Rumble shares are swapping hands at 38.5 cents in morning trade, up 5.48% on yesterday’s close.
Let’s take a look at what Rumble Resources revealed today.
What did the miner discover?
Rumble Resources informed investors it has discovered significant zinc, lead, copper and silver mineralisation at its Chinook Prospect in Western Australia.
The company announced the top of a large-scale, sub-vertical feeder fault zone, intersected in drill-hole EHRC136, has returned a broad zone of zinc and lead mineralisation with multiple intersections.
As well as zinc and lead deposits, the company announced “the discovery of significant copper and silver in a northwest trending 1.7km long feeder fault zone at Chinook”.
Today’s news is a follow-up to last week’s update on strong zinc, silver and lead results at the Chinook site.
The company also reported significant zinc, lead and silver mineralisation at its Navajoh Prospect.
Located 4km southeast of the company’s recent Tonka Discovery, the company says first pass drill scoping on a single traverse intersected significant “unconformity related” zinc, lead and silver sulphide mineralisation, similar to the Chinook and Tonka Prospects.
It’s more good news for Rumble which has been drilling at its 75%-owned Earaheedy Project, located 110km northeast of Wiluna in Western Australia. Zenith Minerals Ltd (ASX: ZNC) holds the other 25% stake in the site.
What did management say?
Commenting on the discovery, Rumble Resources technical director Brett Keillor said:
The discovery of significant copper with silver mineralisation at the top of a major feeder fault system along with high grade zinc and lead at Chinook highlights the potential for a very largescale zoned base metal system.
The copper mineralisation supports the evolving geology and ore deposition model with respect to feeder fault zones reflecting higher depositional temperatures.
Rumble Resources is completing its drilling for the 2021 season and expecting final drilling results in February or March next year. In 2022, the company will continue drilling and testing at the site.
Rumble Resources share price snapshot
The Rumble Resources share price has surged a significant 250% in the past 12 months and is up 234% year to date.
Despite this, the company’s shares have dropped by 8% in the past month.
For perspective, the S&P/ASX 200 Index (ASX: XJO) has returned more than 9% in the past year.
The miner has a market capitalisation of nearly $239 million based on its current share price.