Join our daily newsletter At The Bell to receive exclusive market insights
- Rumble Resources (RTR) has begun the week in a trading halt while it plans an upcoming capital raising
- The company will remain in the halt until April 28 or when more details regarding the raise are released, whichever occurs first
- On April 19, Rumble confirmed a major zinc-lead discovery at the Chinook Prospect in Western Australia
- 26 reverse circulation holes were drilled to test more than 2000 metres of strike
- While all results are yet to be received, grades have so far peaked at 6.65 per cent lead and zinc
- Shares in Rumble last traded at 55 cents on April 23
Rumble Resources (RTR) has begun the week in a trading halt while it plans an upcoming capital raising.
The company will remain in the halt until April 28 or when more details regarding the raise are released, whichever occurs first.
Rumble is yet to announce how much it intends to raise or what it will do with the money once received.
On April 19, Rumble confirmed a major zinc-lead discovery at the Chinook Prospect in Western Australia.
The company drilled 26 reverse circulation (RC) holes at Chinook to test more than 2000 metres of strike.
Pleasingly, all the holes intersected visual zinc-lead mineralisation with grades peaking at 6.65 per cent lead and zinc.
These results highlighted the potential for a large-scale zinc-lead system as only a portion of the 45-kilometre strike was tested.
Rumble is waiting on further results which are expected to be received in due course.
The company last tapped investors for cash in June 2020 when it undertook a $6 million placement.
All up, 65 million new fully paid ordinary shares were issued to professional and sophisticated investors at 9.3 cents.
Once received, Rumble used the money to complete drilling its at the Western Queen Gold Project in Western Australia.
Shares in Rumble last traded at 55 cents on April 23. The company has a $292.7 million market cap.
