Why is the Rumble Resources (ASX:RTR) share price leaping 11% today?

Shares in the mining explorer are rumbling higher today.
The post Why is the Rumble Resources (ASX:RTR) share price leaping 11% today? appeared first on The Motley Fool Australia. –

The Rumble Resources Ltd (ASX: RTR) share price is climbing in afternoon trade and now trades 11% higher at 49.5 cents apiece.

Rumble shareholders have been on a bumpy ride these past few months, and the company has also made several advancements over this time.

It’s worthwhile taking a dive into this progress and see what has led us to Rumble’s share price gain of 15% in the last 2 days.

What’s tailwinds are behind the Rumble Resources share price?

Rumble has made several announcements over the past 2 months regarding drilling and exploration updates.

In late August, the company advised that the drill program at its Earaheedy Joint Venture with Zenith Minerals Ltd (ASX: ZNC) had been expanded by 30% to 40,000 metres.

This came following a 125% increase in the zinc-lead mineralisation footprint at this site announced in July.

Afterwards, the company announced in early September that reverse circulation (RC) drilling had commenced at its Lamil Gold-Copper joint venture with AIC Mines Ltd (ASX: A1M).

The JV is located within the Paterson Province of WA, known as one of the “most highly endowed yet under explored mineral provinces in Australia”, and hosts the “world-class” Telfer gold-copper mine and Nifty copper mine.

The Rumble Resources share price popped on the day of this announcement, closing at a high of 54.5 cents on 13 September.

It made an immediate u-turn and headed back down to where it was trading prior to this – around 44 to 45 cents each.

There, it continued in a tight channel trading sideways until this Wednesday, when bullish investors began to get a hold of Rumble’s shares once again.

There was no price-sensitive information behind this action, only that the company’s shares have gained 6.5 cents per share in the last 2 days.

One other asset gaining in price these past few days is the price of copper, which the company has direct exposure too.

Copper has increased 3% in the past 2 days and now trades at US$4.275/lbs, up from US$4.15 on Wednesday. The price of zinc has also gained around 2.5% in this time.

Given that Rumble Resources is an ASX resource share whose share price will fluctuate with volatility in the broader commodity market, as well as the recent price action of copper and zinc, there may be more to it than meets the eye with the company’s shares today.

Rumble Resources share price snapshot

The Rumble Resources share price has gained 330% this year to date, well ahead of the S&P/ASX 200 Index (ASX: XJO).

It has also gained 200% in the past 12 months, after rallying a further 5% in the last month – again well ahead of the broad index’s return of about 25% in that time.

The post Why is the Rumble Resources (ASX:RTR) share price leaping 11% today? appeared first on The Motley Fool Australia.

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The author Zach Bristow has no positions 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.

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