Rumble Resources gets huge strategic backer

Rumble Resources has attracted a $1m investment from Bain Resources, associate of mining contractors BGR Mining and Infra Limited.

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• Rumble Resources gets $1m investment from Bain Resources Holdings (BRH)

• BRH is associated with major Indian mining contractor, BGR Mining and Infra Limited

• The company was particularly attracted to Rumble’s Western Queen gold project, as well as the Earaheedy polymetallic project

Special Report: Rumble Resources has attracted a $1m investment from Bain Resources Holdings, a company associated with the large Indian mining contractor, BGR Mining and Infra Limited.

BRH has subscribed for 25 million shares in Rumble (ASX:RTR) at 4 cents per share for a total investment, with the shares to be issued under its existing placement capacity.

Peter Harold, managing director and CEO said: “We are privileged to have one of the largest mining contractors in India, through an associate company, become a significant shareholder in Rumble.

“BGR Mining and Infra Limited have been keen to expand their activities outside of India and we are delighted they have chosen to make a direct investment in Rumble.

“BGR are particularly interested in our Western Queen gold project for its near-term cash flow and resource growth potential.”

Western Queen has existing resources of 163,000oz averaging 2.4g/t, with historical production of 880kt at 7.6g/t for 215,000oz.

Rumble also confirmed a significant discovery of the critical mineral tungsten at the project earlier this month.

“BGR is also interested in our Earaheedy zinc-lead silver project, given the size of the 100% inferred resource at 2.2 million tonnes of zinc, 700,000 tonnes of lead and 12.6 million ounces of silver and the potential for it to be a large scale, open pit mining and processing operation in the future,” Harold said.

“We look forward to a long and mutually beneficial relationship with BGR.’’

BGR is a major player in the Indian mining industry having executed more than 50 projects. Its current order book is close to US$11 billion.

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.

Originally published as Rumble Resources gets huge strategic backer