Dreadnought Resources : Grants Cu-Au Assays and Coincident Magnetic/Gravity IOCG Targets

23 December 2019

GRANTS CU-AU ASSAYS AND COINCIDENT MAGNETIC/GRAVITY IOCG TARGETS

HIGHLIGHTS

• Assays confirm Proterozoic Cu-Au ("IOCG") mineralisation at Grants as follows: GRDD001:
  o 9.0m at 1.1% Cu and 0.2 g/t Au from 36.0m including 1.7m at 3.8% Cu and 0.5 g/t Au from 40.3m; and
  o 1.6m at 1.2% Cu from 108.4m
  GRDD002:
  o 3.4m at 1.1% Cu from 112.0m;
  o 1.5m at 1.3% Cu from 154.0-155.9m; and o 1.0m at 1.1% Cu from 99.0m
• Drilling plus geophysical surveys indicate that Grants potentially represents distal hydrothermal outcropping mineralisation vectoring towards undercover coincident magnetic/gravity IOCG targets at Fuso and Paul's Find

Dreadnought Resources Limited ("Dreadnought") is pleased to announce assay results from the WA Government Exploration Incentive Scheme ("EIS") co-funded diamond drilling at the Grants Cu-Au Target in the West Kimberley. Narrow high-grade mineralisation was intersected in line with historic drilling in the 1950s. In addition, wider lower grade zones of mineralisation were confirmed between the high-grade lodes.

Multi-element assays support the potential for Grants to be part of a wider IOCG system. Recently completed airborne magnetics and ground gravity surveys have identified Fuso and Paul's Find as high priority coincident magnetic/gravity targets for drill testing in 2020.

Dreadnought Managing Director, Dean Tuck, commented "Dreadnought's drill and geophysical programs at and around Grants, have confirmed the presence of IOCG copper mineralisation and the potential for a wider IOCG system. This drilling, coupled with recent field work including geophysical surveys, has highlighted that Grants may be a vector towards blind magnetic/gravity IOCG targets such as Fuso and Paul's Find. Based on this work our priority drill targets for 2020 will include Fuso and Paul's Find."

Figure 1: Highly mineralised section of drillcore from GRDD001 ~40.5m down hole depth which was part of

the 40.3m-40.7m interval which graded 9.1% Cu, 0.9 g/t Au, 1.6 g/t Ag and 0.1% Co.

Dreadnought Resources Limited	www.dreadnoughtresources.com.au
Suite 5, 16 Nicholson Road, Subiaco WA 6008	[e-mail]
PO Box 572, Floreat WA 6014	[phone]

Diamond Drill Holes GRDD001 and GRDD002

Both diamond holes were drilled at a -60 degree angle with an azimuth of 315 degrees and were located between holes drilled by Western Mining Corporation ("WMC") in the late 1950s. GRDD001 was drilled to a depth of 151.1m and GRDD002 was drilled to a depth of 194m, and both holes interesected multiple mineralised zones (Figures 2 and 3):

Main Zone (27.6m to 45.0m) - 17.4m interval grading 0.7% Cu consists of quartz-sulphidebreccia, quartz-sulphideveins and intense silica and chlorite alteration within fine grained and graphitic pelites. Includes 9m at 1.1% Cu from 36m and 1.7m at 3.8% Cu from 40.3m;

2nd Zone (59.6m to 63.2m) - 3.6m fault breccia with minor quartz-pyrite veins within interbedded pelites and intermediate to felsic volcanics;

3rd Zone (83.0m to 84.5m) - 1.5m interval grading 0.3% Cu consists of brecciated quartz-chalcopyrite within intermediate to felsic volcanics;

4th Zone (106.3m to 111.0m) - 4.7m interval grading 0.7% Cu consists of quartz-chalcopyrite veined graphitic pelites with dissiminated chalcopyrite. Includes 1.6m at 1.2% Cu from 108.4m; and

Porpyrhy Zone (117.7m to 126.7m) - 9m felsic porpyhry dyke with trace quartz-pyrite-chalcopyriteveins.

Figure 2: Cross Section of Grants showing the location of multiple mineralised lodes in GRDD001.

