The Dreadnought Resources Ltd (ASX: DRE) share price is having a good session on Thursday.
At the time of writing, the rare earths explorer's shares are up 6% to 3.5 cents.
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Why is the Dreadnought share price jumping?
Investors have been buying the company's shares today after it announced a significant resource increase and upgrade at the Yin REE Ironstone Complex, which is part of the 100% owned Mangaroon project in the Gascoyne Region of Western Australia.
According to the release, the resource now totals 29.98Mt @ 1.04% TREO and has been delivered in only 18 months from discovery. It contains significant neodymium and praseodymium (Nd+Pr) at various cut-off grades.
The good news is that this sizeable resource could only be a fraction what is underground. That's because it only covers ~10% of the 43km long Yin strike.
Management believes that this confirms the 100% owned Mangaroon project as a globally significant critical minerals complex with a combined, high confidence resource at Yin and the Gifford Creek Carbonatite of 40.82Mt @ 1.03% TREO.
It feels that this points to a "long-life, strategically important, tier 1 project" in one of the world's top investment jurisdictions.
Dreadnought's Managing Director, Dean Tuck, commented:
Since drilling commenced in June 2022, Dreadnought has delivered another substantial increase in the initial Resource over just 4.6kms of the Yin Ironstone Complex. The upgraded independent Resource confirms Yin as a high-grade and high Resource intensity deposit. Both material factors in a project's economics. Yin continues to demonstrate one of the highest NdPr:TREO ratios in the world. We are proud of how much has been achieved in such a short space of time and are looking forward to continuing to build on the region's potential in 2024.
