Rumble Resources Ltd (ASX:RTR, OTC:RTRFF) is trading higher after delivering an “exceptional” maiden mineral resource estimate (MRE) of 94 million tonnes at 3.1% zinc+lead and 4.1 g/t silver for the Earaheedy Project in Western Australia.
Notably, the inferred MRE for the project 110 kilometres northeast of Wiluna comprises contained metal of 2.2 million tonnes of zinc, 600,000 tonnes of lead and 12.6 million ounces of silver.
Encouragingly, this represents one of the largest zinc sulphide discoveries globally in the last decade.
The markets have welcomed the news, with shares trading as high as $0.24 intraday, up 26.34% from the previous close.
“Major milestone”
Rumble managing director Shane Sikora said: “This exceptional resource estimate is a major milestone for Rumble, confirming the Earaheedy Project as one of the largest zinc sulphide discoveries globally over the last decade.
“Achieving a maiden JORC-compliant mineral resource estimate of this size and significance in 24 months post-discovery is a tremendous effort by the technical team and especially Brett Keillor.
“Myself and the team are really excited as we believe we have only scratched the surface on the discovery front, and can’t wait to see the drill rigs turning again next month.”
Resource growth potential
The Chinook, Tonka and Navajoh deposits remain open downdip and along strike, demonstrating the potential for significant resource growth in the future.
In addition, the recently reported gravity survey has defined numerous higher-grade feeder structure targets along strike to the northwest and southeast.
Furthermore, Rumble has demonstrated significant potential to discover high-grade MVT & structurally controlled deposits in the fertile underlying carbonate formations which are yet to be tested.
Early development possible
Technical advisor and non-executive director Peter Venn was also buoyed by the maiden resource.
He said: “It’s exciting to be working on this globally significant discovery. The sheer scale, optionality and extraordinary growth potential of Earaheedy could see the project stamp itself as a world-class, multi-decade asset and play a key role in the global renewable energy transition.
“The extensive strike and flat-lying geometry of this unique unconformity hosted zinc-lead sulphide mineralisation at Earaheedy, along with the highly favourable metallurgical results announced by the company in late 2022, has seen a large portion of the global resource being constrained within a series of large shallow conceptual open pits.
“The strength of the MRE is supported by a relatively flat grade-tonnage curve, with higher grade resources that could be part of a possible early development scenario, and a much larger resource that could potentially be upgraded via beneficiation, providing the project with significant future flexibility."
Forward plan
The next steps at Earaheedy include:
- Discovery drilling - Aimed at identifying new high-grade feeder faults from advanced targets highlighted along the 12-kilometre Sweetwater Trend and 9-kilometre Navajoh Southeast Trend and extending the high-grade feeder structures within and between the Chinook, Tonka and Navajoh deposit areas.
- Resource definition drilling - Infill RC, diamond and sonic drilling is planned to improve the confidence and classification of the existing MRE.
- Metallurgical studies - Diamond and sonic drilling variability and composite samples will be collected to confirm the simple and conventional flowsheet, and further improve the flotation performance. Additionally, value-adding beneficiation work (dense media separation and ore sorting) will commence once the required volumes of cored material have arrived from the site.
- Scoping studies - Work will commence late in 2023 on initial supporting scoping studies for the project, which will review some of the early development scenarios/options.