	Zone 1 (99.0m to 116.5m) - 17.5m interval grading 0.5% Cu
	consisting of a swarm of quartz-sulphide veins. The interval
	is comprised primarily of chalcopyrite with lesser pyrite and
	a deformed and brecciated package of coarse to fine
	grained pelites which have undergone silica and chlorite
	alteration. Includes 1m at 1.1% Cu from 99m and 3.4m at
	1.1% Cu from 112m;
	Zone 2 (122.4m to 123.9m) - 1.5m interval consisting of
	quartz-sulphide veins with minor pyrite and subordinate
	chalcopyrite in deformed and altered sediments;
	Zone 3 (143.8m to 156.5m) - 12.7m interval grading 0.5%
	Cu, consisting of a swarm of quartz-sulphide veins. The
	interval is similar in composition to Zone 1. Includes 1.9m
	at 1.3% Cu from 154m; and
	Porphyry Zone (179.2m to 191.2m) - 12.0m interval of
	felsic porphyry with no visible mineralisation.
	Figure 3: Cross Section of Grants showing multiple mineralised
	lodes in GRDD002.
Dreadnought Resources Limited	www.dreadnoughtresources.com.au
Suite 5, 16 Nicholson Road, Subiaco WA 6008	[e-mail]
PO Box 572, Floreat WA 6014	[phone]

Both holes were similar to historic WMC drilling in that they intersected multipe zones of near vertical mineralisation dominated by coarse to fine grained and occasionally graphitic pelites with interbedded intermediate to felsic volcanics and a porphyry dyke. Mineralisation was confined to zones of intense brecciation and veining with dominant silica, chlorite and sulphide alteration. Elevated Co, Bi, As, Ag supports IOCG style of mineralisation.

Figure 4: Map of Grants showing the location of recent drilling, 1950s WMC drilling and nearby rock chip results.

IOCG at Tarraji-Yampi

As part of the field campaigns, Dreadnought has been undertaking airborne magnetic, ground gravity and orientation geochemical surveys over the wider Tarraji-Yampi area. This work is motivated by the comparisons of the lithostructural and geochemical signature of Tarraji-Yampi to other IOCG terranes such as Tennant Creek Inlier (ex. Gecko, Peko) and Cloncurry District (ex. Brumby, Ernest Henry). (Figure 8).

In these terranes, IOCG deposits occur as coincident magnetic-gravity anomalies. Fuso and Paul's Find both have strong coincident magnetic-gravity anomalies and represent highly attractive IOCG targets (see Figure 6 and 7). Deposits are also likely to form topographic lows and to not outcrop. With this model, the outcropping quartz copper lodes like Grants and Wilsons could represent distal hydrothermal mineralisation and work as a vector towards mineralisation undercover such as Fuso and Paul's Find.

This work highlighted Fuso and Paul's Find as highly attractive IOCG targets for drilling in 2020 (see Figures 6 and 7).

Figure 5: Map of Tarraji-Yampi showing the location of priority targets

Dreadnought Resources Limited	www.dreadnoughtresources.com.au
Suite 5, 16 Nicholson Road, Subiaco WA 6008	[e-mail]
PO Box 572, Floreat WA 6014	[phone]

Background on the Fuso and Paul's Find Targets

Fuso and Paul's Find are the first two priority targets to result from the recent airborne magnetics and ground gravity surveys.

Fuso is one of the largest and strongest magnetic anomalies within Tarraji-Yampi at 1,200m x 700m with a core gravity anomaly of 500m x 400m. Both have an apparent south to south-easterly plunge. The magnetic signature is interpreted to be related to intense iron rich alteration, either as magnetite or pyrrhotite and the gravity signature conceptually represents the mineralised lode.

Paul's Find is represented by an intense magnetic low and gravity high bullseye feature with dimensions of ~300m x 200m. The magnetic low is interpreted to be remnant magnetisation associated with a mineralised lode.

Both targets are high priority and will be drill tested in 2020. On-going review of geophysical and geochemical datasets may generate additional targets for drill testing.

Figure 6: Plan view map of Fuso and Paul's Find showing a background image of RTP magnetics with the

coincident gravity anomalies overlain.

