• Rumble Resources is on track for first ore to be mined from Western Queen by the end of this calendar year 
  • The emerging producer is making solid progress with the development of the open pit resources as the gold price is forecast to continue its bull run
  • The Rumble project is being developed with Bain Global Resources and MEGA

  

Special Report: Rumble Resources is on target for first ore to be mined from Western Queen by the end of CY25, just as leading gold analysts predict a 10-year bull run for the metal.

The emerging gold and tungsten producer has announced solid progress in key development activities at Western Queen’s open pit resources following last November’s signing of a term sheet with Bain Global Resources and MEGA Resources.

After Rumble Resources (ASX:RTR) announced a 76% increase in gold resources in October, resources at its Western Queen project now stand at 4.42Mt at 2.02 grams per tonne (g/t) gold for 286,600oz.

Rumble’s progress update from Western Queen comes as leading analysts predict more record prices for gold. Canaccord adds that gold miners remain significantly undervalued, even as some hit all-time highs.

Interest in tungsten has also been on a tear in ’25 after China announced export controls on the metal used across tech, defence and clean energy applications.

 

A-team effort

Bain Global Resources is one of the largest mining contractors in India and MEGA is its Australian subsidiary. As well as entering into the Term Sheet last year, Bain also became a strategic investor in Rumble.

To monetise the open pit gold resources at Western Queen, Rumble and Bain/MEGA have made progress in the following pivotal areas:

  • Ore tolling/ore purchase discussions are underway with companies that operate gold processing plants close to Western Queen.
  • MEGA has prepared a preliminary mine schedule which has been shared with Rumble to allow a preliminary economic model to be prepared. This schedule has also been shared with the potential processors of the ore.
  • MEGA is managing the entire permitting and approval process and is well advanced with all aspects of the project development.
  • Bain/MEGA have purchased all the major pieces of mobile equipment for this project, with arrival in Australia scheduled for mid-year.
  • Bain/MEGA and Rumble are negotiating commercial arrangements including a Joint Venture Agreement (or similar document depending on the most suitable structure) and a Mining Services Agreement. It’s expected these agreements will be announced early in Q2 CY2025.

The current plan is to cut back and deepen the existing Western Queen South open pit with a JORC resource of ~1.42Mt at 1.59 g/t for ~72.5koz gold, and some of the smaller open pits.

Managing director and CEO Peter Harold said: “We are delighted with the speed and professionalism that MEGA has shown in managing this project.

“They are already well advanced with the mine planning, equipment acquisition and the permitting and approvals process.

“We are targeting first ore before the end of this calendar year and based on the quality of the MEGA team and the level of activity I believe that is an achievable goal.”

 

More gold, tungsten in sights

There’s also potential for further resource growth at Western Queen, with recent drilling returning more significant high-grade gold and tungsten assays, and highlighting newly defined high-grade gold lodes at the Princess site.

Mineralisation remains open along strike and at depth within the main 2.7km project area as drilling continues in areas Rumble believes have been historically overlooked.

The latest drilling results also add to the database for a future maiden Mineral Resource Estimate for critical mineral tungsten by the end of this year after a potentially significant high-grade discovery was confirmed late last year.

 

 

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.

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