Dreadnought Resources to Acquire Three Tenements within Western Australia's Mangaroon Gold Project; Shares Up 5%

MT Newswires Live07-26

Dreadnought Resources (ASX:DRE) entered into an agreement with Redscope Enterprises, a Venus Metals (ASX:VMC) subsidiary, to acquire 100% of the three tenements located within the Mangaroon gold project in Western Australia, according to a Friday filing with the Australian Securities Exchange.

The acquisition involves a non-refundable deposit of AU$10,000 payable within five days of signing, AU$40,000 payable upon completion, and 16 million fully paid ordinary shares in Dreadnought. The company also agrees to pay Redscope a 1% gross revenue royalty on all metals and minerals produced from the tenements, the filing said.

Target generation and definition work will begin with drill-ready targets upon completion of the transaction, according to the filing.

Dreadnought Resources shares rose nearly 5% in morning trading.

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