THE DRILL SERGEANT: Dreadnought Resources (ASX: DRE) is cashed up to accelerate infill, extensional and discovery drilling at the company’s 100 per cent-owned Mangaroon rare earth project in Western Australia.
Dreadnought Resources reported it has received firm commitments to raise $12 million in an institutional placement of 200 million new ordinary shares at an issue price of six cents per share.
The company said the placement was strongly supported by institutional and sophisticated investors, both domestically and offshore, providing endorsement of Dreadnought’s ongoing progress and exceptional discovery at Mangaroon.
“The rapid progress at the large-scale, high-grade Yin discovery requires an acceleration of our activities,” Dreadnought Resources managing director Dean Tuck said in the company’s ASX announcement.
“As does testing of the potential game changing prospects around Yin which includes the possible source of the regional rare earths being the five carbonatites (C1 to C5).
“An initial JORC Resource at Yin will provide confirmation as to the scale and grade potential at Yin.
“We expect ongoing testing at Yin and our other ironstones to contribute to significant growth of the company’s upcoming maiden JORC Resource.
“The company will also progress activities at its other projects, which are showing considerable promise as ongoing exploration continues.”
TO READ THE FULL ANNOUNCEMENT: CLICK HERE