Dreadnought Resources : Nelson and Trafalgar Drilling Update - Illaara Project

4 April 2022

NELSON AND TRAFALGAR DRILLING UPDATE - ILLAARA PROJECT

HIGHLIGHTS

• • RC drilling has intersected massive sulphide mineralisation at the Nelson and Trafalgar Cu-Pb-Zn-Ag-Au prospects including base metal sulphides, well defined exhalative horizons and footwall alteration - all supportive of a fertile Volcanogenic Massive Sulphide ("VMS") system. Trafalgar has potential to be a Au-Ag system rather than base metals.

• • Drilling at both prospects also intersected several thick (10-34m) pegmatites interpreted to be a combination of flat lying and subvertical fertile Lithium-Caesium-Tantalum ("LCT") pegmatites at both prospects.

• • Down hole EM ("DHEM") is currently underway, which will guide follow up RC drilling while the rig is still at Illaara.

• • Initial assay results are expected in April/May 2022.

Dreadnought Resources Limited ("Dreadnought") is pleased to provide an update on RC drilling activities at Nelson and Trafalgar Cu-Pb-Zn-Ag prospects, part of the Illaara Project in the Yilgarn Region of Western Australia.

Nine holes (1,807m) have been drilled at Nelson and Trafalgar targeting coincident geochemical - magnetic - fixed loop EM ("FLEM") anomalies. Drilling at Nelson (6 holes for 1,173m) intersected massive sulphides (including minor chalcopyrite, sphalerite and galena), exhalative horizons, and strong footwall alteration indicative of a fertile base metal rich VMS system. Drilling at Trafalgar (3 holes for 634m) intersected multiple massive sulphide horizons associated with intense quartz veining and carbonate alteration more indicative of an Au-Ag system. Encouragingly, several thick 10-34m thick flat lying and subvertical fertile LCT pegmatites were also intersected at both Nelson and Trafalgar.

Dreadnought's Managing Director, Dean Tuck, commented: "Confirming an extensive fertile base metal

VMS system at Nelson, with similarities to the early-stage drilling results at Jaguar and Bentley, is a great start to the drilling program. DHEM is underway and we look forward to follow-up drilling in April 2022. We were also pleasantly surprised with intersections of multiple thick fertile LCT pegmatites across both prospects which has significantly expanded the footprint of Peggy Sue. Drilling has now commenced at Spitfire after which it will proceed to Metzke's Find and King's Iron Ore prospects giving us time to design further drill holes at Nelson before mobilising to Mangaroon."

Figure 1: Dreadnought's Sam Busetti (L), Scotty Rudd (C) and Matt Crowe (R) posing with massive sulphide samples (dark piles) from drill hole NERC002 drilled at Nelson.

Dreadnought Resources Limited	www.dreadnoughtresources.com.au
Unit 1, 4 Burgay Court, Osborne Park WA 6017	[e-mail]
PO Box 646, West Perth WA 6872	[phone]

Nelson Cu-Pb-Zn-Ag (E30/476: 100%)

Base metal VMS mineralisation was first identified within the Illaara Greenstone Belt by Electrolytic Zinc and BHP in the 1970s and 1980s.

Six holes (1,173m) were drilled at Nelson targeting a 1,500m x 350m Cu-Pb-Zn-Ag and VMS pathfinder (Au, Cd, In, Sn, Tl) in soil anomaly with six coincident highly conductive FLEM anomalies. The lithological setting and geochemical/geophysical signature of Nelson are analogous to the Jaguar VMS deposit located ~160km to the northeast.

The stratigraphy at Nelson represents a typical seafloor exhalative environment, consisting of basalts, volcaniclastic sediments and black shales. A consistent exhalative horizon was identified at the clastic sediment/basalt contact in several holes associated with distal exhalative sulphides dominated by pyrite, pyrrhotite and varying amounts of chalcopyrite, sphalerite and galena. The horizon was best developed in NERC002, where 17m of disseminated sulphide mineralisation was intersected from 187m, including 4m of massive pyrite-pyrrhotite and minor chalcopyrite from 197m. The underlying basalts also displayed significant hydrothermal epidote + chlorite alteration, a typical proximal signature to VMS mineralisation. The same horizon in NERC003 also hosted 2m of visible Pb-Zn (galena + sphalerite) mineralisation from 100m depth. There is potential for a zoned VMS system across Nelson and DHEM in all six holes will be used to define targets for additional follow-up RC drilling in

April 2022.

In addition, intersections of pegmatite (up to 34m wide) were observed in all 6 holes drilled at Nelson, extending the Peggy Sue LCT pegmatite swarm 500m further east.

All assays and associated

down-hole EM survey

results are expected in

April/May 2022.

Figure 2: Plan view image

of Nelson showing the

modelled EM plates in

relation to the Cu-Pb-Zn-Ag

in soil contours over a

magnetic image. The

location of recent drill holes

is also shown.

Dreadnought Resources Limited	www.dreadnoughtresources.com.au
Unit 1, 4 Burgay Court, Osborne Park WA 6017	[e-mail]
PO Box 646, West Perth WA 6872	[phone]

Trafalgar Au-Ag (E30/485: Option to earn 100%)

Three holes (634m) were drilled at Trafalgar targeting two coincident magnetic and highly conductive FLEM anomalies. The observed mineralisation, alteration and lithostructural setting appears similar to the Bottle Creek Au-Ag deposit located ~70km to the northeast. Assays will confirm the extent of any Au-Ag in the drill holes.

