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Rumble Resources Limited (ASX: RTR) (“Rumble” or “the Company”) is pleased to announce that a diamond and RC drilling program has commenced to test the continuity of the multiple high-grade zones beneath the Western Queen South and along strike of the Western Queen Central deposits. Previous drilling (by prior owners and by Rumble) has demonstrated high-grade gold occurs as moderately south plunging lode system with scope to extend to significant depths which may be amenable to underground mining.
- An RC and diamond drilling program has commenced to test a number of high grade gold targets, and will follow up historical high grade intersections at the Western Queen South and Duke Prospects, including:
- Western Queen South1:
- 5m @ 38.76 g/t Au from 193m
- 17m @ 5.70 g/t Au from 221m
- 4m at 49.73 g/t Au from 134m
- Duke Prospect2:
- 8m @ 26.27g/t Au from 14m
- 6m @ 25.87g/t Au from 48m,
- 7m @ 60.60 g/t Au from 70m
- 8m @ 7.22 g/t Au from 49m.
- Western Queen South1:
- The historical mine project area (2.7km strike length) is on granted mining leases and is located within 100km radius of three gold processing plants
- The Western Queen deposits are associated with a major orogenic shear zone similar to Spartan Resources’ Never Never Lode (5.16Mt @ 5.74 g/t Au for 952,900oz3) adjacent to the Gibley’s open cut (40 km south of Western Queen).
- The Western Queen has historical production of 880,000t @ 7.6g/t Au for 215,000 oz4, that remains completely open down plunge and along strike
- The Western Queen mineral resource currently stands at 2.1Mt @2.42 g/t Au for 163,200oz
- Rumble’s licences cover the north-south trending Warda Warra greenstone belt which is 35km long and 3km wide. The greenstone belt hosts the mineralised Western Queen Shear Zone which remains largely underexplored.
Peter Harold, Rumble Managing Director and CEO commented: “As we continue with the metallurgical testwork on our Earaheedy zinc, lead, silver project we are delighted to be drilling the Western Queen Gold Project. The historical gold intersections at Western Queen are some of the highest grade gold intersections found in Western Australia today, and they warrant follow up. The system at Western Queen has already produced high-grade gold with historical gold production of 190,000 ounces from ore with an average grade of 8,9 grams per tonne. from the Western Queen Central Pit. This past production shows that the system is capable of hosting further significant high- grade orebodies.”
Western Queen Gold Project
Down-Plunge High-Grade Potential
With the significant increase in the price of gold, coupled with the latest drilling success by Spartan Resources on their Never Never Gold Deposit (Dalgaranga Gold Project – 40km south of Western Queen), Rumble has commenced an initial 1,500m diamond and RC drilling campaign to test the down-plunge, high-grade extension of the Western Queen South gold lodes and a potentially new lode north of the high-grade lodes already delineated at the Duke prospect north of the Western Queen Central deposit. Previous exploration and resource definition drilling by Rumble had focused on economic gold mineralisation amenable to open pit mining with limited drilling testing the continuity of the potential high-grade underground mineralisation.
Gold mineralisation at the Western Queen Gold Project has already been defined over approximately 2.7km and is associated with a large-scale structural flexure (dilational jog) within the regionally extensive auriferous Western Queen Shear Zone (WQSZ).
The Western Queen mineral resource currently stands at 2.1Mt @ 2.42 g/t Au for 163,200oz5.
Combined historic open pit and underground production from the Western Queen Central and Western Queen South deposits was 880,000t @ 7.6g/t Au for 215,000 oz gold.
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This article includes content from Rumble Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
RTR:AU
Rua Gold
Investor Insight
Rua Gold offers a compelling investment opportunity driven by its highly promising gold assets in New Zealand’s historic gold-producing regions, and supported by the government’s renewed focus on fast tracking economic growth.
Overview
Rua Gold (TSXV:RUA,OTC:NZAUF,WKN:A4010V,OTCQB:NZAUF) is a gold exploration company focused on two prolific, historic gold-producing regions in New Zealand: Hauraki Goldfield and Reefton Goldfield. Both these regions boast of previous high-grade gold production, with more than 15 million ounces (Moz) produced in the Hauraki district and over 2 Moz in the Reefton Goldfield. New Zealand is a tier 1 mining jurisdiction with highly prospective geology, and a skilled workforce. The new government of New Zealand has committed to promoting economic growth through mining- and business-friendly policies, such as the Fast Track Approval Bill, which proposes quicker approval timelines for a range of projects, including mining.
New Zealand has a rich history of gold production from orogenic deposits (+9 Moz), epithermal sources (+15 Moz), and alluvial deposits (+22 Moz). The country has low sovereign risk with no corruption, making it an attractive destination for mining investment.