Dreadnought Resources Limited	www.dreadnoughtresources.com.au
Suite 5, 16 Nicholson Road, Subiaco WA 6008	[e-mail]
PO Box 572, Floreat WA 6014	[phone]

Figure 7: Plan view of the recently acquired airborne magnetics data (L) Reduced to Pole (RTP) and ground gravity (R) Bouguer 1st vertical derivative highlighting priority target locations.

Figure 8: Example of coincident magnetic (top) and gravity (middle) and the resultant inversion modelled

bodies (bottom) from Prominent Hill, Brumby and Ernest Henry Proterozoic Cu-Au deposits.

from Austin and Foss 2012. Rich, attractive and extremely dense: A geophysical review of Australian IOCGs.

Dreadnought Resources Limited	www.dreadnoughtresources.com.au
Suite 5, 16 Nicholson Road, Subiaco WA 6008	[e-mail]
PO Box 572, Floreat WA 6014	[phone]

Concluding Comments

Dreadnought would like to take the opportunity to thank and acknowledge the assistance of our stakeholders including the Department of Defence, the Dambimangari Aboriginal Corporation, and the Department of Mines, Industry Regulation and Safety for their support in getting us to this point. For further information please refer to previous ASX announcements:

• 11 June 2019

High grade assays from the Grants Target

• 18 September 2019 Tarraji-Yampi drilling to commence in September 2019

•	17 October 2019	Drilling Commenced at Grants Cu-Au Target
•	29 October 2019	Multiple Mineralised Zones at Grants Cu-Au Target

• 8 November 2019 Multiple Mineralised Zones in second hole at Grants Cu-Au Target

RECENT AND UPCOMING NEWSFLOW

December: Drilling program at Illaara completed - Lawrence's Find and CRA Homestead

December: Assay results from drilling at Grants

December: Surface geochemical results from Chianti-Rufina

December: Surface geochemical and geophysical results from Grants and Tarraji

23 December: General Meeting and placement of $170,000 of shares to directors if approved by shareholders

January: Assay results from Illaara 2020 drilling - Lawrence's Find and CRA Homestead

February/March: Illaara VMS and nickel sulphide drill target generation work including surface geochemistry and geophysics

February/March: Commence drilling at Illaara Central, Metzke's Find, Lawrence's Find and CRA Homestead

June quarter: Commence drilling program over priority base metals targets at Illaara

Dreadnought looks forward to reporting a strong news flow for the remainder of 2019 and into 2020.

~Ends~

For further information please contact:
Dean Tuck	Nick Day
Managing Director	Company Secretary
Dreadnought Resources Limited	Dreadnought Resources Limited
E:[e-mail]	E:[e-mail]

The announcement is authorized for release to the market by Dean Tuck the Company's Managing Director

Competent Person's Statement

The information in this announcement that relates to geology and exploration results and planning was compiled by Mr. Oliver Judd, who is a Member of the AusIMM, exploration manager and shareholder of the Company. Mr. Judd 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. Judd 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
Suite 5, 16 Nicholson Road, Subiaco WA 6008	[e-mail]
PO Box 572, Floreat WA 6014	[phone]

INVESTMENT HIGHLIGHTS

Tarraji-YampiNi-Cu-Au Project

Dreadnought controls the second largest land holding in the highly prospective West Kimberley, Western Australia. The main project area is located only 85kms from Derby and has been locked up as a Defence reserve since 1978, The area was only recently opened under the Commonwealth Government's co-existence regime that balances Defence's needs with the requirements of others including Aboriginal groups, the resources industry, pastoralists and State Governments.

Tarraji-Yampi presents a rare first mover

opportunity with known outcropping mineralisation and historic workings from the early 1900s which have seen no modern exploration.

Three styles of mineralisation occur at Tarraji- Yampi including: volcanogenic massive sulphide ("VMS"); Proterozoic Cu-Au ("IOCG"); and

magmatic sulphide Ni-Cu-PGE. Numerous high priority nickel, copper and gold drill targets have been identified from recent VTEM surveys, historical drilling and surface sampling of outcropping mineralisation.

