Analysis of Dreadnought Resources' Mangaroon Gold Project Results

Based on the ASX announcement from March 18, 2025, Dreadnought Resources has reported highly encouraging gold exploration results at their 100% owned Mangaroon Gold Project in Western Australia's Gascoyne region. As a gold exploration expert, I would rate their prospects for finding additional gold as exceptionally strong for the following reasons:

Strengths and Positive Indicators

1. Extraordinary High-Grade Samples: The rock chip results from Steve's Reward are truly exceptional, with values of 155.5 g/t, 100.5 g/t, and 49.5 g/t Au. These grades are far above average gold deposit grades globally and indicate a potentially rich gold system.
2. Significant Strike Length Extension: The extension of the gold lode at Steve's Reward from ~300m to ~1,000m dramatically increases the potential scale of this target. This threefold increase in strike length is a major development.
3. Multiple Parallel Structures: The identification of parallel or splay lodes at Steve's Reward is highly significant. Major gold deposits often feature multiple parallel mineralized structures that can substantially increase total resource potential.
4. Large-Scale Soil Anomalies: The Midday Moon target covers a 2,800 x 800m gold-in-soil anomaly, which is an extensive footprint that suggests a potentially significant mineralized system.
5. Regional Stream Sediment Anomalies: The announcement mentions that Bordah and High Range areas have returned "larger and stronger anomalies than around the Star of Mangaroon" (which already has a defined resource), indicating high potential for new discoveries.
6. Exceptional Metallurgy: The reported 96.7% gold recovery including 74.4% from gravity alone indicates coarse, free gold that would be relatively simple and cost-effective to process.
7. Under-explored Territory: Much of the project area has seen minimal modern exploration due to previously fractured ownership, creating an opportunity for significant new discoveries.
8. Structural Controls: The mineralization appears to be associated with major structural features (Mangaroon Shear Zone, Minga Bar Fault), which are classic controls for orogenic gold deposits.

Risk Factors

1. Surface Sample Limitations: While rock chips provide excellent indicators, they represent selective sampling and may not represent average grades over mining widths.
2. Limited Drilling to Date: Many targets remain untested by drilling, which is ultimately needed to confirm the continuity and economic potential of the mineralization.
3. Resource Scale: The existing resource at Star of Mangaroon, while high-grade (12.8 g/t Au), is currently modest in size (23,400 oz). The project needs additional discoveries to achieve significant scale.

Overall Assessment

I would rate the Mangaroon Gold Project's prospects for finding more gold as excellent (9/10). The combination of:

• Exceptional surface grades
• Significant strike extensions
• Multiple parallel structures
• Large geochemical anomalies
• Favorable geological setting
• Under-explored terrain
• Existing high-grade resource

All point to a gold system with substantial discovery potential. The company's strategy of using initial production from Star of Mangaroon to self-fund further exploration also appears sound and reduces funding risk.

The upcoming drilling program across multiple targets should provide significant news flow and potentially confirm the project's district-scale potential. Investors watching this project should pay particular attention to the initial drilling results from Steve's Reward, which appears to be the most immediately promising target based on the extremely high-grade rock chip samples.