Dreadnought Resources (ASX:DRE) acquired three tenements located around its Mangaroon gold project, subject to settlement, according to a Tuesday Australian bourse filing.
The tenements cover around 30 square kilometers and they contain several areas with historical diggings including the McCarthy Workings, where there was production but there are no records.
Dreadnought will pay $200,000 at settlement, conditional on certain approvals, and the vendor will receive fully paid ordinary shares, escrowed for 12 months, valued at $200,000 as well as a 1% net smelter royalty.
Mapping and surface sampling will occur in April and a reverse circulation drilling program is planned for June.
It plans to start drilling in March at several targets on the Star of Mangaroon, Popeye, Pritchard's, Two Peaks, and Lead gold mine mining leases, as it seeks to identify and add ounces to production.
Its shares jumped 11% in recent trading on Tuesday.
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