Illaara Au-VMS Project

Illaara is located 160km northwest of Kalgoorlie in the Yilgarn Craton and covers 75kms of strike along the Illaara Greenstone Belt. Illaara is prospective for typical Archean mesothermal lode gold deposits and Cu-Zn VMS mineralisation.

Dreadnought has consolidated the Illaara Greenstone Belt mainly through an acquisition from Newmont Goldcorp ("Newmont"). Newmont defined several camp-scale targets which were undrilled due to a change in corporate focus. Prior to Newmont, the Illaara greenstone belt was held predominantly by iron ore explorers and has seen minimal gold and base metal exploration since the 1990s. Illaara contains several drill ready gold targets, the NWA nickel sulphide prospect and known VMS horizons which could produce exciting drill targets with the application of modern exploration technology.

Rocky Dam Au-Cu-Zn Project

Rocky Dam is located 45kms east of Kalgoorlie in the Eastern Goldfields Superterrane of Western Australia. Rocky Dam is prospective for typical Archean mesothermal lode gold deposits and Cu-Zn VMS mineralisation. Rocky Dam has known gold and VMS occurrences with drill ready gold targets based on 1990s mineralised gold intercepts which have not been followed up.

Dreadnought Resources Limited	www.dreadnoughtresources.com.au
Suite 5, 16 Nicholson Road, Subiaco WA 6008	[e-mail]
PO Box 572, Floreat WA 6014	[phone]

Table 1: Drill holes completed and underway at the Grants Prospect. Coordinates are UTMz51, GDA 94

Hole ID

Easting

Northing

RL

Dip

Azimuth

EOH

Status

GRDD001

628810

8168260

50

-60

315

151.1m

Completed

GRDD002

628934

8168361

50

-60

315

194.0m

Completed

Table 2: Significant drill intercepts (>0.1% Cu, >0.1 g/t Au) from the Grant's Target

Hole ID

From

To

Interval

Cu

Au

27.6m

45.0m

17.4m

0.7%

0.1 g/t

Incl.

36.0m

45.0m

9m

1.1%

0.2 g/t

GRDD001

Incl.

40.3m

42.0m

1.7m

3.8%

0.5 g/t

and

83.0m

84.5m

1.5m

0.3%

-

and

106.3m

111.0m

4.7m

0.7%

-

Incl.

108.4m

110.5m

2.1m

1.2%

-

99.0m

116.5m

17.5m

0.5%

-

Incl.

99.0m

100.0m

1.0m

1.1%

0.2 g/t

GRDD002

Incl.

106.0m

107.0m

1.0m

2.2%

0.3 g/t

Incl.

112.0m

115.4m

3.4m

1.1%

-

and

143.8m

156.5m

12.7m

0.5%

-

Incl.

154.0m

155.9m

1.9m

1.3%

-

JORC Code, 2012 Edition - Table 1 report template

Section 1 Sampling Techniques and Data

JORC TABLE 1

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria		JORC Code explanation	Commentary
Sampling	•	Nature and quality of sampling (e.g. cut	Diamond drilling was utilised to produce a sample
techniques		channels, random chips, or specific	of core which was then cut in half to produce a
		specialised industry standard measurement	sample approximately 2-4kg in weight. The sample
		tools appropriate to the minerals under	was then sent to the laboratory where it was
		investigation, such as down hole gamma	crushed, pulverised and sub-sampled to produce a
		sondes, or handheld XRF instruments, etc.).	50g charge for fire assay (gold) and also a sample
		These examples should not be taken as	for multi-element analysis.
		limiting the broad meaning of sampling.	The gravity survey was undertaken by Atlas
	•	Include reference to measures taken to
		ensure sample representivity and the	Geophysics Pty. Ltd. between 16th October - 5th
		appropriate calibration of any measurement	November 2019. The data processed by Southern
		tools or systems used.		Geoscience Consultants Pty. Ltd. (SGC) (Perth)
	• Aspects of	the	determination of	using a the AAGD07 gravity datum and GRS80
		mineralisation that are Material to the Public	ellipsoid heights. Bouger anomaly data was
		Report.			calculated using a correlation density of
	• In cases where 'industry standard' work has	2.67g/cm3.
		been done this would be relatively simple	Location of data points - Two Gravity/GNSS
		(e.g. 'reverse circulation drilling was used to
		control stations 201912200001 "Chianti" and
		obtain 1 m samples from which 3 kg was
		201912200002 "Little Tarraji River" were used to
		pulverised to produce a 30 g charge for fire
Dreadnought Resources Limited			www.dreadnoughtresources.com.au
Suite 5, 16 Nicholson Road, Subiaco WA 6008		[e-mail]
PO Box 572, Floreat WA 6014			[phone]

