The Rumble Resources Ltd (ASX: RTR) share price collapsed today as the company announced a drill expansion. Shares in the company are currently dropping 4.76% lower to a price of 10 cents.
The company is an Australian based mineral explorer that is focusing on gold, silver, and copper.
What Happened
Following today's announcement of drilling results from its Munarra Gully project in Cue, Western Australia, the Rumble Resources share price is falling.
The results came from the most recent round of reconnaissance drilling, comprised of 20 drill holes. It was designed to extend the amount of mineralisation along the northern edge of the company's mine. Rumble Resources tested a very broad area in order to maximise its findings.
The company found multiple gold intersections across a 200m wide zone that included:
- 8m @ 1.06 g/t Au from 80m
- 4m @ 4.02 g/t Au from 112m
- 8m @ 0.7 g/t Au from 64m
- 4m @ 3.39 g/t Au from 119m
It is worth noting that over 15km of the Amaryllis shear zone remains untested.
Moreover, in regards to the company's copper exploits the drilling returned some positive results. Copper was found within 109 metres of the surface at strong mineralisation.
Management also outlined the promising nature of the finds and their close characteristics with a known large scale gold/copper mine. As such, the report states:
The style of mineralisation has very similar characteristics to known large scale Chibougamau Au-Cu shear vein type deposits located in the eastern part of the Archaean Abitibi Greenstone Belt in Quebec, Canada.
Rumble has now advanced the geological model to aid in predicting potential deposits along the Amaryllis Shear Zone.
