Rumble Resources Ltd (ASX:RTR) hit a new record after fast-tracked assay results from two reverse circulation (RC) holes at Chinook Prospect of the Earaheedy JV Project in Western Australia confirmed a zinc-lead discovery.
The company has completed 33 holes for 3,593 metres of RC drilling at the project, including 26 holes for 2,653 metres at Chinook with assays for 24 holes pending.
Drill hole EHRC050 returned 34 metres at 4.22% zinc + lead from 66 metres, including 17 metres at 6.65% zinc + lead from 73 metres with a higher grade core zone of 14 metres at 5.02% zinc and 2.03% lead (7.05% zinc + lead) from 76 metres.
The other fast-tracked hole, EHRC044, returned 21 metres at 4.31% zinc + lead from 61 metres, including 10 metres at 5.02% zinc + lead from 67 metres.
Shares up 103%
Zinc-lead mineralisation was observed in core from all 26 holes and shares in the company skyrocketed as much as 103% higher to 36.5 cents – a new record.
The company closed at 35 cents, which was more than 94% higher than the previous close, on strong volume of more than 85.5 million with these transactions valued in excess of $28 million.
Rumble owns 75% of the E69/3464 tenement and Zenith Minerals Ltd (ASX:ZNC) owns 25% while Rumble has a single contiguous exploration licence application for ELA69/3787 covering the known strike extent.
Large-scale zinc-lead system
Expedited assay results for EHRC050 and EHRC044, along with previous RC drilling, have highlighted the very large scale of continuous zinc-lead (with silver) mineralisation which is completely open along strike and down dip at Chinook.
RC drilling has confirmed >2 kilometres of mineralised strike and three sections highlight the continuity of mineralisation down dip.
Section 1 reported visible zinc-led mineralisation in all seven holes (awaiting results) over a down dip length of 600 metres.
To the northeast, historic drill hole TDH14 that returned 11 metres at 3.6% zinc + lead from 225 metres, is interpreted to be the same mineralisation zone and this infers the down dip length to be 1500 metres.
Open cut scenarios
The Chinook Prospect has the potential to be at the upper end of the existing exploration target based on the consistent grades (4%-5% zinc + lead), the true thickness (up to 34 metres vertical), the intersection of zinc-lead over 2 kilometres of strike, the width over 1.1 kilometres and the mineralisation being open in all directions.
Notably, the shallow nature of the zinc-lead mineralisation is amenable to large-scale open cut mining scenarios.
Chinook Prospect – location plan with drill hole status and intersections.
Magazine assays pending
The company has completed seven holes for 940 metres at the Magazine Prospect, with assays pending.
This drilling was designed to test for potential strike vectors associated with mineralisation defined in 2020 by Rumble including in drill hole EHRC034 (2020) that previously returned 12 metres at 4.48% zinc + lead from 88 metres.
Assays for the remaining 24 RC drill holes at Chinook are pending with all holes intersecting visual zinc-lead mineralisation.
The company’s zinc-lead exploration target at the Earaheedy Project is between 40 to 100 million tonnes at a grade ranging between 3.5%-4.5% zinc-lead.
This exploration target is at a shallow depth (80 metres) and more than 40 kilometres of prospective strike has been defined within the Earaheedy Project.
The potential quantity and grade of the exploration target is conceptual in nature, there has been insufficient exploration to estimate a mineral resource and it is uncertain if further exploration will result in the estimation of a resource.
Rumble believes that the Chinook prospect has the potential to be at the upper end of the existing exploration target for a large-scale, shallow and continuous open-pit deposit.
Within the project area, Rumble controls 45 kilometres of prospective strike which has the potential for multiple large tonnage zinc-lead deposits.
Going forward, the company intends to test the exploration target with drilling and this further drilling is expected to extend over approximately 12 months.