Dreadnought Resources (ASX:DRE) said that a revised open-pit study is currently underway at the Mangaroon gold project in Western Australia, according to a Thursday Australian bourse filing.

The firm's ongoing work is focused on discovery and near-term production ounces as the firm seeks to progress the Star of Mangaroon resource into production. Drilling is underway to test regional targets and to extend the said resource at depth and to the north.

Its shares fell nearly 3% in recent trading on Thursday.