Why is the Dreadnought share price crashing 19% today?

This copper explorer's update has disappointed investors. What's going on?

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The Dreadnought Resources Ltd (ASX: DRE) share price is having a tough day of trade.

At the time of writing, the copper explorer's shares are down 19% to 3.4 cents.

Why is the Dreadnought share price sinking?

Investors have been selling the company's shares today after it released an update on drilling activities at Tarraji-Yampi Project in Western Australia.

According to the release, the company's diamond drilling has now been completed for the year at the project.

And while no real results were released with the update, the feedback from its drill holes doesn't read overly positively.

Assay results are expected within the next four to eight weeks. However, it seems some investors aren't willing to stick around to see what becomes of them.

Dreadnought's Managing Director, Dean Tuck, spoke about the challenges the company has faced with its drilling campaign. He said:

This year's drilling program in the Kimberley has been challenging due to unseasonable weather, bush fires and rig break downs. As a result, the program remains largely incomplete as originally intended with only a handful of targets effectively tested.

Nevertheless, Tuck remains upbeat on the future. He adds:

On the positive side, mineralisation at Orion has been extended and remains open at depth, thanks to diamond drilling supported by the GSWA's co-funding Exploration Incentive Scheme. Additionally, a number of strong off hole conductors have been identified associated with "near miss" style mineralisation seen around the fringes of the Orion Discovery. These remain high priority targets for follow up drilling in 2024.

The Dreadnought share price is now down almost 70% over the last 12 months following today's decline.

Motley Fool contributor James Mickleboro 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.

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