The Australian exploration company is having a poor run on the ASX
The post Rumble Resources (ASX:RTR) share price slips 15% in 30 days appeared first on The Motley Fool Australia. –
The Rumble Resources Ltd (ASX: RTR) share price has fallen almost 15% in a month despite the company only releasing seemingly good news.
Over the past 30 days, Rumble Resources has released its quarterly report and news of a resource upgrade.
Right now, the Rumble Resources share price is 41 cents. It has fallen 1.2% today.
Let’s take a look at the latest news from Rumble Resources.
What’s Rumble been up to this last month?
The Rumble Resources share price has been falling amid a picking of good news.
The most recent time the market heard from Rumble was on 2 August, when the company announced its Western Queen Project’s mineral resource estimate had grown by 35%.
Additionally, Western Queen’s total indicated resources were said to have increased by 145%. The project is now estimated to house 163,000 ounces of gold.
The Rumble Resources share price slid 4% on the back of the news.
Rumble’s managing director Shane Sikora commented on the increased mineral resource estimate, saying:
The independent resource report highlights that the gold resources could potentially support a rapid start-up open-pit and underground mining operation, combined with industry-standard gold processing technology that could be toll treated at the three nearby processing mills within a 110km radius.
There is scope to significantly expand the resources at depth and discover further near surface and underground deposits along the 35km of highly prospective Western Queen shear zone strike which has yet to be drill tested.
The week before the company broke its Western Queen project’s news, it released its activities and cash-flow report for the fourth quarter of financial year 2021.
The report highlighted Rumble’s $40.99 million cash inflow, which was supported by a $40.2 million capital raising.
The Rumble Resources share price dropped 4% after the report’s release.
Rumble Resources share price snapshot
While the last month hasn’t been great for the Rumble Resources share price, it hasn’t dampened its gains.
Rumble’s shares are currently trading for 241% more than they were at the start of 2021. They’ve also gained 173% since this time last year.
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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. 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.