Dreadnought Resources Limited announced rock chip assay results from Mangaroon in the Gascoyne region of Western Australia. These results have confirmed REE and phosphate mineralization within the C3 and C4 carbonatites. Additional high-grade ironstones containing REE, niobium and zircon have also been identified and support a geological model where the large-scale mineralized carbonatite intrusions may represent the source of the regional REE and associated mineralization.

The company's recently flown airborne magnetic survey has highlighted five ovoid features interpreted as igneous carbonatite intrusions. The intrusions range in size from 1,000m x 1,000m to 800m x 500m in dimension with internal ringing and a magnetic, possibly fenite alteration, halo around the perimeter of the intrusions. Over 99% of the interpreted carbonatite intrusions are obscured by a calcrete and alluvial plain with rare outcrop.

The intrusions are central to all known REE and niobium bearing ironstone dykes, fitting the classical carbonatite intrusion model. Recent ground truthing by Dreadnought has confirmed the presence of intrusive carbonatite within these features. The carbonatites remain largely obscured under calcrete cover.

Systematic RC drilling will be undertaken at C1-C5 in April 2022. This program will identify areas of mineralization under cover and help improve the understanding of this obscured and newly discovered system. C6 is another potential carbonatite intrusion located between the Minnie Creek and Minga Bar Faults, structural splays linked with the crustal scale Lyons River Fault which is the interpreted conduit for carbonatite intrusions.

C6 occurs ~25kms south of the C1-C5 carbonatites. C6 is defined by a large ovoid magnetic feature ~2km x 1.5km. The entire magnetic feature is under cover and drilling is required to confirm the lithology and presence of mineralization.