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Rumble Resources has busy quarter with resource expansion and promising new discoveries

Published 05/11/2024, 10:45 am
Updated 05/11/2024, 11:00 am
© Reuters.  Rumble Resources has busy quarter with resource expansion and promising new discoveries
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The September quarter saw Rumble Resources Ltd (ASX:RTR, OTC:RTRFF) ramp up gold, tungsten, zinc, lead and silver exploration across its portfolio of projects in Western Australia.

Chief among the company’s achievements was an upgraded mineral resource estimate (MRE) at the Western Queen Gold Project, now totalling 4.42 million tonnes at 2.02 grams per tonne (g/t) for 286,600 ounces of gold.

This represents a 76% increase in indicated and inferred resources compared to the August 2021 estimate, with indicated resources alone rising by 142%.

The Western Queen site, where historical mining has produced 215,000 ounces of gold, remains open along strike and at depth, with further drilling scheduled for November targeting an additional 20,000 metres.

Potential mine development partners

Rumble is in discussions with potential partners for mine development, aiming to leverage the project’s proximity to three gold processing facilities within 100 kilometres.

The company also revealed a high-grade tungsten find, with drill-hole WQDD013 returning 4 metres at 4.58% tungsten trioxide (WO3) and additional gold values, suggesting a significant new tungsten resource potential in the Western Queen gold system.

A 2-kilometre-long tungsten anomaly has been outlined parallel to known gold mineralisation, and Rumble anticipates further resource classification through an analysis of existing drill pulps and cores.

Metallurgical studies underway

At the flagship Earaheedy Zinc-Lead-Silver-Copper Project, Rumble is nearing completion of metallurgical test work on the Chinook deposit, with findings expected in the December quarter.

This will pave the way for an internal scoping study, evaluating development options for the project.

Investments and financial position

During the quarter, Rumble secured a A$1 million investment from Bain Resource Holdings, bolstering its cash balance to A$1.6 million as of September 30, 2024.

The company has allocated significant funds to exploration activities, comprising 57% of its A$1.9 million quarterly expenditure.

Beyond the quarter, Rumble’s activities include a substantial drill program at Western Queen, targeting gold and tungsten, and a scheduled update to the MRE in 2025.

Read more on Proactive Investors AU

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