Shareholders will be hoping that the skyrocketing Rumble Resources Ltd (ASX: RTR) share price can find another burst of energy today after it started its major drilling program.
The zinc-lead explorer announced it has commenced diamond and reverse circulation drilling at its prized Earaheedy project and is targeting a depth of at least 30,000 metres.
Why the Rumble share price has surged
The Rumble share price surged over 270% to 67 cents since mid-April after management unveiled a major Zinc-Lead discovery at its Chinook prospect. Chinook is within the Earaheedy project.
This latest drilling campaign will help the explorer get a better understanding of the style of mineralisation and scope out the discovery.
You never know, it may even make further new discoveries while they are at it.
Drilling campaigned funded from capital raise
Rumble won't have an issue funding its drilling program, which is typically a very expensive exercise. But since it raised $40 million, management is confident it can expedite the scoping out of the discovery at the Chinook and other regional prospects.
Chinook has so far been the star of the show. Rumble fast tracked two holes for assay that confirmed a major discovery. But 24 other holes have assays pending.
Rumble is hoping to repeat its success with its Magazine prospect, which is just south-east of Chinook. The assays from the seven holes it drilled for 940 metres are pending too.
Another catalyst for the Rumble share price
The results from these assays are probably a bigger catalyst for the Rumble share price than today's news.
But there is no exact timing on when these will be made available. Management was only willing to say that the results are forthcoming.
"Assays are anticipated shortly," said Rumble in its ASX statement.
"Once all assays are received and analysed, Rumble will release a comprehensive announcement of the results and the next steps, which include this drill program."
Project background
The Earaheedy Zinc-Lead Project is located approximately 110km north of Wiluna, Western Australia.
The project is 75% owned by Rumble with the balance held by Zenith Minerals Ltd (ASX: ZNC).
The prices of zinc and lead have joined the commodity supercycle party and have risen strongly over the past year.
While its mainly lithium that is dominating headlines when it comes to the electric vehicle revolution, lead is also used in batteries.
Zinc is used mainly to galvanise steel, but some experts believe zinc-ion batteries are a better alternative to lithium-ion for some applications.
