*Tiger Prospect Drilling Report – Mangaroon Project (Dreadnought...

*Tiger Prospect Drilling Report – Mangaroon Project (Dreadnought Resources)

1. Overview of Latest Drilling Results (Tiger Prospect)

The Tiger prospect, part of the Mangaroon project in Western Australia, has returned promising results from two reverse circulation (RC) drilling programs. These programs aimed to identify mineralisation across a 500m long gossanous horizon. The drilling targeted both base metals (zinc, copper, lead) and precious metals (silver, gold).

2. Significant Intercepts

• TIGERC013:

  • 26m @ 1.5% Zn, 0.3% Cu, 0.5% Pb, 20.2 g/t Ag, 0.2 g/t Au from 30m.
    • Includes 7m @ 3.1% Zn, 0.5% Cu, 15.7 g/t Ag from 33m.

• TIGERC011:

  • 20m @ 0.4% Zn, 0.1% Cu, 6.8 g/t Ag, 0.1 g/t Au from 1m.
    • Includes 2m @ 1.7% Zn, 0.3% Cu, 39.3 g/t Ag from 8m.

• TIGERC003 (previous results):

  • 12m @ 3.6% Zn, 0.5% Cu, 13.4 g/t Ag from 31m.
    • Includes 6m @ 5.4% Zn, 0.6% Cu from 32m.

3. Comparison of Results Against Industry Norms

The reported results show promising mineral grades, especially when considering the deposit is polymetallic. Below is a breakdown of the grades and how they compare to industry benchmarks:

Zinc (Zn)

• Reported Grades:

  • 1.5% - 5.6% Zn over various intervals.

• Industry Norms:

  • High-grade zinc ore: 5% or above.
  • Moderate-grade: 2-5%.
  • Low-grade: Below 2%.

• Interpretation:

  • Several intercepts are in the moderate to high range (e.g., 3.6% and 5.4% Zn). These results suggest that some parts of the deposit could be quite valuable, especially if mined as an open-pit operation.

Copper (Cu)

• Reported Grades:

  • 0.1% - 1.1% Cu over different intervals.

• Industry Norms:

  • High-grade copper ore: Above 1.5%.
  • Moderate-grade: 0.5-1.5%.
  • Low-grade: Below 0.5%.

• Interpretation:

  • The copper grades are modest in these drill holes. While not spectacular, they could still contribute to the economic value when combined with zinc, silver, and gold credits.

Silver (Ag)

• Reported Grades:

  • 6.8 g/t - 46.7 g/t Ag in some intercepts, with exceptional points like 289 g/t from previous rock chip samples.

• Industry Norms:

  • High-grade silver ore: Above 50 g/t.
  • Moderate-grade: 10-50 g/t.
  • Low-grade: Below 10 g/t.

• Interpretation:

  • The silver results (e.g., 39.3 g/t and 46.7 g/t) are within the valuable range. This makes the deposit more attractive, as silver can significantly increase the profitability of the operation as a by-product.

Gold (Au)

• Reported Grades:

  • 0.1 g/t - 0.3 g/t Au.

• Industry Norms:

  • High-grade gold ore: Above 5 g/t.
  • Moderate-grade: 1-5 g/t.
  • Low-grade: Below 1 g/t.

• Interpretation:

  • The gold content here is low, but it still adds value if the deposit is mined for other metals (like zinc or copper). Even small amounts of gold can boost project economics, especially in polymetallic deposits.

Lead (Pb)

• Reported Grades:

  • 0.3% - 1.1% Pb.

• Industry Norms:

  • High-grade lead ore: Above 2%.
  • Moderate-grade: 1-2%.
  • Low-grade: Below 1%.

• Interpretation:

  • The lead grades are reasonable but not extraordinary. However, combining it with zinc (often found together in VMS deposits) adds economic potential.

4. Economic Viability and Mining Potential

1. Polymetallic Value:

   • Zinc, copper, silver, and lead together create a diversified product base, which reduces risk by spreading dependence across multiple commodities. Even if the price of one metal fluctuates, the others can still support profitability.

2. Mining Method Feasibility:

   • The shallow nature of the mineralisation (starting from 1m depth) suggests that open-pit mining could be used, which is typically less expensive than underground mining.

3. Government Incentives and Funding:

   • The project has received co-funding from the WA Government’s Exploration Incentive Scheme and has a drill-for-equity agreement with Topdrill Pty Ltd, reducing exploration costs.

4. Next Steps in Exploration:

   • Diamond drilling and further geophysical surveys are planned for late 2024 to early 2025 to confirm mineral continuity and resource size.
   • A resource estimate at Tiger could significantly boost the project’s commercial prospects.

5. Conclusions and Recommendations

Conclusions

The Tiger prospect has delivered encouraging early results, particularly in terms of zinc grades with significant contributions from silver and copper. While some individual grades (such as copper and gold) are moderate, the combination of all metals suggests a viable polymetallic deposit. The near-surface mineralisation further enhances the economic outlook due to the potential for cost-effective open-pit mining.

Recommendations

• Expand drilling to test for lateral and depth extensions, as the mineralisation is still open in all directions.
• Evaluate metallurgical recovery to confirm that the metals can be efficiently extracted.
• Monitor commodity prices—especially zinc, silver, and copper—as they will impact the economic feasibility.
• Complete a resource estimate after additional drilling to provide a clearer picture of the deposit's commercial value.

This report presents a positive early-stage assessment of the Tiger prospect. While further exploration is necessary to fully understand the deposit, the combination of moderate to high zinc grades, valuable silver credits, and shallow mineralisation makes this project potentially economically viable.
*GPT4o