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Junior explorer Rumble Resources Limited (ASX:RTR) picked up more land than Rio Tinto in the hot Paterson province earlier this year. In the month of June, Rumble Resource pegged some 1,375 sq km ground between Telfer and Metals Xâs Nifty copper mine. For quite some time, there has been a rumour going on that Rio Tinto has found big copper in the East Pilbara which is why many big investors are interested in the Junior explorers like Rumble Resources Limited which are active in that area.
Rio Tinto has not yet confirmed the rumour nor it has denied it. For now, Rio is playing its cards close to its chest, however, it has been actively pegging up land in the area including agreeing to spend $60mn on exploring Antipaâs Citadel asset to lock-in a 75 percent stake.
According to the Rumbleâs Managing Director Mr. Shane Sikora, the company was always interested in the Paterson province, and it was waiting for the opportunity within that area. And, when the opportunity came, the company pegged 1,375 sq km of ground, five hours earlier than Tinto and got the application. However, there has been some confusion over the ownership of the ground as several maps are showing that it is belonging to Rio Tinto. Recently released Map by Alta Zinc (ASX:AZI) is showing the correct information regarding who owns what in the Paterson. Alta Zinc released the map to show that it too holds land in that area.
In FY 2018, the company reported revenue of $264,166 against $175,382 in FY17. The Loss before income tax expense was $4.37 million in FY 2018 against $0.784 million in FY17. The Basic and diluted loss per share was 1.34 cents in FY 2018 which was 0.30 cents in FY17. Net cash used in operating activities was $1.11 million in FY 2018 against AUD 0.75 million a year ago. In the month of August, Rumble Resources announced regarding a binding option agreement to fully acquire the Long Lake and Panache Projects located in Canada. The projects are prospective for Nickel, Copper, Cobalt, PGMâs and Gold. On 30 August 2018, the Company announced a significant copper-gold discovery at Munarra Gully. Rumbleâs Braeside Project is prospective for zinc, lead, copper, silver and vanadium and the company has recently completed drilling on it, and it is waiting for the results.
In the last six months, the share price of the company decreased by 17.54 percent as on 21 November 2018. RTRâs shares traded at $0.050 with a market capitalization of circa $16.78 million as on 22 November 2018 (AEST 4:00 PM).
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