	7 April 2021	Option/JV Agreement Signed with Global Base Metal Miner
•	17 May 2021	Update on Mangaroon Ni-Cu-PGE & Au Project
•	16 July 2021	~1km Long Gossanous Ni-Cu-PGE Outcrop at Mangaroon

UPCOMING NEWSFLOW

February: Results of ground FLEM surveys at Illaara (Nelson and Trafalgar)

16 February: Presenting at RIU Explorers Conference, Fremantle WA

February: Commencement of detailed drone ortho-imagery survey and surface sampling at Illaara (Peggy Sue 5km x 2km pegmatite swarm)

February: Commencement of RC drilling at Illaara (Metzke's Find, Nelson, Trafalgar, Kings, Spitfire)

March/April: Commencement of RC drilling at Mangaroon Joint Venture (Money Intrusion) and Mangaroon REE (Yin, ironstones, carbonatites)

April: Commencement of auger sampling program at Tarraji-Yampi (regional)

April/May: Assays from Peggy Sue pegmatite sampling - Illaara

May/June: Assays from RC drilling at the Money Intrusion

May/June: Assays from RC drilling at Yin, ironstones, carbonatites

May/June: Results from auger sampling program at Tarraji-Yampi

July: Commencement of RC and diamond drilling at Tarraji-Yampi (Orion, Grants, regional targets)

	~Ends~
For further information please contact:
Dean Tuck	Jessamyn Lyons
Managing Director	Company Secretary
Dreadnought Resources Limited	Dreadnought Resources Limited
E:[e-mail]	E:[e-mail]

This announcement is authorised for release to the ASX by the Board of Dreadnought.

Competent Person's Statement

The information in this announcement that relates to geology and exploration results and planning was compiled by Mr. Dean Tuck, who is a Member of the AIG, Managing Director, and shareholder of the Company. Mr. Tuck has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr. Tuck consents to the inclusion in the report of the matters based on the information in the form and context in which it appears. The Company confirms that it is not aware of any new information or data that materially affects the information in the original reports, and that the forma and context in which the Competent Person's findings are presented have not been materially modified from the original reports.

Dreadnought Resources Limited	www.dreadnoughtresources.com.au
Unit 1, 4 Burgay Court, Osborne Park WA 6017	[e-mail]
PO Box 1240, West Perth WA 6872	[phone]