Rumble Resources lights up with Western Queen gold resource boost

Rumble Resources share price is up 15.7% after it announced a significant boost to the Western Queen gold project Mineral Resource Estimate
The MRE is now 4.42 million tonnes (Mt) at 2.02 grams per tonne (g/t) for 286,600oz – an increase of 123,200oz or a 76% uplift in the Indicated and Inferred Resources compared to the August 2021 estimate
Mineralisation is still open along strike and at depth, and showing strong potential for more resource growth

Special Report: Rumble Resources is up 15.7% today on the news of a significant boost to the Mineral Resource Estimate from its Western Queen gold project.

The MRE now stands at 4.42 million tonnes (Mt) at 2.02 grams per tonne (g/t) for 286,600oz – an increase of 123,200oz equivalent to a 76% uplift in the Indicated and Inferred Resources compared to Rumble’s (ASX:RTR) August 2021 estimate.

This upgrade comes after highly encouraging diamond drilling completed in June prompted a comprehensive review and reinterpretation of the project, which in turn led to the remodelling of the MRE.

Director and CEO Peter Harold said: “We believe that Western Queen is one of the most underexplored high-grade gold projects in Western Australia. The 76% increase in contained ounces is an extremely positive development for Rumble and highlights the quality of the resources at Western Queen.

“We now have 286,600 ounces of gold averaging just over 2 grams per tonne on granted mining leases, within trucking distance of existing operating gold plants, historical production of 215,000 ounces together with significant exploration prospectivity.

“The exploration team is to be complemented on this work and we look forward to more positive news flow from Western Queen including the results from the next phase of drilling as we move towards production from Western Queen South.”

Investors, analysts eye potential

The latest news closely follows Rumble attracting a $1m investment from Bain Resources Holdings, a company associated with the large Indian mining contractor BGR Mining and Infra Limited.

That led to MST Access valuing the emerging gold and base metals miner at $0.16/share, compared to the current share price of ~$0.06/.

Also, last month Rumble confirmed a significant discovery of the critical mineral tungsten at the project.

That was a surprise bonus at the project where historical mining has produced 880,000t at 7.6g/t Au for 215,000 oz.

Drilling for more gold

Gold mineralisation remains open along strike and at depth along the 2.7km Western Queen Shear Zone and Rumble says it has strong potential for additional high-grade resource growth.

The company’s near-term exploration plans includes up to 12,000m of reverse circulation and diamond drilling to test underexplored areas and further lift the new MRE.

Close to Mt Magnet, Western Queen lies within a 100km radius of three gold processing facilities, the closest being Spartan Resources (ASX:SPR) Dalgaranga Mill which is only 48km away.

Rumble is also progressing its Earaheedy zinc-lead silver project, which has an inferred resource of 2.2 million tonnes of zinc, 700,000 tonnes of lead and 12.6 million ounces of silver – and potential to be a large-scale, open-pit mining and processing operation.

This article was developed in collaboration with Rumble Resources, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.