The company is an Australian based mineral explorer that is focusing on gold, silver, and copper.
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.
About the Rumble Resources share price
Where to invest $1,000 right now
When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.
*Returns as of February 15th 2021
Motley Fool contributor Daniel Ewing has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
- Why the Painchek (ASX:PCK) share price is edging higher today – February 26, 2021 6:28pm
- Why the WhiteHawk (ASX:WHK) share price is crashing 8% lower – February 26, 2021 4:43pm
- What’s with the Ava Risk (ASX:AVA) share price today? – February 26, 2021 3:36pm