Rumble Resources (ASX:RTR) Reports Promising Resource Expansion and New Discoveries

2 min read | November 05, 2024 11:36 AM AEDT | By Team Kalkine Media

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Highlights

Rumble Resources upgrades mineral resource estimate at Western Queen Gold Project.

New high-grade tungsten discovery strengthens exploration focus.

Metallurgical studies at Earaheedy Project near completion, guiding future development.

Rumble Resources Ltd (ASX:RTR) reported a productive September quarter, emphasizing its commitment to expanding resources and uncovering new mineral deposits across its projects in Western Australia. With substantial progress made in gold, tungsten, zinc, lead, and silver exploration, the company has laid a strong foundation for future activities.

The highlight of the quarter was an upgraded mineral resource estimate (MRE) for Rumble’s Western Queen Gold Project. The updated MRE now stands at 4.42 million tonnes at 2.02 grams per tonne (g/t), yielding an estimated 286,600 ounces of gold. This upgrade represents a notable 76% increase in indicated and inferred resources from the previous August 2021 estimate, with indicated resources alone seeing a substantial 142% increase. The Western Queen site, historically producing 215,000 ounces of gold, continues to show promise with open potential along strike and depth. Rumble has planned additional drilling for November, targeting 20,000 meters to explore further expansion.

In addition to the gold resource, Rumble announced a significant tungsten discovery at Western Queen. Drill-hole WQDD013 returned 4 meters at 4.58% tungsten trioxide (WO3), accompanied by additional gold values. This discovery outlines a 2-kilometer tungsten anomaly running parallel to the established gold mineralization. Rumble intends to conduct further resource analysis by examining existing drill pulps and cores, suggesting strong tungsten resource potential within the gold system.

The company is also advancing at its Earaheedy Zinc-Lead-Silver-Copper Project, where it is nearing the completion of metallurgical test work on the Chinook deposit. Results from this test work, expected in the December quarter, will inform an internal scoping study. This study will evaluate development options for Earaheedy, laying the groundwork for potential project expansion.

Financially, Rumble’s position remains solid. The company received a A$1 million investment from Bain Resource Holdings, boosting its cash balance to A$1.6 million as of September 30, 2024. A significant portion of this capital is earmarked for exploration activities, which comprised 57% of the A$1.9 million quarterly expenditure. This funding allows Rumble to push forward with its ambitious exploration program, including a major drill initiative at Western Queen targeting gold and tungsten resources.

Looking ahead, Rumble Resources plans to update the MRE at Western Queen in 2025, further cementing its commitment to resource expansion and project development.

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