The Rumble Resources Ltd (ASX: RTR) share price continues to burn hot today, up another 12%. This ASX miner is now up 75% since Monday.
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The Rumble Resources Ltd (ASX: RTR) share price continues to climb today. At the time of writing, Rumble Resources shares are up another 12.64% to 49 cents a share. It has been an extraordinary week for this ASX miner, on top of an extraordinary month.
On Monday, just 3 days ago, this company was trading at 28 cents a share. That means Rumble is up 75% in 3 days. At the start of the month, Rumble Resources shares were priced at just 11 cents, which means that, on today’s gains, this company is up 345% in just over 3 weeks.
If an investor was lucky enough to buy this company at its lows of 1 cent per share back in 2016, they would be sitting on a 4,800% gain today.
So what is going on with this millionaire-making miner?
Rumble Resources share price shakes the ground
Today’s performance of the Rumble Resources share price appears to be a continuation of the momentum we have seen in this company since its big announcement on Monday. As we covered at the time, Rumble announced that, as a result of drill testing, it had discovered a major zinc and lead depository at its Chinook Prospect.
According to the company, its findings mean that Chinook’s mineral deposits have the potential to be at the upper end of its exploration targets. That’s despite the testing only evaluating depths of 2km at Chinook, which goes as deep as 45km. Rumble noted this means that large (and cheap) open-cut mining is possible.
There have been no major announcements since Monday, but investors are evidently extremely excited, judging by the continuing performance of the Rumble Resources share price.
Rumble Resources is an ASX miner that is (or at least was) focused on exploration. It was founded in 2011 and listed on the ASX in the same year. Chinook is just one of the company’s 7 prospective sites in Western Australia. These sites cover a range of prospective metals, both base and precious. These include lead and zinc, as well as copper, gold and silver.
At the company’s current share price, Rumble Resources has a market capitalisation of $258.1 million.
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Motley Fool contributor Sebastian Bowen 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.