Rumble Resources Expands Western Queen Gold Resource Estimate by 76%

October 15, 2024 02:00 PM AEDT | By Team Kalkine Media

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Rumble Resources Expands Western Queen Gold Resource Estimate by 76% — Image source: Shutterstock

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Highlights

Rumble Resources increases gold resource estimate by 76% to 287Koz.

Indicated Resources rise by 142%, representing 56% of total resource estimate.

Drilling to continue with plans to expand the resource further.

Rumble Resources Ltd (ASX:RTR) has significantly boosted its Mineral Resource Estimate (MRE) at the Western Queen Gold Project (WQGP) in Western Australia. The company announced a 76% increase, bringing the total gold resource estimate to 287,000 ounces at an average grade of 2.2 grams per tonne (g/t).

This update follows the completion of diamond drilling at the project in June, which resulted in the inclusion of 4.42 million tonnes of ore in the updated resource. Notably, the company has also expanded its Indicated Resources by 142%, now accounting for over half of the total MRE. These resources are all located within Rumble’s granted mining boundary envelopes, strategically positioned within a 100-kilometer radius of three existing gold processing facilities. The closest of these, Spartan’s Dalgaranga Mill, is located 48 kilometers from the project.

The Western Queen project has a rich history of production, having previously delivered 215,000 ounces of gold at an impressive 7.6 g/t. Rumble Resources sees great potential in the area, with CEO Peter Harold describing the project as “one of the most underexplored high-grade gold projects in Western Australia.” Harold also highlighted the company’s achievements, with nearly 287,000 ounces of gold now sitting on granted mining leases, within easy trucking distance to nearby operating plants.

In the coming months, Rumble is set to launch further drilling campaigns, including a Reverse Circulation (RC) drilling program, which will cover approximately 12,000 meters. This campaign aims to upgrade the existing resource and explore the potential for further expansion. Mineralisation remains open along strike and at depth, with exploration focused on the 2.7-kilometer-long Western Queen Shear Zone.

The ongoing exploration and drilling efforts are expected to further define and expand the resource at Western Queen, as Rumble Resources continues to explore the project’s full potential.

As of the latest update, RTR shares were trading at 5.1 cents per share (cps), reflecting growing interest in the company’s progress.

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