Criteria

JORC Code explanation

Commentary

assay'). In other cases, more explanation

control all field observations throughout the

may be required, such as where there is

survey. Gravity control was established via loops

coarse gold that has inherent sampling

with existing Australian Fundamental Gravity

problems.

Unusual

commodities

or

Network (AFGN) control station 1964910128 "Old

mineralisation

types

(e.g.

submarine

Airport Hanger - Derby WA".

nodules) may warrant disclosure of detailed

Data Spacing and distribution - gravity stations

information.

were collected on 50 x 200 m spaced grid

Equipment - one Scintrex CG-5 Autograv Gravity

Meter, one CHC Nav i70+ GNSS Rover receiver

and one CHC Nav i70+ GNSS Base receiver.

Drilling

•

Drill type (e.g. core, reverse circulation,

Diamond drilling was undertaken by Hagstrom

techniques

open-hole hammer, rotary air blast, auger,

Drilling Pty Ltd. utilising a Marooka - track mounted

Bangka, sonic, etc.) and details (e.g. core

rig. Core size was HQ3 and NQ3 (Triple tube).

diameter, triple or standard tube, depth of

Typically, the first half of the hole was drilled using

diamond tails, face-sampling bit or other

HQ3 and once in competent ground was switched

type, whether core is oriented and if so, by

to NQ3. Core was orientated utilising a Boart

what method, etc.).

Longyear Tru Core Orientation Tool.

Drill sample

•

Method of recording and assessing core and

Diamond core recovery was initially recorded by the

recovery

chip sample recoveries and results

driller and eventually by the site geologist during

assessed.

logging.

•

Measures taken to maximise sample

Recovery is measured each metre and recorded

recovery and ensure representative nature

digitally.

of the samples.

Overall core recovery was excellent, 95-100%

•

Whether a relationship exists between

throughout within fresh rock and typically between

sample recovery and grade and whether

60-100% through weathered rock.

sample bias may have occurred due to

It should be noted that some of the upper

preferential loss/gain of fine/coarse material.

mineralised zones within GRDD001 are weathered

and therefore recovery was between 60-100%.

It is unknown if a relationship exists between

sample recovery and grade and also if a bias exists

due any loss of material.

Logging

•

Whether core and chip samples have been

Diamond core was stored in core trays at the rig and

geologically and geotechnically logged to a

then cleaned, reassembled and marked up with

level of detail to support appropriate Mineral

metre marks and an orientation line by the

Resource estimation, mining studies and

Dreadnought site geologist.

metallurgical studies.

Data

on

the

rock-type, deformation,

colour,

• Whether logging is qualitative or quantitative

structure,

alteration, veining, sulphides,

oxidation

in nature. Core (or costean, channel, etc.)

state, minerals and recovery were recorded.

photography.

• The total

length and

percentage of

the

Logging is both qualitative, quantitative and semi-

relevant intersections logged.

quantitative in nature.

Sub-sampling

•

If core, whether cut or sawn and whether

HQ and NQ core was cut in half using an industry

techniques and

quarter, half or all core taken.

standard automated core saw by ALS laboratories

sample

•

If non-core, whether riffled, tube sampled,

(Perth).

preparation

rotary split, etc. and whether sampled wet or

Field

duplicates

in the form of half core were

dry.

collected at a rate of approximately 1:30, typically

• For all sample types, the nature, quality and

targeting the mineralised zones. OREAS certified

appropriateness of the sample preparation

registered materials (CRM's) were inserted at a rate

technique.

of approximately 1:30 through the mineralised

•

Quality control

procedures adopted for

all

zones also.

sub-sampling

stages

to

maximise

QAQC samples were submitted to the laboratory

representivity of samples.

