With many analysts predicting a new commodity super cycle, ASX resource shares are in the spotlight.
The post Why the Rumble Resources (ASX:RTR) share price is charging higher today appeared first on The Motley Fool Australia. –
The Rumble Resources Ltd (ASX: RTR) share price is gaining in afternoon trade, up 6% after earlier posting gains of more than 8%.
Below, we take a look at the mineral explorer’s latest assay results, which appear to be spurring ASX investor interest.
What assay results did Rumble report?
The Rumble Resources share price is gaining today after the company reported promising first assay results from its drilling program at the Chinook Zinc-Lead discovery, at its Earaheedy Project in Western Australia.
According to the release, four reverse circulation (RC) drill-holes from the recently commenced 30,000 metres campaign confirmed wide zones of mineralisation. The results increased the ongoing zinc-lead mineralisation footprint by 125%, to an area of 3 kilometres by 1.8 kilometres.
To date, only 2,500 metres of the 30,000 metre drill program have been completed. The company said 2 more RC drill rigs will join the single rig currently on site over the next few weeks to accelerate the campaign.
Among other results, Rumble reported these “very significant widths intersected of near surface oxide Zn-Pb-Mn-Ag mineralisation” from the up-dip position of the south-western margin:
– 49m @ 2.45% Zn+Pb from 18m (0.5% Zn+Pb Cut-Off)
including 38m @ 2.78% Zn+Pb, 4.6% Mn, 2.9g/t Ag from 23m
with zone of 9m @ 3.67% Zn+Pb, 7.44% Mn, 3.6 g/t Ag from 46m
Commenting on the early results, Rumble Resources managing director, Shane Sikora said:
It’s important to understand we aren’t infill drilling, and the key first step we are currently undertaking to advance the Chinook Zinc-Lead discovery consists of broad spaced, step out drilling into new untested areas looking to find the edges of the mineralisation. Once the boundaries of mineralisation are defined, drilling will then shift to focus on the inferred feeder structures containing near surface, higher-grade Zn-Pb-Mn-Ag mineralisation…
With each drill hole we gather more data, and our understanding of the geology of this very large sediment hosted base metal system continues to improve. This in combination with our geophysical targeting methods will enable us to zero in on the higher-grade feeder structures inferred to be contained within this very large body of mineralisation.
Rumble Resources share price snapshot
Over the past 12 months the Rumble Resources share price is up 243%, well outpacing the 27% gains posted by the All Ordinaries Index (ASX: XAO).
Year-to-date, the Rumble Resources share price has been a truly stellar performer, up 329% so far in 2021.
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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.