ASX Resources Quarterlies: Investor favourite Rumble Resources is at halfway mark of ridiculously large drilling campaign
Link copied to
It’s quarterlies season and the ASX market announcements page has become increasingly flooded with lodgements.
To save you the trouble of trudging through, we’ve wrapped up the highlights from some of the reports that caught our eye today.
The company had a busy quarter at its Earaheedy zinc-lead-silver-copper discovery in WA, increasing the mineralised footprint by 40% at the Tonka-Navajoh prospect and by 28% at the Chinook prospect.
RTR completed a whopping 26,000m of drilling and plans to complete another 24,000m in the next quarter.
And that’s not all.
At the Wardawarra nickle-copper-cobalt-lithium-tantalum-niobium-tin-gold project, an 8,300m AC and RC drill program was completed, and at the Lamil gold-copper project a 3,000m diamond drill program wrapped up.
Plus, at the Braeside zinc-lead-copper-silver-gold project a 2,500m RC program was done and the company completed 2,457m of diamond drilling at the Munarra Gully gold-copper-silver-zinc project.
During the quarter the company advanced exploration at its Hellcat (base metals), Yampi (copper-gold) and Weelaranna (manganese) projects– wrapping up 1,70m of diamond drilling at the Hellcat project, with assays pending.
Assays from the 2021 diamond drill program at Yampi indicated the presence of a large hydrothermal alteration system – anomalous gold, arsenic, bismuth, molybdenum and antimony detected within hematite alteration.
And multiple high grade manganese targets were identified at Weelarrana, with 22 rock chip samples ranging from 11%Mn to 43%Mn.
The company increased the Koppamurra rare earths resource in SA/VIC by 104% to 81.4Mt at 785ppm total rare earth oxide (TREO).
AR3 also identified an adjoining exploration target of 90 to 220Mt, which it says provides potential for upside resource growth and completed an early-stage mining trial.
A a 500-tonne bulk sample of rare earth oxide rich clay was collected for future metallurgical pilot plant tests. The plan now is for the next phase of drilling to grow and upgrade the Koppamurra inventory.
“Koppamurra has all four of the key rare earth elements required to make high-strength permanent magnets needed for EV motors and wind turbines,” MD Don Hyma said.
The company continued diamond drilling at the advanced West Desert zinc-copper-indium project in Utah, with further assays expected in the next quarter as AW1 progresses to a maiden JORC compliant resource estimate.
But it’s the Storm copper project in Canada that really has the company excited, where ore sorting test work on drill core produced a Direct Shipping Ore (DSO) copper product with >53% Cu.
Logistics for the company’s exploration campaign is underway in preparation for drilling during the September quarter.
The company says its aggressive drill program at the Bowdens silver project “continues to reveal its strong potential to be an underground operation in addition to the planned open pit development.”
Near Mudgee in NSW, the project is the largest undeveloped silver deposit in Australia and one of the largest in the world.
The open pit project is now in the final stages of development approval to initially produce up to 6 million ounces of silver equivalent per year.
“Meanwhile impressive assays were returned from drilling targeting high-grade mineralisation for underground mining scenarios,” SVL said.
Results including 1m at a bonanza 1,769 grams per tonne (g/t) silver equivalent from 414m in the Bundarra Zone beneath the Bowdens open pit.
These results will form the basis of a maiden underground Mineral Resource, to be finalised in the current quarter, which will be part of a Scoping Study of underground mining scenarios.
At the Tropicana North project, CWX had gold discoveries at the Hercules, Big Freeze and Beanie prospects during the quarter.
Assay results and structural analysis have identified a new Vein Offset Shear zone, which the company’s says “opens the potential for significant extension of the Hercules system to the south and at depth, into areas currently not tested by drilling”.
A mineral resource estimate for Hercules is planned for Q3 2022, further drilling is planned during Q4 2022 to follow-up results at Big Freeze and Beanie.
Plus, a scoping study for the Flanagan Bore manganese project JV with Black Canyon (ASX:BCA) is expected in Q3.
MGT received the formal grant of the Muster Dam iron tenement from the South Australian Department for Energy and Mining during the quarter.
The plan at Muster Dam is to prepare a JORC 2012 compliant resource statement to replace the existing Mineral Resource estimate prepared under the JORC Code 2004 – and develop a staged exploration program including refining targets for drill testing.
The company also says they made significant progress on the definitive feasibility study for the Razorback iron ore project, with plans to commission additional test work to assess the suitability of Razorback ores for premium Direct Reduction-grade concentrates.
At Stockhead we tell it like it is. While Pantera Minerals, Silver Mines, American West Metals, Carawine Resources and Magnetite Mines are Stockhead advertisers, they did not sponsor this article.