Rumble Resources (ASX: RTR) has initiated a major drilling program aimed at expanding the gold resources at its Western Queen project, located in Western Australia’s rich Mid West region. The company is targeting the discovery of additional high-grade gold mineralization, specifically focusing on plunging gold shoots beneath the existing deposits.
The drill campaign consists of 15,000 meters of reverse circulation drilling, along with 5,000 meters of diamond drilling. The objective is to uncover new high-grade shoots of gold, building on the successes of previous exploration campaigns. With a combination of advanced drilling techniques and a strategic focus on expanding known resource areas, Rumble is confident this initiative will lead to significant resource growth at Western Queen.
Targeting High-Grade Gold Deposits Across Multiple Zones
Rumble Resources is particularly optimistic about the potential for resource expansion beneath the Western Queen South, Princess, Marquis, Duke, and Western Queen Central deposits. Each of these zones has previously yielded high-grade intercepts, with notable results such as 7 meters at 60.60 grams per tonne (g/t) of gold from the Duke deposit and 4 meters at 49.73 g/t from the Western Queen South deposit. These high-grade results highlight the strong potential for further discoveries within these areas.
The exploration program aims to drill deeper into these known deposits, as well as test uncharted areas along strike and at depth. With a historical track record of finding high-grade gold mineralization, the company believes there are strong prospects for significant growth in its resource inventory.
Recent Resource Upgrade and Exploration Potential
Following a significant resource upgrade announced last month, the total resources at the Western Queen project now stand at 4.42 million tonnes at 2.02 g/t gold, which equates to approximately 286,600 ounces of gold. The mineralization is open along strike and at depth within the project’s 2.7-kilometer-long zone, indicating the potential for further resource expansion.
Western Queen’s historical mining operations recovered approximately 880,000 tonnes of gold at a high-grade average of 7.6 g/t, yielding a total of 215,000 ounces of gold. This past production, combined with the current resource base, supports the strong potential for the discovery of additional high-grade mineralization. The nearby Never Never discovery by Spartan Resources (ASX: SPR) further underscores the exploration upside in this mineral-rich region.
Strategic Location and Proximity to Processing Facilities
Located within a 100-kilometer radius of three gold processing facilities, the Western Queen project is strategically positioned to benefit from easy access to existing infrastructure. This close proximity to processing facilities enhances the economic viability of any future resource developments and makes it easier for Rumble to quickly capitalize on any new discoveries.
The project’s location in Western Australia’s Mid West region, which is known for its rich mineral resources, also ensures that the Western Queen project remains highly competitive in terms of its exploration potential. The availability of processing infrastructure further strengthens the project’s prospects and offers significant logistical advantages for Rumble.
Incorporating Tungsten Mineralization in the Drilling Program
In addition to gold, the drilling program will also focus on high-grade tungsten mineralization. Tungsten is a critical mineral used in a range of industrial applications, and the Western Queen project hosts significant tungsten deposits within and near the existing gold resources. By targeting both gold and tungsten in the same drilling campaign, Rumble aims to maximize the economic potential of the project and diversify the resource base.
Tungsten mineralization is located in close proximity to the delineated gold resources, making it an attractive opportunity for Rumble to capitalize on two valuable commodities. This dual-targeting approach enhances the overall attractiveness of the Western Queen project and could potentially provide additional revenue streams in the future.
Partnership with Topdrill and Cost-Sharing Agreement
Rumble has engaged Topdrill to carry out the drilling program under an arrangement that includes an innovative cost-sharing agreement. Up to 50% of the drilling costs can be converted into equity in Rumble, with a cap of $1 million. This partnership allows Rumble to reduce its upfront drilling costs while also strengthening its financial position through the issuance of equity.
The arrangement with Topdrill is seen as a positive step for Rumble, as it enables the company to conduct an ambitious drill program without placing undue strain on its cash reserves. By converting a portion of the drilling costs into equity, Rumble is able to continue its exploration efforts while maintaining a strong financial footing.
Optimism for Success Based on Strong Financial Backing
Rumble Resources recently raised $7.1 million through a two-tranche placement at 4.5 cents per share. This capital injection, supported by both existing shareholders and new investors, has provided the company with the necessary funds to pursue its aggressive exploration strategy at Western Queen. With this strong financial backing, Rumble is well-positioned to carry out its drill program and make further discoveries at the project.
Peter Harold, Managing Director and CEO of Rumble Resources, expressed confidence in the company’s exploration efforts. He stated, “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 215,000 ounces from high-grade material and the existing resources of nearly 300,000 ounces, we are confident this drill program will be successful in increasing the Western Queen gold inventory.”
The Future of Western Queen: High-Grade Gold and Beyond
As Rumble embarks on this ambitious drilling program, the company’s focus remains on expanding the high-grade gold resources at Western Queen. The project’s historical success, combined with the results of the recent resource upgrade, provides a solid foundation for future exploration and growth. Additionally, the presence of significant tungsten mineralization adds another layer of potential value to the project.
Rumble’s exploration efforts at Western Queen are set against a backdrop of rising gold prices and a strong demand for critical minerals like tungsten. With the potential for further high-grade gold discoveries and the strategic advantage of nearby processing infrastructure, the Western Queen project is poised to be a key asset for Rumble Resources as it looks to capitalize on the growing demand for both gold and critical minerals.
Conclusion: A Promising Future for Rumble Resources
The future of Rumble Resources looks promising as the company moves forward with its exploration program at the Western Queen project. With strong financial backing, a focused exploration strategy, and an exciting portfolio of both gold and tungsten targets, Rumble is well-positioned to make significant strides in expanding its resource base.
The project’s location, combined with its historical success and the potential for further high-grade discoveries, ensures that Western Queen will continue to be a key asset for Rumble Resources in the years to come. As the drilling program progresses, Rumble’s ability to grow its gold inventory and explore additional valuable mineralization will be closely watched by investors and industry observers alike.