Dreadnought Resources : Further High-Grade Cu-Ag-Au-Co-Zn from Orion Discovery

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8 December 2021

TARRAJI-YAMPI PROJECT

FURTHER HIGH-GRADECu-Ag-Au-Co-Zn FROM ORION DISCOVERY

HIGHLIGHTS

• High Grade Cu-Ag-Au-Co results from multiple holes at Orion with significant intercepts including:

•	KMRC047:	12m @ 3.0% Cu,	21.4g/t Ag,	1.7g/t Au,	0.02% Co	from 1m
	Including: 5m @	5.9% Cu,	44.9 g/t Ag, 3.7g/t Au,	0.01% Co	from 1m
•	KMRC039:	20m @ 1.4% Cu,	13.4g/t Ag,	0.5g/t Au,	0.03% Co	from 3m
	Including: 3m @	7.6% Cu,	116g/t Ag,	2.2 g/t Au,	0.14% Co	from 18m
•	KMRC048:	11m @ 2.2% Cu,	31.6g/t Ag,	1.1g/t Au,	0.07% Co	2.2% Znfrom 135m
	Including: 3m @	2.9% Cu,	46.5g/t Ag,	0.9g/t Au,	0.05% Co, 4.3% Znfrom 141m
•	KMRC037:	14m @ 0.4% Cu,	31.8g/t Ag,	3.7g/t Au,	0.02% Co	from 29m
	Including: 4m @	0.3% Cu,	82.9g/t Ag,	10.2g/t Au, 0.04% Co	from 37m
•	KMRC035:	13m @ 1.0% Cu,	22.4 g/t Ag, 0.6g/t Au,	0.04% Co	from 29m
	Including: 5m @	2.1% Cu,	50.2g/t Ag,	1.5g/t Au,	0.09% Co	from 36m

• Mineralisation at Orion commences from a depth of ~1m and has been confirmed to ~150m down dip and along strike for ~240m and remains open at depth and along strike.
• Planning is underway for the 2022 field season to deliver Resources at Orion and Grant's Find and to undertake exploration at numerous project scale targets.

Dreadnought Resources Limited ("Dreadnought") is pleased to announce assay results from all holes drilled at Orion and other targets in the Tarraji-Yampi Project located in the West Kimberley region of Western Australia.

Drilling results have confirmed Orion as a high-grade copper (up to 12.5%), silver (up to 192.0g/t), gold (up to 34.2g/t), cobalt (up to 1.66%) and zinc (up to 4.3%) massive sulphide discovery with mineralisation commencing from just 1m under cover, extending to at least 240m along strike and 150m down dip. Orion remains open along strike and at depth. Geophysical modelling indicates the mineralised body could extend to at least 500m depth.

Dreadnought's Managing Director, Dean Tuck, commented: "Orion continues to deliver high-grade Cu-Ag-Au-Co-Znintercepts and indications to date are that we have only begun to scratch the surface. Furthermore, interpretation of the mineralisation system appears to be similar in character to the magmatic-hydrothermaldeposits in the Mt Isa region of Queensland. This will form a working hypothesis for future targeting and interpretation of results. Furthermore, we have now proven that low-impact,shallow auger drilling can be deployed to screen targets prior to RC drilling. This will also provide an invaluable tool to assist in unlocking this developing mineral province."

Figure 1: Dreadnought geologists and the Ausdrill RC drill rig crew with massive sulphide mineralisation on hole KMRC022. From L to R, Nick, Liam, Jesse, Luke, Matt and Rodney.

Dreadnought Resources Limited	www.dreadnoughtresources.com.au
Suite 6, 16 Nicholson Road, Subiaco WA 6008	[e-mail]
PO Box 1240, West Perth WA 6872	[phone]

For personal use only

Figure 2: Image highlighting significant drill intercept and the location of drilling at Orion in relation to projected

mineralisation and interpreted structures.

Dreadnought Resources Limited	www.dreadnoughtresources.com.au
Suite 6, 16 Nicholson Road, Subiaco WA 6008	[e-mail]
PO Box 1240, West Perth WA 6872	[phone]

For personal use only

Program at Orion Cu-Ag-Au-Co-Zn (E04/2315: 80%)

Orion is a Cu-Ag-Au-Co-Zn massive sulphide system with multiple lodes situated along a major structure within a 4km long Ruins Dolerite and sediment package. The mineralisation is obscured by 1-5m of cover and has a well- developed oxide-supergene profile up to 30m in depth.