• Measures taken to ensure that the sampling

within the sample string and given unique sample

is representative of the in-situ material

ID's.

collected,

including for instance results

for

Core

cutting, sampling, sample preparation and

field duplicate/second-half sampling.

Dreadnought Resources Limited

www.dreadnoughtresources.com.au

Suite 5, 16 Nicholson Road, Subiaco WA 6008

[e-mail]

PO Box 572, Floreat WA 6014

[phone]

Criteria

JORC Code explanation

Commentary

• Whether sample sizes are appropriate to the

assaying was all undertaken by ALS laboratories

grain size of the material being sampled.

(Perth).

A ~3kg sample was oven dried to 105DegC and

then pulverised to 85% passing 75um (Code: PUL-

23)

All samples were analysed for gold by 50g Fire

Assay with ICP-AES Finish (Code: Au-ICP22)

Mineralised zones were analysed by a 25g, four

acid digest, for 41 multi-elements using ICP-MS

(Code: ME-MS61)

Ore grade Copper samples were analysed by ICP-

AES with a HF-HNO3-HCIO4 digest, HCI Leach

(Code: Cu-OG62)

None-mineralised zones were analysed using a

semi-quantitative XRF scan for 11 elements (Code:

pXRK-30)

The sample preparation technique is industry

standard and deemed suitable for the style and

materials being assayed.

Quality control for maximising representivity of

samples included sample weights, insertion of field

duplicates and laboratory duplicates.

Quality of assay

• The nature, quality and appropriateness of

Fire assay is considered a 'total assay technique'

data and

the assaying and laboratory procedures

for the analysis of gold.

laboratory tests

used

and whether

the

technique

is

MS-ICP61multi-element is considered a 'near total

considered partial or total.

assay technique'.

• For geophysical tools, spectrometers,

handheld XRF instruments, etc., the

Cu-OG62 is considered a 'near total assay

parameters used in determining the analysis

technique'

including

instrument

make

and

model,

pXRF is considered a 'partial technique' - No pXRF

reading times, calibrations factors

applied

results are reported in this report.

and their derivation, etc.

• Nature of quality control procedures adopted

Duplicates and CRM's are inserted into mineralised

(e.g. standards, blanks, duplicates, external

zones at a rate of approximately 1:30 for QAQC

laboratory checks) and whether acceptable

purposes.

levels

of

accuracy

(i.e. lack

of

bias)

and

Levels of precision of assay and quality controls put

precision have been established.

in place are deemed acceptable.

Verification of

• The verification of significant intersections by

Significant intersections have been verified by

sampling and

either independent or alternative company

senior dreadnought personnel.

assaying

personnel.

Logging and sampling were recorded directly into a

• The use of twinned holes.

digital

logging

system, verified

and eventually

• Documentation of primary data, data entry

stored in an offsite database.

procedures, data verification, data storage

No twinning has been undertaken.

(physical and electronic) protocols.

• Discuss any adjustment to assay data.

No adjustments to any assay data have been

undertaken.

Location of data

• Accuracy and quality of surveys used to

Collar position was recorded using a handheld

points

locate drill holes (collar and down-hole

Garmin GPS (+/- 3m).

surveys), trenches, mine workings and other

GDA94 Z51s is the grid format for all drilling xyz

locations

used

in

Mineral

Resource

data reported.

estimation.

• Specification of the grid system used.

Azimuth and dip of the drill hole was recorded after

• Quality and adequacy of topographic control.

the completion of the hole using a down hole EZ

Track

single

shot camera. A

reading was

Dreadnought Resources Limited	www.dreadnoughtresources.com.au
Suite 5, 16 Nicholson Road, Subiaco WA 6008	[e-mail]
PO Box 572, Floreat WA 6014	[phone]

