Rumble Resources Launches Raising to Advance Earaheedy, Western Queen and Wardawarra Projects

Rumble Resources Ltd (ASX: RTR) is raising up to $4 million to advance its unique portfolio of projects in Australia, priced at $0.04 per share.

The raising will comprise a $1.1 institutional placement which has received firm commitments.

The second component is a 1 for 10 pro-rata rights issue raising up to another $2.9 million.

Funding will be allocated to metallurgical studies at the Earaheedy Project, drilling at Western Queen, and mapping, geochemical sampling and drilling at Wardawarra.

Unique portfolio

Peter Harold, managing director, commented:

“It was pleasing to see support for the placement which demonstrates the interest in our unique asset base including the potentially world class Earaheedy zinc-lead-silver project, the Western Queen gold project, the Wardawarra lithium project and our other earlier stage gold, copper and base metal exploration projects in Western Australia.”

Earaheedy

The maiden sulphide, pit constrained, inferred resource is 94 million tonnes at 3.1% zinc+lead and 4.1g/t silver, at a 2% zinc+lead cut-off.

This calculates to contained metal of 2.2 million tonnes of zinc, 0.7 million tonnes of lead and 12.6 million silver ounces.

Even at this early stage, Earaheedy highlights the potential of a large scale, low-cost open pit mining proposition in a premier mining jurisdiction.

Earaheedy is also one of the largest zinc sulphide discoveries globally over the last decade.

Metallurgical results have been positive with high recoveries and marketable concentrate grades supporting a potential simple low capex and opex plant.

Resource growth potential comes from additional discovery potential, with less than 30% of the 70 kilometre unconformity unit effectively drill tested.

Zinc is the fourth most used metal in the world behind iron, aluminum, and copper.

Western Queen Gold Project

Even with Rumble primarily focused on Earaheedy, there is still other exploration news coming from its portfolio.

At the Western Queen Gold Project, drilling is planned to test down dip/plunge of a series of open, high-grade gold lodes.

The last reported drill program at Western Queen South intersected multiple, high-grade intervals, including:

  • 5 metres at 38.76 g/t gold from 193 metres;
  • 3 metres at 5.68 g/t gold from 210 metres; and
  • 17 metres at 5.70 g/t gold from 221 metres.

The Western Queen deposits are associated with a major orogenic shear zone similar to Spartan Resources Ltd’s (ASX: SPR) Never Never Lode below the Gibley’s open cut, located 40 kilometres south of Western Queen.

The current Never Never Lode resource is 5.16 million tonnes at 5.74 g/t gold for 952,900 ounces, to a vertical depth of over 600 metres.

Adding interest, the Western Queen deposits have been defined over 2.7 kilometres and host combined historical production of 880,000 tonnes at 7.6g/t gold for 215,000 ounces.

This remains completely open down plunge and along strike.

 

 

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