
Dreadnought Resources upgraded Metzke's Find 67% to 25,000oz at 5.2g/t, with 84% Indicated and high-grade near-surface ounces improving project economics. Commercial discussions are under way.
Dreadnought Resources (ASX:DRE) lifted the high-grade resource at its Metzke's Find gold project in Western Australia, with Indicated ounces climbing 94% and total ounces rising 67% to 25,000 ounces at 5.2 grams per tonne. Fully 84% of the resource now sits in the Indicated category.
Managing Director Dean Tuck said the grade profile and the shallow distribution directly improve project economics.
"50% more gold is now contained within the top 50m, which will have a meaningful positive impact on project economics and cashflow for our mining study."
The Indicated grade runs at 6.0 g/t, and metallurgical testing returned 98.9% recovery, with 78.5% of that coming from gravity separation on free-milling ore. That combination lowers processing cost per ounce and reduces strip ratio, making a shallow open-pit more viable than the prior 15,000-ounce resource suggested.
Dreadnought has already started talks on the best path to commercialise the deposit, part of the Illaara gold project in the Yilgarn region. Tuck said commercial interest from third parties reinforces confidence that Metzke's Find can fund exploration across the company's broader pipeline.
"Becoming a self-funded explorer, generating cashflow that funds life-changing discoveries across our broader project pipeline, is a real and near-term opportunity," he said.
Metzke's North, a separate zone with about 150 metres of strike, remains open along strike and at depth. Further drilling is planned for July 2026. Tuck described genuine potential to extend the deposit.
The project has an unusual history. Discovered by a prospecting party in 1911, the site sits 160 kilometres from the nearest railhead with no readily available fresh water. Only about 890 ounces at 40 g/t were ever produced. Junior explorers drilled 51 shallow percussion holes in the late 1980s and early 1990s, averaging 25 metres depth, with half the holes partially or unassayed. Dreadnought acquired the project in 2020 and has since drilled 81 reverse-circulation holes and six diamond holes totalling 8,224 metres.
The 25,000-ounce resource at 5.2 g/t compares favourably with other high-grade open-pit opportunities in WA, Tuck noted. Density of Indicated ounces near surface and the metallurgy cut risk for a mining study. For context on Dreadnought's exploration strategy across its Yilgarn ground, see Dreadnought Resources Hits High-Grade Mineralization at Stinger.
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