Rumble Resources Welcomes Significant Investment from BGR Mining

2 min read | September 29, 2024 08:58 PM PDT | By Team Kalkine Media

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Rumble Resources Welcomes Significant Investment from BGR Mining — Image source: shutterstock

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Highlights

Rumble Resources secures a significant investment from BGR Mining.

The Western Queen gold project attracts interest for its cash flow potential.

Rumble also confirms a key discovery of tungsten at the project.

Rumble Resources (ASX:RTR) has announced a notable investment from BGR Mining and Infra Limited, a leading mining contractor in India. The investment involves Rumble subscribing for 25 million shares at a price of 4 cents each, totaling an impressive capital influx. This share issuance will occur under Rumble’s existing placement capacity.

Peter Harold, the managing director and CEO of Rumble, expressed enthusiasm about the partnership. He stated, “We are privileged to have one of the largest mining contractors in India, through an associate company, become a significant shareholder in Rumble.” BGR Mining is keen to expand its operations beyond India and has recognized the potential of Rumble as a valuable investment opportunity.

A major focus for BGR Mining is the Western Queen gold project, known for its near-term cash flow potential and resource growth. The project currently has an existing resource of 163,000 ounces at an average grade of 2.4 grams per tonne (g/t). Historical production from the site has reached 880,000 tonnes at a grade of 7.6 g/t, resulting in a total of 215,000 ounces.

Additionally, Rumble recently confirmed a significant discovery of tungsten at the Western Queen project, enhancing its appeal to investors. BGR Mining is also showing interest in Rumble's Earaheedy zinc-lead-silver project, which has a substantial inferred resource estimated at 2.2 million tonnes of zinc, 700,000 tonnes of lead, and 12.6 million ounces of silver. This project has the potential to develop into a large-scale open-pit mining and processing operation.

Peter Harold highlighted the company’s optimism about the future, stating, “We look forward to a long and mutually beneficial relationship with BGR.” With BGR’s established presence in the Indian mining sector and a robust current order book of nearly US$11 billion, this partnership is expected to foster growth and innovation for Rumble Resources.

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