Dreadnought Resources (ASX:DRE) is trading up more than 6% after reporting hits of high grade gold from shallow drilling at its 100% owned Mangaroon gold project in the Gascoyne Region of Western Australia.
It reports assay results have revealed shallow mineralisation from 26 RC drill holes, covering 2,862 metres.
Top intercepts included 3m at 23.7 grams per tonne of gold from 58m; 4m @ 27.4 g/t Au from 80m; and, 4m @ 5.1 g/t Au from 106m.
At surface, results included 3m @ 4.9 g/t.
The company reports visible gold had also been logged in 3 of the diamond holes drilled as part of the resource definition program and assays from diamond drilling are expected this month or next.
Popeye delivers 22.8 g/t Au
Dreadnought also claims it has promising results from four RC first pass drilling holes covering just over 300 metres at historical workings at the Popeye prospect.
Significant intercepts included 3m @ 22.8 g/t Au from 13m deep.
Popeye is located on the Star of Mangaroon mining lease and was discovered while sinking a shaft for water.
The company has found no record of the prospect being drilled before and reports it may provide an opportunity to prove up a shallow, high-grade open pit for processing.
Dreadnought MD Dean Tuck said the initial Mineral Resource Estimate for Mangaroon was expected next month.
Dreadnought last traded at 1.7c (12.15pm AEST).
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