The Dreadnought Resources Ltd (ASX: DRE) share price is rocketing in morning trade, up 7% to 4.5 cents per share, having earlier posted gains of more than 9%.
Below we take a look at the ASX resource explorer's latest mineral results that appear to be spurring investor interest.
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Why is Dreadnought's share price gaining on the report?
Dreadnought's share price is surging after the company reported bonanza grade results from follow up rock chip sampling at its Rough Triangle project in Western Australia.
Initial rock chip samples were taken at several historical prospects. Dreadnought is unaware of any historical records of sampling results from these prospects, which date back to tenement maps from the early 1900s.
The results of the sampling confirmed "high tenor polymetallic mineralisation". This include critical minerals Antinomy (Sb) and Bismuth (Bi), as well as Copper (Cu), Gold (Au) and Silver (Ag). The positive results were reported across numerous prospects.
According to the release, significant results include:
- 7% Cu, 142g/t Ag
- 6% Cu, 75g/t Ag, 0.1 g/t Au
- 2% Cu, 197g/t Ag, 14.5% Sb, 1.6% Bi
- 3% Cu, 291g/t Ag, 15.0% Sb, 3.1% Bi
- 4% Cu, 1.4 g/t Au, 0.2% Co, 5.0% Bi
- 9% Cu, 272g/t Ag, 8.8% Sb, 1.9% Bi
Six major lode systems have been sampled to date.
Dreadnought's share price may also be getting a boost from the report that more than half of the known outcropping lodes have yet to be sampled.
What did management say?
Commenting on the results, Dreadnought's managing director, Dean Tuck said:
With less than half of the known lodes sampled to date, we are continuing to identify high tenor Cu-Au-Ag-Bi-Sb-Co mineralisation across Tarraji-Yampi. As we continue to sample these systems, a geochemical pattern is developing which may allow us to vector in towards larger, undercover mineralisation like we have recently seen at Orion. We will continue to assess additional targets while undertaking our drilling programs at Orion, Fuso and Grant's Find.
Dreadnought share price snapshot
The Dreadnought share price is up 350% over the past 12 months, well outpacing the 23% gains posted by the All Ordinaries Index (ASX: XAO) over that same time.
Year-to-date, Dreadnought's share price has continued to outperform, up 125% in 2021.
