Dreadnought Resources (ASX:DRE) said it was awarded an Exploration Incentive Scheme co-funded grant worth AU$120,000 for reverse circulation drilling at its Mangaroon gold project in Western Australia, according to a Monday Australian bourse filing.
The funding is managed by the Geological Survey and Resource Strategy Division of Western Australia's Department of Energy, Mines, Industry Regulation, and Safety.
The funding will go towards first-pass reverse circulation drilling at the Inevitable copper-gold target, part of the Bordah gold camp, to test multiple electromagnetic conductors. Drilling at the target is expected to begin in June, and it will assist in ongoing target definition work.
Its shares jumped 7% in recent trading on Monday.
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