Dreadnought Resources (ASX:DRE) said reverse circulation drilling at its Mangaroon Gold Project in Western Australia extended near-surface gold mineralization, with results expected to contribute to a resource upgrade, according to a Friday filing with the Australian bourse.
Results yielded 6 meters at 22.9 grams per tonne (g/t) grade of gold from 12 meters and 2 meters at 4 g/t from 9 meters in areas outside the current resource estimate and scoping study, the filing said.
Reverse circulation and diamond rigs are now mobilizing at the site for further drilling, the filing added.
Shares of the company fell nearly 17% in recent Friday trade, earlier hitting a 52-week low.
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