The stratigraphy consisted of coarse-grained garnet-mica metasediments overlying a layered mafic intrusive. All three holes confirmed the coincident EM and magnetic anomaly to represent a >200m striking sediment hosted massive sulphide and magnetite body. The prospective horizon was best observed in TFRC001, where 34m of massive sulphide and magnetite with strong carbonate alteration and quartz veining was intersected from 67m depth. The sulphide body, consisting mainly of pyrite-pyrrhotite-magnetite, was consistently observed at the sedimentary/mafic contact and remains open in all directions. Work is ongoing to assess the potential for VMS or Bottle Creek style Au-Ag mineralisation at Trafalgar.

Like Nelson, thick intersections (up to 11m wide) of pegmatite were also observed in the drilling at Trafalgar, ~3km from the outcropping pegmatites at Peggy Sue

All assays and associated down-hole EM surveys results are expected in April/May 2022.

Figure 3 (above): Close

up view of massive,

recrystallised pyrite

(light brass), pyrrhotite

(dark bronze) and

magnetite (dark grey)

from TFRC001.

Figure 4 (left): Plan view

image of Trafalgar

showing the location of

drilled holes in relation

to the modelled EM

plates over a magnetic

image.

Dreadnought Resources Limited	www.dreadnoughtresources.com.au
Unit 1, 4 Burgay Court, Osborne Park WA 6017	[e-mail]
PO Box 646, West Perth WA 6872	[phone]

Background on Illaara

Illaara is located 190 kms from Kalgoorlie and comprises seven tenements (~650 sq kms) covering 75km of strike along the entire Illaara Greenstone Belt. The Illaara Greenstone Belt has now been consolidated through an acquisition from Newmont and subsequently the purchase of Metzke's Find and an option to acquire 100% of E30/485 and E29/965.

Prior to Newmont, the Illaara Greenstone Belt was held by Portman Iron and Cleveland Cliffs who were looking to extend their mining operations north as part of their Koolyanobbing Iron Ore Operation. Given the long history of iron ore mining in the region, Illaara is well situated in relation to existing road and rail infrastructure connecting it to a number of export ports.

Historically, gold was discovered and worked at Metzke's Find and Lawrence's Find in the early 1900s.

In addition to gold, outcropping VMS base metals mineralisation was identified and briefly tested in the 1970s and 1980s with no subsequent exploration utilising modern techniques.

Figure 5: Plan view of the Illaara Project showing main prospects and basement geology.

Dreadnought Resources Limited	www.dreadnoughtresources.com.au
Unit 1, 4 Burgay Court, Osborne Park WA 6017	[e-mail]
PO Box 646, West Perth WA 6872	[phone]

For further information please refer to previous ASX announcements:

•	24 June 2019	75 km Long Illaara Greenstone Belt Acquired from Newmont
•	6 December 2019	Consolidation of 75km Long Illaara Greenstone Belt
•	16 February 2021	Significant Soil Anomalies Along Lawrence's Corridor
•	27 April 2021	Illaara Update and Regional Target Generation
•	14 February 2022	Eight Conductors to be Drilled at Nelson and Trafalgar

UPCOMING NEWSFLOW

April: Commencement of auger sampling program at Tarraji-Yampi (regional)

April: Commencement of RC drilling at Mangaroon Joint Venture (Money Intrusion) and Mangaroon rare earths (Yin, ironstones, carbonatites)

April: Quarterly Activities and Cashflow Reports

April/May: Assays from Peggy Sue pegmatite sampling - Illaara

April/May: Assays and DHEM results from RC drilling at Nelson and Trafalgar (Illaara) 3-5 May: Presenting at RIU Sydney Resources Round-up

May/June: Assays from RC drilling at Metzke's Find, Kings, Spitfire (Illaara) June: Assays from RC drilling at the Money Intrusion (Mangaroon Joint Venture)

May/June: Results from and Central Komatiite Belt nickel sulphide target generation work at Illaara June: Results from auger sampling program at Tarraji-Yampi

22-23 June: Presenting at the Gold Coast Investment Showcase

June/July: Rare earth assays from RC drilling at Yin, ironstones, carbonatites June/July: Maiden JORC Resource for Metzke's Find Au

July: Commencement of RC and diamond drilling at Tarraji-Yampi (Orion, Grants, regional targets)

~Ends~

For further information please contact:
Dean Tuck	Jessamyn Lyons
Managing Director	Company Secretary
Dreadnought Resources Limited	Dreadnought Resources Limited
E:[e-mail]	E:[e-mail]

This announcement is authorised for release to the ASX by the Board of Dreadnought.

Competent Person's Statement

The information in this announcement that relates to geology and exploration results and planning was compiled by Mr. Dean Tuck, who is a Member of the AIG, Managing Director, and shareholder of the Company. Mr. Tuck has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr. Tuck consents to the inclusion in the report of the matters based on the information in the form and context in which it appears. The Company confirms that it is not aware of any new information or data that materially affects the information in the original reports, and that the forma and context in which the Competent Person's findings are presented have not been materially modified from the original reports.

Dreadnought Resources Limited	www.dreadnoughtresources.com.au
Unit 1, 4 Burgay Court, Osborne Park WA 6017	[e-mail]
PO Box 646, West Perth WA 6872	[phone]