Ann: Shallow Gold in First Drilling at Steves Reward - Mangaroon, page-3

Here's an assessment of the drilling results from Dreadnought Resources' Steve’s Reward and Inevitable prospects at Mangaroon (ASX announcement dated 24 July 2025):

Summary of Results

Steve’s Reward – Gold (Au) Prospect

• First drilling ever in the area: 15 RC holes totaling 1,140m.

• 8 out of 15 holes returned significant gold mineralisation.

• Key intercepts include:

  • SRRC001:

    • 4m @ 4.1 g/t Au from 6m (including 2m @ 6.8 g/t Au from 7m)

    • 3m @ 2.1 g/t Au from 48m

  • SRRC003: 1m @ 3.7 g/t Au from 17m

  • SRRC004: 1m @ 4.5 g/t Au from 6m

  • SRRC012: 3m @ 2.9 g/t Au from 7m (including 1m @ 7.4 g/t Au)

  • SRRC011: Multiple intercepts around 1.3 g/t Au

• Gold-in-soil anomaly: A large surface anomaly measuring ~2,600m x 600m with peak value of 770ppb Au about 500m northwest of drilling — remains open along strike.

Inevitable – Base Metals Target

• 4 holes drilled (166m total), testing 4 EM conductors.

• Results showed low-grade base metal anomalism (up to 0.5% Cu, 0.3% Pb, 0.1% Zn).

• Downhole EM confirms targets have been tested.

• No further work is planned here currently.

Strengths of the Program

• Early success: Hitting gold in 8 of 15 holes on a first-pass program is very encouraging.

• Shallow intercepts: Several hits start from as shallow as 6–7m, which is highly positive for potential open-pit mining.

• High-grade zones (e.g., 2m @ 6.8 g/t and 1m @ 7.4 g/t) indicate potential for bonanza pockets, though limited in width.

• Geochemical footprint: The scale and strength of the soil anomaly (~2.6km x 600m) suggests larger system potential, especially since strongest anomalies weren’t yet drill-tested.

Limitations & Considerations

• Narrow intercepts: Most high-grade hits are 1–3m wide, with no thick, consistent zones reported yet.

• Early stage: This is scout drilling. There is not enough data to define geometry or resource continuity.

• Inferred orientation: Mineralisation appears vein-hosted, near vertical, and possibly nuggety — future step-outs and structural interpretation will be key.

• No resource estimate: Yet to define a JORC-compliant resource at Steve’s Reward.

Strategic Implications

• Steve’s Reward is shaping up as a potential satellite deposit to the flagship Star of Mangaroon project, which already hosts 23.4koz @ 12.8 g/t Au (see report, page 5).

• If additional drilling confirms continuity and extent, Steve’s Reward could:

  • Feed into the self-funded mining strategy using toll treatment.

  • Add high-grade ounces near surface to improve project economics.

Conclusion

Positive early-stage results, but thin widths highlight the need for scale.

First-pass drilling at Steve’s Reward has delivered a solid hit rate, with gold intersected in 8 out of 15 holes — including some strong grades such as 2m @ 6.8g/t and 1m @ 7.4g/t. The mineralisation is shallow, which is encouraging for potential open-pit development, and the large 2.6km x 600m gold-in-soil anomaly points to broader system potential. These are promising signs that Steve’s Reward could become a valuable addition to the Mangaroon gold system.

However, the high-grade intercepts are narrow — mostly 1 to 3 metres — and not yet mineable on their own. This isn’t a resource yet, and certainly not a standalone operation. The next phase of drilling, planned for September 2025, will be critical. Success will hinge on proving continuity, discovering thicker zones, or identifying a network of stacked veins. There’s gold in the system — that’s clear — but it needs volume and consistency before becoming a serious development asset.

In contrast, the Inevitable prospect appears to have limited potential at this stage, with low-grade base metal anomalism and no follow-up drilling planned.

Investor outlook: Encouraging but not transformational — yet. The next round of drilling will tell us whether this is a future satellite deposit or something more substantial.

*gpt4o