The Dreadnought Resources Ltd (ASX: DRE) share price is spiking on Monday. It now trades at 11 cents apiece.
Investors have bid the share higher following a company announcement out of Dreadnought’s camp today.
The chart below shows returns for Dreadnought shares over the past 12 months.
What did the company announce?
Dreadnought advised that infill reverse circulation (RC) drilling at its Mangaroon Project in Western Australia has again intersected mineralised rare earth element (REE) ironstones.
Further studies indicate this trend extends more than 16kms in strike, with “significant growth potential
beyond the initial 3km of drilling,” it says.
The company’s managing director, Dean Tuck, said that “understanding of the petrophysical properties [at Mangaroon] has significantly improved,” following the drilling.
“We have also identified three new ironstone trends, including a possible link between Yin and Y3 and a new carbonatite target at C7,” he added.
“We look forward to receiving assay results from our new targets and to inspecting the remaining 100 targets in our database.”
Meanwhile, the company has already confirmed REE mineralisation at 22 of these inspected targets.
It had initially identified 140 anomalies prospective for REE mineralisation below surface following a detailed magnetic-radiometric survey. To date, only 40 of these have been mapped.
Dreadnought share price snapshot
In the past 12 months, the Dreadnought share price has spiked more than 162% into the green. Dreadnought shares have risen 115% in the last month alone.
The post Dreadnought share price leaps 5% on rare earths ‘significant growth potential’ appeared first on The Motley Fool Australia.
Should you invest $1,000 in Dreadnought Resources Limited right now?
Before you consider Dreadnought Resources Limited, you’ll want to hear this.
Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Dreadnought Resources Limited wasn’t one of them.
The online investing service heâs run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.
See The 5 Stocks
*Returns as of August 4 2022
(function() {
function setButtonColorDefaults(param, property, defaultValue) {
if( !param || !param.includes(‘#’)) {
var button = document.getElementsByClassName(“pitch-snippet”)[0].getElementsByClassName(“pitch-button”)[0];
button.style[property] = defaultValue;
}
}
setButtonColorDefaults(“#43B02A”, ‘background’, ‘#5FA85D’);
setButtonColorDefaults(“#43B02A”, ‘border-color’, ‘#43A24A’);
setButtonColorDefaults(“#fff”, ‘color’, ‘#fff’);
})()
More reading
- Guess which ASX mining share is rocketing 16% on a new rare earths discovery
- âGenuine scale’: Why is the Dreadnaught share price surging 10% today?
Motley Fool contributor Zach Bristow has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
from The Motley Fool Australia https://ift.tt/pIXWiKF
Leave a Reply