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.
Image source: Getty Images
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.
