Rumble Resources increases gold project area by 500%
Rumble Resources (ASX: RTR) now has a 35km-long strike zone for its Western Queen gold project in Western Australia after acquiring two more strategic tenements.
These will add to the two existing tenements that Rumble has the option to acquire from Ramelius Resources (ASX: RMS).
The new tenements mean an increase in the project area by 500% and Western Queen now covers the entire Warda Warra mineralised greenstone belt with the company’s strike growing in length from 5.5km.
The company said the new tenements are prospective for high-grade deposits similar to the old Western Queen Central open pit mine, which produced 660,000 tonnes at an average 8.9 grams per tonne gold for 189,500 ounces.
The vendor is receiving a total of $150,000, including $50,000 in cash and the balance being 755,199 new Rumble shares.
The Western Queen project lies 90km northwest of Mt Magnet and within the Yalgoo field.
New tenement targets lie under cover
The company said no previous drilling has tested the new inferred position of the Western Queen Shear zone, which runs north and south along strike from the main Western Queen project area.
The greenstone belt is relatively underexplored as it remains concealed under transported cover.
Rumble is at present completing 12,000m of drilling at the main project area, targeting high-grade extensions at depth as well as “multiple” new high-grade gold shoots along the shear zone.
“The new tenements provide an expansive new area for targeting further high-grade gold discoveries,” Rumble said.
Project near three processing mills
The shear zone is between 40m and 50m in width and hosts a series of high-grade gold structures, including the old mine that produced 189,500oz.
The area also hosted another mine, Western Queen South, that produced 25,500oz at 3.6g/t gold.
Rumble’s interpretation of drilling data and airborne magnetics has inferred the shear zone parallels the main Warda Warra greenstone belt.
The company’s project is within a 110km radius of three operating gold processing plants, the closest being Dalgaranga 48km away and owned by Gascoyne Resources (ASX: GCY). It has capacity to treat 2.5 million tonnes per year of ore.
The other mills are at Checkers owned by Ramelius and one at Tuckabianna operated by Westgold Resources (ASX: WGX).