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Key points
- The Rumble Resources share price is up more than 25% in the past week
- It follows further mineral discoveries at the company's Western Australian sites
- The Rumble Resources share price has jumped more than 200% in the past year
The Rumble Resources Ltd (ASX: RTR) share price has had an impressive week, gaining more than 25%.
During that time, the miner has delivered a wealth of news — including a discovery at its Western Australia project and a trading halt before the release of its activities report for the latest quarter.
Today, the Rumble Resources share price closed at 47 cents, a rise of 4.44% on the day.
So what's been behind the recent performance of the Australian-based miner and exploration company. Let's dive straight in.
Discovery at project
On Monday, Rumble Resources announced it had intercepted "high-grade sulphide mineralisation" within its Earaheedy Project, around 110km northeast of Wiluna, Western Australia.
The Earaheedy prospect is Rumble Resources' most prominent. The company is working to extract zinc-lead-sulphide from the "world-class" site.
The recent discovery of zinc and lead (Zn-Pb) was made at the Kalitan Feeder Zone within the Chinook Zn-Pb-Ag-Cu Prospect of the site.
A drill hole has returned 51m @ 4.76% Zn + Pb, 5.81 grams per tonne (g/t) Ag from 82m.
Further, this measurement includes 20m @ 8.78% Zn + Pb, 11.65 (g/t) Ag from 98m (and 8m @ 14.61% Zn + Pb, 17.7 g/t Ag from 104m and 8m @ 5.53% Zn + Pb, 5.08 g/t Ag from 124m).
The miner's exploration target for the site is gaged between 100 to 120 million tonnes, at a grade ranging between 3.5% Zn-Pb to 4.5% Zn-Pb Sulphide.
Further drilling is expected to continue over the next 12 months.
Business snapshot
Last Thursday, Rumble Resources entered into a trading halt, just before releasing its activities and cash flow statement for the latest quarter (ending 31 December 2021).
In it, the company reported a number of further developments at its Western Australian sites and tenements, including:
- Earaheedy: drill program completed with 50% assays pending, zones intersected and results obtained
- Munarra Gully: assays pending with a Cu mineralisation anticipated to correlate with Au-Ag
- Lamil Au-Cu Project: drill program completed with assays pending
- Wardawarra: Ni defined over 1.7km of the strike, with other untested sites
The company also reported:
- A cash position of $27.3 million (at end of quarter)
- $770,000 expected in research and development return (not included in the cash position)
Since exiting the trading halt, the Rumble Resources share price has shot up 11%.
Rumble Resources share price snapshot
Over the last 12 months, the Rumble Resources share price has skyrocketed by more than 203%. Its shares were trading as low as 10 cents in April 2021, around the time the company gave a drilling update on its zinc-lead-silver project.
About a month later, the miner's stock hit a 52-week-high, with its shares reaching 76 cents apiece.
Currently, the company has a market capitalisation of around $291 million with more 620 million shares issued.
