The Rumble Resources Ltd (ASX: RTR) share price has rocketed more than 90% higher to start the day following a major drilling update.
The post Why the Rumble Resources (ASX:RTR) share price is rocketing 90% today appeared first on The Motley Fool Australia. –
Rumble Resources Ltd (ASX: RTR) shares are rocketing higher this morning after a discovery update from the Aussie miner. At the time of writing, the Rumble Resources share price is trading 88.89% higher at 34 cents.
Why are Rumble Resources shares surging?
Rumble Resources has this morning announced the assay results of two RC drill holes fast-tracked at its Chinook Prospect. Those assay results have confirmed a Major Zinc-Lead Discovery for the Aussie mining group.
Today’s release said the Chinook Prospect has the potential to be at the upper end of the existing exploration target. That’s based on consistent grades of 4% to 5% zinc and lead.
Rumble noted the importance of the shallow Zinc-Lead mineralisation, which makes large-scale open cut mining possible.
The discovery news has seen the Rumble Resources share price rocket higher in early trade. Shares in the Aussie mining group jumped 97.2% at the open to 37 cents per share before retreating to their current level.
Rumble said the results have highlighted the potential for a very large-scale, Tier 1, Zinc-Lead System. The Chinook Prospect drilling has only tested 2km of the 45km of prospective mineralised strike.
That means the miner sees significant potential to delineate multiple large tonnage, shallow, open pit deposits.
Based on the Rumble Resources share price surge, investors are clearly buoyed by the discovery news and bullish sentiment in this morning’s update.
Rumble Resources also said RC drilling is now complete with a total meterage of 3,593 metres for 33 holes. Rumble fast-tracked the drill holes for multi-element assays with 26 holes at the Chinook Prospect and 7 holes at its Magazine Prospect.
The Rumble Resources share price has shot out of the blocks with an almost 90% gain in early trade. That comes on the back of strong drilling results from the Aussie miner with significant upside potential.
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Motley Fool contributor Ken Hall 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.