Dreadnought Resources has agreed to acquire three tenements within the Mangaroon Gold Project in the Gascoyne Region of Western Australia (WA) from Redscope Enterprises (vendor).
Redscope Enterprises is a wholly owned subsidiary of Venus Metals.
The acquisition, covering approximately 300km², is set to consolidate Dreadnought’s position in the area, enhancing its gold and base metals strategy.
Dreadnought’s consolidated ownership has enabled a comprehensive review of the high-grade gold potential in the region, including the compilation of historical data and the execution of various exploratory surveys.
Under the agreement, Dreadnought will make a non-refundable deposit of $10,000 (A$15,297) to privately held Redscope Enterprises.
Dreadnought will also pay $40,000 in cash and issue 16 million shares upon completion of the acquisition.
The area is known for its gold anomalies and major structural settings, which may include extensions of the historic Star of Mangaroon mine and the Mangaroon Shear Zone.
Upon completion of the acquisition, Dreadnought plans to conduct target generation and definition surface sampling surveys to identify additional gold targets in the region.
Dreadnought managing director Dean Tuck said: “The acquisition, when completed, closes a significant gap in our tenement position at Mangaroon. We already have a dominant position in the region, and we see these tenements as important to our short and long-term strategy for Mangaroon gold and base metals.
“We will be including existing and future targets on the tenements into our existing work programmes in the region.”
Furthermore, Dreadnought has agreed to pay a 1% gross revenue royalty on all metals and minerals produced from the tenements to the vendor.
