- Rumble Resources (RTR) has kicked off a major second-phase drilling program at its WA Earaheedy Zinc-Lead Project to follow up on stellar results from drilling last month
- The junior explorer will drill 3000 metres of diamond holes and 27,000 metres of reverse circulation (RC) holes at Earaheedy’s Chinook prospect
- Chinook is the site of a major zinc-lead discovery in April that launched Rumble’s shares some 300 per cent in less than a month
- The exploration success and rising share price prompted a $40 million capital raise from Rumble in late April to fast-track work at the Chinook prospect
- Meanwhile, Rumble is still waiting on assay results from the majority of the holes from the first drilling program that brought about this success
- Shares in Rumble Resources are down a slight 2.24 per cent this morning to trade at 66 cents each
Rumble Resources (RTR) has kicked off a major second-phase drilling program at its WA Earaheedy Zinc-Lead Project to follow up on stellar results from drilling last month.
The junior explorer told shareholders today it has commenced a 30,000-metre diamond and reverse circulation (RC) program at Earaheedy, which lies north of Wiluna in WA.
The phase two program will be made up of 3000 metres of diamond drilling and 27,000 metres of RC drilling all at Earaheedy’s Chinook prospect, which is the site of a major zinc-lead discovery from April.
Rumble said the diamond drilling segment of the program is designed to provide metallurgical samples for test work so the company can deepen its geological understanding of the Chinook system. This portion of the drilling program has already begun.
Meanwhile, the RC part of the program is set to begin shortly, according to Rumble, with one RC rig being mobilised this week and a second and third to be mobilised later on. The RC drilling will scope out the mineralisation along strike from the previous Chinook discovery.
Chinook’s recent success
Rumble’s April discovery at the Chinook prospect sent the company’s share price soaring upwards of 300 per cent in less than one month. Shares that were worth 18 cents each on April 18 traded at over 75 cents each on May 6.
The sudden exploration success prompted a $40 million capital raise from Rumble, launched in late-April, to help the company fast-track its exploration efforts at the Earaheedy project.
The cap raise went off without a hitch, and Rumble is now primed to follow up on the stellar Chinook discovery in which drilling struck a 34-metre intersection grading 4.22 per cent zinc and lead from 66 metres, which included a 17-metre zone at 6.65 per cent zinc and lead from 73 metres.
Meanwhile, Rumble is still waiting on assay results from the majority of the holes from the first drilling program that brought about this recent success; the Chinook discovery was made after assays from just two holes out of 26 were received by the company.
As such, 24 holes from the Chinook prospect still have assay results pending. On top of this, Rumble is waiting on assays from seven holes drilled at the Magazine prospect in the project area.
Rumble owns 75 per cent of the Earaheedy Project, with the remaining 25 per cent owned by fellow ASX-listed Zenith Minerals (ZNC).
Shares in Rumble Resources are down a slight 2.24 per cent at 10:35 am AEST to 66 cents per share. The company has a $398 million market cap.