Business & Investment

Dreadnaught Resources Raises Stock Price for New Discovery in Gold-Iron Project

The· Dreadnaught Resources Ltd [ASX:DRE] Since then, stock prices have fallen slightly Finally I explained about Explorer, Found a new floor about 200% higher than the average price over the last 5 years.

At the time of writing, DRE’s share price rose 5%, trading at 2.1 cents per share, following the new results of the Illaara Gold-VMS-Iron Ore Project in Washington.

ASXDRE Stock Chart

Source: Tradingview

Shares have fallen about 40% from their peak in early October, when speculators piled up before the first results of Longmore’s “Discovery in Ilara” were announced.

Is it a good result or is it just a gold recovery?

Gold prices recovered slightly overnight after a few trades Beats in the last few days.

This may have contributed to the rise in DRE’s share price today.

Explorers have also released a new assay from the drilling campaign currently underway at Longmore’s Find.

The highlights of the 13-hole program are:

  • From 49m to 1m with 5.8g of gold (g / t) per ton
  • 66m to 5.7g / tAu 1m

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Unfortunately, only five of the thirteen holes have blocked significant gold mineralization, and one hole is still awaiting results.

Search for Dreadnaught Resources Illaara Gold Project Longmore

Source: Dreadnought

The gold blocking holes produced very high quality results, but far from the 100g / t originally reported in October.

DRE acknowledges that the current results are inconsistent and inconsistent with the original results.

However, the lining is silver.

The low grade results of DRE suggest that the mineralized veins are not running in the originally interpreted direction.

However, as shown in the figure above, it may instead tend to be quasi-parallel to the direction of the drill.

Dean Tuck, Managing Director of DRE, commented:

The RC combines interception at Longmore’s Find with structural observations of the diamond core to justify another drilling round at Longmore’s Find and emphasize the value of early diamond drilling.

Confirm that the new drilling will rotate more in the NS direction and will start in February 2021.

Learn from your mistakes

For Longmore’s Find now, it’s a little bit of hope and prayer.

In my opinion, if DRE fails to produce decent results with the next drill program, it could be the end of Longmore.

But that may be worse.

There is still a lot of research to be done at Illaara, and the mistakes made at Longmore’s Find could help the DRE geology team understand the mineralization system.

nice to meet you,

Lachlann Tierney,

for Daily Reckoning Australia

PS: Our resident gold expert, Shae Russell, has suggested that Australia will be the next “gold epicenter”. This means that Australia’s gold stock price can rise significantly. For more information, download the free report here.

Dreadnaught Resources Raises Stock Price for New Discovery in Gold-Iron Project

https://www.dailyreckoning.com.au/dreadnaught-resources-share-price-up-asx-dre/2021/01/12/ Dreadnaught Resources Raises Stock Price for New Discovery in Gold-Iron Project

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