The Dreadnought Resources Ltd (ASX: DRE) share price is charging higher, up 8% in early afternoon trade.
Below, we take a look at the ASX resources explorer's latest results.
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What did Dreadnought report?
The Dreadnought Resources share price is surging after the company reported it had uncovered high grade rare earth elements (REE) ironstones at its 100% owned Yin Prospect in Western Australia over a roughly 2.5-kilometre strike.
The Yin Prospect is located 15 kilometres from the Hastings Technology Metals Ltd's (ASX: HAS) Yangibana REE Project, which is currently under construction.
For readers with some geological acumen, according to the release, significant rock chips results include:
- 50% total rare earth oxides (TREO), including 2.73% Nd2O3+Pr6O11
- 77% TREO, including 1.84% Nd2O3+Pr6O11
- 76% TREO, including 1.73% Nd2O3+Pr6O11
These results are reported to be similar to those seen in the ironstones at Yangibana.
Dreadnought has identified a total of 12 REE prospects based on "wide spaced radiometric anomalies coincident with apparent ironstone outcrops". 11 of those 12 prospects have yet to be inspected.
Commenting on the results, Dreadnought's managing director, Dean Tuck said:
It is encouraging to confirm high-grade REE mineralisation over 2.5 kilometres at the first of twelve prospects. Having confirmed similar mineralogical characteristics to Yangibana, we are now in the process of confirming another key economic driver being similar metallurgical characteristics.
Tuck said the company will conduct a detailed airborne magnetic-radiometric survey before the drill program commences. "The metallurgical assessment will focus on the potential for the TREO to be upgraded into a saleable intermediate product in the form of a concentrate," he added.
Dreadnought Resources share price snapshot
Longer-term shareholders will have little to complain about these past 12 months as the Dreadnought Resources share price gained 320%. By comparison the All Ordinaries Index (ASX: XAO) is up 24% in that same time.
Year-to-date the Dreadnought Resources share price is up 110%.
