Rumble targets even more high-grade gold at Western Queen

Rumble Resources begins a major drill campaign near Mount Magnet in Western Australia.

Pic via Getty Images

• Rumble Resources has started a major exploration program at Western Queen comprising up to 15,000m of reverse circulation and 5,000m diamond drilling

• The program will target discovery of new high-grade plunging shoots and has potential to grow resources beneath multiple deposits

• Drilling will also test high-grade mineralisation of critical mineral tungsten that occurs within and in close proximity to the delineated gold resources

Special Report: As Goldman Sachs forecasts gold prices to hit US$3,000 an ounce next year, Rumble Resources has started a major drill program with confidence at its Western Queen gold project in WA.

The drill program, comprising 15,000 metres of reverse circulation and 5000m of diamond drilling, will target the discovery of new high-grade plunging shoots.

Rumble Resources (ASX:RTR) believes the program has strong potential to grow the resources beneath the Western Queen South, Princess, Marquis, Duke and Western Queen Central deposits. All have returned very high-grade intercepts, including 7m at 60.60 grams per tonne gold from Duke and 4m at 49.73 g/t from Western Queen South.

Following the 76% increase in gold resources announced last month, Western Queen’s resources are now 4.42Mt at 2.02 g/t gold for 286,600oz, with mineralisation open along strike and at depth within the main 2.7km project area.

Historical mining recovered 880,000t at 7.6 g/t gold for 215,000oz from the Western Queen gold deposits and the project supports the potential for the discovery of further high-grade mineralisation similar to Spartan Resources’ (ASX:SPR) nearby Never Never discovery.

In WA’s mineral-rich Mid West, Western Queen is also conveniently located within a 100km radius of three gold processing facilities.

‘Increasing the inventory’

Drilling will also test high-grade mineralisation of critical mineral tungsten that occurs within and in close proximity to the delineated gold resources.

The program is being undertaken by Topdrill under an arrangement whereby up to 50% of the drilling costs can be converted to equity in Rumble, up to a maximum of $1 million.

Peter Harold, Rumble Managing Director and CEO said: “Following the recent two-tranche placement at 4.5 cents per share to raise $7.1 million we are delighted that Topdrill has commenced drilling at Western Queen.

“With the support of Bain Resources, their associates, together with new and existing shareholders who participated in the placement, we are now well funded and can aggressively explore Western Queen.

“Given the previous production of 215,000ozs from high grade and the existing resources of close to 300,000ozs and the lack of drilling below most of the known deposits, we are confident this drill program will be successful in increasing the Western Queen gold inventory.”

Western Queen Gold Project – with previous mining, previous drilling and near deposit exploration potential. Pic: RTR

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.