Criteria		JORC Code explanation	Commentary
			undertaken every 30th metre with an accuracy of +/-
			0.5deg.
			Gravity data points were recorded using a DGPS
			with an accuracy of +/- 1cm
Data spacing and	•	Data spacing for reporting of Exploration	See drill table for hole positions.
distribution		Results.	Data spacing at this stage is not suitable for Mineral
	• Whether the data spacing and distribution is
	Resource Estimation
		sufficient to establish the degree of
		geological and grade continuity appropriate	No sample compositing has been applied in
		for the Mineral Resource and Ore Reserve	reporting.
		estimation procedure(s) and classifications
		applied.
	•	Whether sample compositing has been
		applied.
Orientation of	•	Whether the orientation of sampling	Drilling was undertaken at -60°, a Sub-
data in relation to		achieves unbiased sampling of possible	perpendicular angle to the interpreted strike and dip
geological		structures and the extent to which this is	of any interpreted mineralised structures or
structure		known, considering the deposit type.	lithologies. Lithologies generally are steeply dipping
	•	If the relationship between the drilling	(~80-90°) and thus true widths of mineralisation will
		orientation and the orientation of key	have to be extrapolated from any assay results.
		mineralised structures is considered to have
		introduced a sampling bias, this should be
		assessed and reported if material.
Sample security	•	The measures taken to ensure sample	All samples from collection at rig through to
		security.	submission at the laboratory have been under the
			supervision of Dreadnought personnel or sub-
			contractors associated with the company. All
			samples are sealed in polyweave bags and stored
			in bulka bags for storage and transport.
Audits or reviews	•	The results of any audits or reviews of	The drilling program has been reviewed by senior
		sampling techniques and data.	company personnel.
			The gravity date collection and post program
			processing was undertaken by Geophysical
			Consultancy Southern Geoscience Consultants
			Pty. Ltd. (SGC) Perth.

Section 2 Reporting of Exploration Results

(Criteria in this section apply to all succeeding sections.)

Criteria

JORC Code explanation

Commentary

Mineral tenement

• Type, reference name/number, location

The Tarraji-Yampi Project consists of 4 granted

and land tenure

and ownership including agreements or

(E04/2315, E04/2508, E04/2557, E04/2572) and

status

material issues with third parties such as

1 pending exploration Licenses (E04/2608)

joint ventures,

partnerships,

overriding

The Tarraji tenement (E04/2315) is an 80/20 JV

royalties, native

title

interests,

historical

between IronRinger (Tarraji) Pty Ltd and

sites, wilderness or

national

park and

Whitewater Resources Pty Ltd.

environmental settings.

• The security of the tenure held at the time

The Yampi Tenements (E04/2508, E04/2572,

of reporting along with any known

E04/2557, E04/2608) are 100% owned by

impediments to obtaining a licence to

IronRinger (Tarraji) Pty Ltd

operate in the area.

IronRinger (Tarraji) Pty Ltd is a wholly owned

Dreadnought Resources Limited

www.dreadnoughtresources.com.au

Suite 5, 16 Nicholson Road, Subiaco WA 6008

[e-mail]

PO Box 572, Floreat WA 6014

[phone]