During the 2021 field season, 29 RC holes (3,240m) were drilled at Orion over two programs. The first program included KMRC017 which intersected 12m @ 1.6% Cu, 31.7g/t Ag and 0.5g/t Au from 45mfrom an interval of massive to semi-massive sulphides within the Ruins Dolerite. Subsequent to drilling KMRC017, downhole and fixed loop EM survey programs modelled the anomaly at Orion to extend >400m of strike and to ~500m in depth (being the limit of the EM survey's effectiveness).

During the second program, 27 RC holes (2,904m) were drilled at Orion to test the anomaly's strike length and depth extent, as well as to test for nearby supergene mineralisation. A total of 18 holes intersected massive/semi-massive sulphides, oxide and or supergene mineralisation with significant mineralised intercepts

including (*Previously reported):

•	KMRC022*:	16m @ 2.2% Cu,	38.7g/t Ag,	6.6g/t Au,	0.40% Co	from 77m
	Including:	2m @	<0.1% Cu,	4.8 g/t Ag,	27.6g/t Au, 1.50% Co	from 77m
	And:	7m @	4.7% Cu,	83.3g/t Ag, 4.9g/t Au,	0.20% Co	from 82m
•	KMRC039:	20m @ 1.4% Cu,	13.4g/t Ag,	0.5g/t Au,	0.03% Co	from 3m
	Including:	3m @	7.6% Cu,	116g/t Ag,	2.2 g/t Au,	0.14% Co	from 18m
•	KMRC047:	12m @ 3.0% Cu,	21.4g/t Ag,	1.7g/t Au,	0.02% Co	from 1m
	Including:	5m @	5.9% Cu,	44.9 g/t Ag, 3.7g/t Au,	0.01% Co	from 1m
•	KMRC048:	11m @ 2.2% Cu,	31.6g/t Ag,	1.1g/t Au,	0.07% Co, 2.2% Znfrom 135m
	Including:	3m @	2.9% Cu,	46.5g/t Ag,	0.9g/t Au,	0.05% Co, 4.3% Znfrom 141m

Mineralisation has now been confirmed over ~240m of strike from within ~1m of surface to ~150m down dip and remains open along strike and at depth.

Figure 3: Long section through Orion showing the location of recent drilling results in relation to oxide,

supergene and fresh massive sulphide mineralisation. Mineralisation remains open at depth and to the north.

Dreadnought Resources Limited	www.dreadnoughtresources.com.au
Suite 6, 16 Nicholson Road, Subiaco WA 6008	[e-mail]
PO Box 1240, West Perth WA 6872	[phone]

For personal use only

The massive sulphide mineralisation at Orion consists of pyrrhotite-pyrite-chalcopyrite-cobaltite and zones into more pyrrhotite-pyrite-chalcopyrite-sphalerite and galena rich compositions to the north and occasionally along the margins of the massive sulphide intervals. This zonation is likely due to a temperature gradient and/or multiple overprinted pulses within the mineral system.

The massive sulphide mineralisation occurs in a sequence of graphitic shales and siltstones and fine to medium- grained foliated dolerite and mafic schists. The mineralised lodes are hosted within a structure approximately conformable with the stratigraphy and dip from 55-70 degrees to the east, range in thickness from 1-20m and generally increase in thickness and tenor down dip. The results align with stronger modelled EM and magnetic responses at depth. Several NW trending faults offset the lode and may offset, but not necessarily close off, the mineralisation to the south.

Oxide and supergene mineralisation is developed in the weathered portions of the lode down to ~30m depth and is marked by iron rich gossans and secondary copper carbonates in the oxide portions and chalcocite in the supergene zone.

A palaeochannel ranging from 1-5m thick covers the shallowest portions of the mineralisation making it blind at surface.

Figure 4: 3D view (looking north) of modelled magnetic body (green blob), FLEM plate (blue plate) and DHEM plates (red) and their associated drill holes showing that only the top of the system has been tested to date at Orion. These surveys indicate that the mineralisation could extend to at least 500m depth.

Dreadnought Resources Limited	www.dreadnoughtresources.com.au
Suite 6, 16 Nicholson Road, Subiaco WA 6008	[e-mail]
PO Box 1240, West Perth WA 6872	[phone]

For personal use only

Figure 5: Cross section showing mineralised intercepts and assay results through line 5 showing oxide, supergene

and massive sulphide mineralisation. DHEM and FLEM modelling shows the EM plates continue at depth.

Figure 6: Cross section showing intercepts from line 4, including KMRC017. Magnetic and EM modelling indicate

that mineralisation remains open to a depth of at least 500m.

Dreadnought Resources Limited	www.dreadnoughtresources.com.au
Suite 6, 16 Nicholson Road, Subiaco WA 6008	[e-mail]
PO Box 1240, West Perth WA 6872	[phone]