‘Me too’ says Rumble as review suggests gold prospects for Pilbara project
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Rumble Resources is the latest explorer to get in on the Pilbara gold rush, reporting today that it’s found signs of possible mineralisation.
A review of its Braeside project in the Pilbara has confirmed “Witwatersrand-style conglomerate-hosted gold mineralisation” in the same kinds of rock formations that began giving up nuggets to Novo Resources and Artemis Resources (ASX:ARV) in July.
The Witwatersrand Basin is South African geological formation that houses the world’s biggest known gold reserves, producing 2 billion ounces or about half of gold ever mined.
Rumble’s shares were up 8 per cent to 7.9c in early Thursday trade.
“The desktop study has identified 30 km of strike potential of pebble conglomerates that are associated with the Warroo Hill Member of the Hardey Formation,” Rumble (ASX:RTR) told investors.
Managing director Shane Sikora says the review of the new site came about because of the gold fever that’s hit the Australian market.
“As a result of market sentiment, approaches by shareholders and third parties regarding the potential for conglomerate hosted gold at the Braeside Project located in the Pilbara, Rumble decided to fast-track a geological review of the wider Braeside Project area,” he said.
“With Rumble recently securing the involvement of mining major Independence Group (ASX:IGO) to explore and earn an interest in its highly prospective projects in the Fraser Range region of WA, Rumble can commit more of its exploration expenditure to the exciting Braeside Project in the Pilbara.”
This week Rumble signed a $1.5 million exploration deal with Independence.
Historically the Braeside area has been associated with high grade base metal mines producing lead, zinc and silver up until 1959.