Dreadnought's shares cruising after good rare earth news as Kingfisher's halted
DREADNOUGHT Resources and Kingfisher Mining look to be separately going well in the emerging rare earth-prospective Gascoyne region of Western Australia.Dreadnought got away well this month at its Yin prospect, saying it had "thick, high-grade rare earths" in each of the first six RC holes drilled.Preliminary XRF results included 10m at 6.3% REO from 11m and 34m at 2.9% REO from 95m.Yin, part of the company's overall Mangaroon project, comprises a plus-2.5km ironstone.Dreadnought's planned drill campaign comprises 66 holes for about 5600m.The company started the current quarter with $4.6 million cash.Dreadnought raised A$8 million last September when it issued new shares priced at 3.5c each.Shares in the company were up 13.5% to 4.2c in afternoon trade, capitalising the company at about $120 million.Meanwhile, down the road at Mick Well and the namesake Kingfisher prospect, Kingfisher completed drilling a month ago and today went into a trading halt regarding results.Capitalised at about $10 million Kingfisher started the current quarter with $2.9 million cash.Kingfisher and Dreadnought's interest in the area come in the wake of the strong Western world-located market for rare earth prospects and Hastings Technology Metals' $660 million Yangibana project, where construction is said to have kicked-off earlier this month.
KFM Price at posting:
24.0¢ Sentiment: Buy Disclosure: Held
