Rumble Resources (ASX:RTR) has enhanced its exploration footprint in Western Australia’s Earaheedy Basin Base Metal Province after striking an agreement to acquire 4 ‘highly prospective’ tenements.
The $69.81 million market capitalisation company has signed a deal with Blaze Minerals (ASX:BLZ) to acquire a 100% title, inclusive of all data, for exploration licences E69/3815, E69/3889, E69/3842, and E52/3879 for over 2.291 million shares, equivalent to $250,000.
Rumble says this acquisition ‘substantially enhances’ its exploration footprint within the ‘highly prospective’ tenure by 434km-square to some 1,760km-square, inclusive of inferred portions of the western continuation of the Navajoh Unconformity Unit (NUU) — considered to be the main target unit associated with the Chinook-Tonka-Navajoh zinc-lead-silver deposits.
The company believes this geological terrane could lead to the potential discovery of additional zinc-lead-silver and copper deposits.
Rumble says the discovery of new deposits would complement the current combined (pit-constrained) inferred mineral resource of 94 million tonnes (Mt) @ 3.1% zinc+lead within its ‘world-class’ Earaheedy Project.
The company adds that limited historical drilling by Blaze and previous explorers within tenement E69/3815 has highlighted lower-grade zinc+lead mineralisation within the NUU lithologies. These intercepts were made close to the contiguous boundary of Rumble’s wholly owned E69/3862 licence.
What’s more, this licence is only 1.3km along strike from the newly discovered Mato prospect, where a single reverse circulation (RC) hole intersected 16m @ 5.09% zinc+lead, including a ‘higher-grade’ zone of 10m @ 7.05% zinc+lead. Drilling at Mato is ongoing.
Rumble Resources interim Managing Director Peter Venn says this acquisition is the ticket to unlocking additional discoveries in the region.
“We believe the addition of these highly prospective tenements, along with the extensive geological knowledge gathered from our discoveries and recent basin-wide targeting evaluations, will lead to further discoveries of a range of Zn, Pb, Ag, and Cu mineralisation styles, including Chinook and Tonka-Navajoh MVT-related deposit types that are hosted within the flat-lying Navajoh Unconformity Unit (NUU).”
Rumble Resources is an Australia-based explorer with a pipeline of base and precious metals projects.
The company’s Earaheedy Project lies about 110km northeast of the township of Wiluna in Western Australia and has access to major highways, power, rail, ports, airports, and an experienced mining workforce.
Rumble Resources had $4.179 million cash and cash equivalents at hand as of 30 June 2023, although over August-October, the company raised $8.1 million through a share placement and an extra $520,000 through an accompanying share purchase plan to advance the Earaheedy project.
Write to Adam Drought at Mining.com.au
Images: Rumble Resources