Criteria	JORC Code explanation		Commentary
					subsidiary of Dreadnought.
					E04/2315, E04/2508, E04/2572, E04/2557 are
					located within the Yampi Sound Training Area
					(YSTA) which is freehold land owned by the
					Commonwealth Government and	administered
					by the Department of Defence. Being freehold
					Commonwealth Land, there is no Native Title
					over these tenements.
					E04/2608 is partly located within the YSTA and
					partly on Vacant Crown Land which has Native
					Title claim by the Warra Combined (NNTT
					Number 2901
Exploration done by	• Acknowledgment and appraisal of	Regional mapping, basic stream sediment, soil
other parties	exploration by other parties.		sampling and limited diamond drilling was
					completed by WMC in the 1950s.
					The YSTA was off limits to exploration from 1978-
					2013.
Geology	• Deposit type, geological setting and style	The Tarraji-Yampi Project is located within the
	of mineralisation.			Hooper Complex which is a Proterozoic Mobile
					Belt in the West Kimberley.
					The Hooper Complex has known occurrences of
					Cu-Zn-Pb-Ag VMS mineralisation within the
					Marboo Formation, magmatic Ni-Cu-PGE
					mineralisation in the Ruins Dolerite and later
					stage	Proterozoic	Cu-Au	mineralisation
					associated with significant structures and late
					stage intrusions.
Drill hole information	• A summary of all information material to	An overview of the drilling program is given within
	the understanding of the exploration	the text above
	results including a tabulation of the
	following information for all Material drill
	holes:
	o easting and northing of the drill hole
	collar
	o elevation or RL (Reduced Level -
	elevation above sea level in metres)
	of the drill hole collar
	o dip and azimuth of the hole
	o down hole length and interception
	depth
	o hole length.
	• If the exclusion of this information is
	justified on the basis that the information
	is not Material and this exclusion does
	not detract from the understanding of the
	report, the Competent Person should
	clearly explain why this is the case.
Data aggregation	• In reporting Exploration Results,	Length weighted averaging utilised a cut off grade
methods	weighting	averaging	techniques,	of 0.1% Cu.
	maximum	and/or	minimum grade	Higher grade intercepts were reported using a
	truncations (e.g. cutting of high grades)
	0.3% Cu lower cut off, incorporating up to 1m of
	and cut-off grades are usually Material
	internal	waste, with a	cumulative average of
	and should be stated.
			greater than 1.0% Cu.
	• Where aggregate intercepts incorporate
	Lower grade intervals were reported using a 0.1%
	short lengths of high-grade results and
	longer lengths of low grade results, the	Cu cut off, incorporating up to 3m of internal
	procedure	used for	such	aggregation	waste with a cumulative average of greater than

Dreadnought Resources Limited	www.dreadnoughtresources.com.au
Suite 5, 16 Nicholson Road, Subiaco WA 6008	[e-mail]
PO Box 572, Floreat WA 6014	[phone]

Criteria		JORC Code explanation		Commentary
		should be stated and some typical	0.3% Cu
		examples	of such aggregations should	No metal equivalents were reported.
		be shown in detail.
	• The assumptions used for any reporting
		of metal equivalent values should be
		clearly stated.
Relationship	•	These	relationships	are	particularly	At Grants, the geometry of mineralisation is
between		important in the reporting of Exploration	understood from mapping and drilling. The
mineralisation widths		Results.						intersection angle of drilling is sub-perpendicular
and intercept lengths	• If the geometry of the mineralisation with	to the mineralisation and therefore reporting
		respect to the drill hole angle is known, its	widths are over-reporting the true width of
		nature should be reported.			mineralisation.
	• If it is not known and only the down hole
		lengths are reported, there should be a
		clear statement to this effect (e.g. 'down
		hole length, true width not known').
Diagrams	•	Appropriate	maps and sections	(with	Refer to figures within this report.
		scales) and tabulations of intercepts
		should be included for any significant
		discovery being reported These should
		include, but not be limited to a plan view
		of drill hole collar locations and
		appropriate sectional views.
Balanced reporting	•	Where	comprehensive	reporting	of all	The accompanying document is a balanced
		Exploration Results is not practicable,	report with a cautionary note.
		representative reporting of both low and
		high grades and/or widths should be
		practiced to avoid misleading reporting of
		Exploration Results.
Other substantive	• Other exploration data, if meaningful and	Both the geophysical and drilling data is reported
exploration data		material, should be reported including	upon in this report.
		(but	not		limited	to):	geological
		observations; geophysical survey results;
		geochemical	survey	results;	bulk
		samples - size and method of treatment;
		metallurgical test results; bulk density,
		groundwater,	geotechnical	and	rock
		characteristics; potential deleterious or
		contaminating substances.
Further work	• The nature and scale of planned further	Further geophysical and drilling programs are
		work (e.g. tests for lateral extensions or	planned for the 2020 exploration season at the
		depth extensions or large-scalestep-out	project.
		drilling).
	• Diagrams clearly highlighting the areas of
		possible extensions, including the main
		geological	interpretations	and	future
		drilling areas, provided this information is
		not commercially sensitive.

Dreadnought Resources Limited	www.dreadnoughtresources.com.au
Suite 5, 16 Nicholson Road, Subiaco WA 6008	[e-mail]
PO Box 572, Floreat WA 6014	[phone]