*Here’s a detailed summary and assessment of the ASX...

*Here’s a detailed summary and assessment of the ASX announcement by Dreadnought Resources Ltd on 22 July 2025, regarding the Steve’s Reward gold anomaly at Mangaroon:

Summary of Key Points

Discovery & Geological Context

• A large gold-in-soil anomaly has been identified at Steve’s Reward, measuring approximately 2,600m x 600m, open in both directions.

• The strongest gold-soil anomaly (770 ppb Au) is ~500m northwest of recent drilling.

• Hosted in metasediments and volcanics near major shear zones (Magweera and Jimmy Well), considered highly prospective for orogenic gold.

What does 770 ppb mean?

• 770 ppb = 0.77 ppm = 0.77 grams per tonne (g/t) in the soil sample.

• For soil samples, values over 50 ppb are generally considered anomalous.

• Anything over 100–200 ppb is often flagged as highly anomalous.

• So 770 ppb is exceptional for a soil result.

Geochemical Results

• High-grade rock chips:

  • SRRK002: 155.5 g/t Au

  • SRRK006: 100.5 g/t Au

  • SRRK008: 49.5 g/t Au

• Outcropping lode results (up to 116 g/t Au) suggest near-surface, high-grade potential.

Drilling Status

• 15 RC holes recently completed at Steve’s Reward – assays pending July 2025.

• Additional drilling underway across the broader Mangaroon region with RC and diamond rigs.

Exploration Strategy

• Dreadnought is aiming to self-fund through small-scale open-pit mining at Star of Mangaroon, leveraging high grades and third-party processing.

• Steve’s Reward is a never-before-drilled target.

• Airborne magnetic surveys and additional geochemical work ongoing.

Upcoming Newsflow

• July 2025: RC drill results from Steve’s Reward & Inevitable.

• August–September 2025: Results from Popeye, Star of Mangaroon, and other targets.

• October 2025: Presentation at Australian Gold Conference.

Assessment:

Positives (Why This Is Good News)

1. Significant Gold Anomaly Defined

   • The 2.6 km strike length is notably large. It's one of the most significant anomalies ever defined at Mangaroon.

   • The 770 ppb Au soil sample is high for soil geochemistry.

2. Untapped Area

   • Steve’s Reward has never been drilled or mined, meaning the discovery is from virgin ground with high upside.

3. Strong Rock Chip Grades

   • Multiple samples >30 g/t Au and one as high as 155.5 g/t Au indicate high-grade mineralization near surface.

4. Systematic & Scalable Approach

   • Combining geochemical data, mapping, and upcoming assays.

   • Clear pipeline of work and transparency in scheduling (hubinar, conferences, drilling updates).

5. Self-Funding Strategy

   • If Star of Mangaroon starts producing in the short term, Dreadnought could internally fund future drilling and avoid capital raises.

Caution

1. No Assay Results Yet

   • All drilling at Steve’s Reward is awaiting results. Until assays confirm grade, width, and continuity — this remains speculative.

2. Large Soil Anomalies ≠ Economic Deposits

   • While promising, anomalies need to translate into consistent intercepts in drilling.

3. High Rock Chip Grades Can Be Misleading

   • Rock chips are often selectively sampled and don't always reflect the average grade or economic viability of a lode.

4. Reliance on “Pending News”

   • Much of the value is speculative, tied to upcoming assays and presentations. The market may be saturated with anticipation.

5. Shareholder Dilution Still a Risk

   • Despite plans for self-funding, royalties and exploration costs could eventually lead to future placements.

Final Verdict

This is a meaningful exploration update, not mere fluff.
While assay results are pending, the scale and strength of the anomaly, high-grade rock chips, and the fact this is previously undrilled ground make this announcement genuinely encouraging — particularly for a junior explorer with a self-funding model.

Rating: 7.5/10 – Solid exploration progress. A step forward, but confirmation (assays) is key.

*gpt4o