Dreadnought Resources : High-Grade Cu-Ag-Au-Co Discovery at Orion

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15 November 2021

TARRAJI-YAMPI PROJECT

HIGH GRADE Cu-Ag-Au-Co DISCOVERY AT ORION

HIGHLIGHTS

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

•	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
•	KMRC026:	19m @ 1.0% Cu,	23.2g/t Ag,	1.1g/t Au,	0.06% Co	from 92m
	Including: 2m	@	2.0% Cu,	56.8g/t Ag,	5.6 g/t Au,	0.25% Co	from 92m
	And:	3m	@	3.5% Cu,	92.9g/t Ag,	1.9g/t Au,	0.14% Co, 4.2% Znfrom 107m
•	KMRC019:	12m @ 1.3% Cu,	23.2g/t Ag,	1.1g/t Au,	0.06% Co	from 83m
•	KMRC021:	14m @ 0.6% Cu,	11.3 g/t Ag, 0.3g/t Au,	0.01% Co	from 43m
	Including: 2m	@	3.1% Cu,	68.3g/t Ag,	1.6g/t Au,	0.05% Co	from 45m

• Massive sulphide, supergene and oxide 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.
• Assays from an additional 13 mineralised holes from Orion, including supergene and oxide intercepts are expected early December 2021.

	Dreadnought Resources Limited ("Dreadnought") is pleased
	to announce assay results from the first 6 mineralised
	follow-up holes drilled at Orion, part of the Tarraji-Yampi
	Project in the West Kimberley region of Western Australia.
	Drilling results have confirmed Orion as a high-grade copper
	(up to 7.4%), silver (up to 192.0g/t), gold (up to 34.2g/t) and
	cobalt (up to 1.66%) 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:
	"With multiple thick, high-grade intercepts now confirmed
	we are delighted to declare Orion a high-gradeCu-Ag-Au-Co
	discovery occurring just 1m below surface. With 13
	mineralised holes remaining to be assayed, including our
	deepest, and our oxide and supergene intercepts, we expect
	more high-grade intercepts to come. This is an amazing
	outcome from what is our second ever drill program at
	Tarraji-Yampi, the first programs here since 1958/1972 and
	an indication of the potential for this highly prospective and
	underexplored ground to produce more discoveries."
	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 showing the location of drilling at Orion in relation to projected mineralisation and interpreted

structures. Holes pending assays shown in blue.

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 (E04/2315: 80%)

Orion consists of multiple magnetic and EM anomalies within a thick 4km long Ruins Dolerite and sediment package. A number of anomalies sit adjacent to significant cross cutting structures which could provide fluid pathways for Proterozoic Cu-Ag-Au-Co mineralisation.

During the 2021 field season 29 RC holes (3,240m) were drilled at Orion over two programs and 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 have hit massive/semi-massive sulphides, oxide and or supergene mineralisation. Assay results from the first 6 massive/semi-massive sulphide intercepts have returned significant mineralisation including:

•	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
•	KMRC026:	19m @ 1.0% Cu,	23.2g/t Ag,	1.1g/t Au,	0.06% Co	from 92m
	Including: 2m	@	2.0% Cu,	56.8g/t Ag,	5.6 g/t Au,	0.25% Co	from 92m
	And:	3m	@	3.5% Cu,	92.9g/t Ag,	1.9g/t Au,	0.14% Co, 4.2% Znfrom 107m
•	KMRC019:	12m @ 1.3% Cu,	23.2g/t Ag,	1.1g/t Au,	0.06% Co	from 83m
•	KMRC021:	14m @ 0.6% Cu,	11.3 g/t Ag, 0.3g/t Au,	0.01% Co	from 43m
	Including: 2m	@	3.1% Cu,	68.3g/t Ag,	1.6g/t Au,	0.05% Co	from 45m

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

Figure 3: Long section through Orion showing the location of recent drilling results and pending assays in

relation to oxide, supergene and fresh massive sulphide mineralisation.

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 4: RC chips from KMRC047 4-5m showing oxide mineralisation comprised of gossanous iron oxides (red-brown) and secondary copper carbonates (green).

Figure 5: RC chips from KMRC039 18-19m showing supergene mineralisation comprised of chalcocite (dark grey) mixed with pyrite, chalcopyrite and gossanous iron oxides.

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 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 ~20m depth and is marked by iron rich gossans and secondary copper carbonates in the oxide portions and chalcocite in the supergene.

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

In addition, 3 holes (357m) were drilled into magnetic anomalies with multiple zones of copper and cobalt minerals intersected within sheared, sulphide altered mafic rocks. These results indicate that additional lodes of massive sulphide mineralisation may exist within the broader Orion area.

Figure 6: RC chips from KMRC022 84-85m showing massive sulphide mineralisation comprised of pyrrhotite-pyrite(bronze-yellow) and chalcopyrite (golden-yellow). This metre assayed 7.4% Cu, 132g/t Ag, 6.2 g/t Au.

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 7: Cross section showing mineralised intercepts and assay results through line 5. KMRC039 intersected

chalcocite rich supergene mineralisation. Holes with assays pending in blue.

Figure 8: 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. Holes with assays pending in blue.

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]