The company has launched a fully funded exploration program at its properties. This includes a 2,500-meter diamond drill program focused on the Pactolus prospect at Reefton Goldfield.
Pactolus has returned assays for three of six holes drilled on the system, with hole DD_PAC_035 intersecting 2 meters @ 5.13 grams per ton (g/t) gold. Additional work is required to accurately model this zone's geometry before proceeding with further drilling at this prospect. Consequently, the company anticipates redirecting its focus towards the previously productive areas in Reefton in the near future, which includes the Murray Creek, Crushington, Capleston and Caledonian historic districts. These historic mines collectively produced ~700 koz at 25.2 g/t within a radius of ~20 kms.
The company has applied for a minimum impact access agreement with the New Zealand Department of Conservation for the Glamorgan project. Once granted, the company will commence an exploration program that includes soil sampling, magnetic and resistivity geophysical surveys, and geological mapping.
Rua Gold benefits from a team of professionals boasting extensive expertise in geology and mining. The company’s board of directors is led by Oliver Lennox-King (Fronteer, Roxgold), who has a successful track record developing projects and companies.
Company Highlights
- Rua Gold is a gold exploration company with two highly prospective land packages in New Zealand’s historic gold districts – Hauraki Goldfield and Reefton Goldfield.
- New Zealand is a tier 1 mining jurisdiction boasting highly promising geological formations and a significant history of gold production, with orogenic deposits (+9 Moz), epithermal sources (+15 Moz), and alluvial deposits (+22 Moz).
- The company’s two key assets include the Reefton Goldfield on New Zealand’s South Island and Glamorgan on New Zealand’s North Island.
- The new government is focused on stimulating economic growth, as evidenced by the recent Fast Track Approval Bill, which proposes fast-track approvals for a range of projects, including mining.
- Rua Gold has high-quality orogenic and epithermal gold prospects, boasting historical production grades ranging from 16 to 50 g/t gold.
- Rua Gold is fully permitted and fully financed with significant near-term catalysts. The company has launched an exploration program at its two properties. Drilling is ongoing at the company’s properties in the Reefton district.
- Proposed acquisition of Reefton Resources Pty Limited was approved by the shareholders of Siren Gold (ASX:SNG). Reefton is a 100 percent owned subsidiary of Siren, with tenements located adjacent to the Rua Gold’s suite of properties in New Zealand’s prolific Reefton Goldfield.
- A seasoned board and management team is at the helm of Rua Gold, with extensive regional knowledge and a proven track record of successful discoveries. With full financing and permits in place, the company is well-positioned to capitalize on growth prospects.
Key Projects
Reefton Goldfield
Rua Gold holds six project areas at the Reefton Goldfield – Northern, Capleston, Murray Creek, Ajax, Crushington and Southern. The Reefton district has a rich history of gold production with over 2 Moz of gold recovered at 24.5 g/t. Among the noteworthy findings from recent years of exploration is the greenfield discovery of the Pactolus quartz vein. Sampling and assays conducted thus far have unveiled significant concentrations of high-grade gold in this vein.
Pactolus: Pactolus is a new surface greenfield discovery made by Rua Gold in 2021. Pactolus has returned assays for three of six holes drilled on the system, with hole DD_PAC_035 intersecting 2 meters @ 5.13 g/t gold and hole DD_PAC_036 intersecting 2 meters @ 3.61 g/t gold.
Initial findings and observations validate the southern extension of the Pactolus system by 550 meters, showcasing substantial mineralization at surface. However, accurately determining the plunge and quality of the ore shoots presents a challenge. An additional update is expected upon receipt of results from the remaining drill holes.
Murray Creek prospects: Rua Gold’s systematic exploration has highlighted the potential for the rejuvenation of this district in renewed opportunities around the historic high-grade gold deposits. Rua Gold completed an extensive assessment of the historical mines situated within the company's tenements in the Reefton Goldfield, yielding five targets in the Murray Creek area.
Ongoing drill campaign at the Murray Creek prospects intersected visible gold and confirmed downhole continuity of high-grade gold mineralization.Glamorgan Project
The Glamorgan project comprises over 4,600 hectares in the Hauraki district on New Zealand’s North Island. Hauraki boasts of a substantial presence of high-grade gold and silver mining, with approximately 50 epithermal deposits mined since the 1860s. These deposits have yielded over 15 Moz of gold and 60 Moz of silver. Glamorgan has a 3.8 km zone displaying indications of gold mineralization, backed by soil and rock samples, suggesting the presence of an epithermal gold mineralized system at the property.
Glamorgan is located 2.8 kms north of Oceana Gold’s recent significant discovery at Wharekirauponga. The company has applied for a minimum impact access agreement with the New Zealand Department of Conservation. Once granted, the company will commence an exploration program that includes soil sampling, magnetic and resistivity geophysical surveys, and geological mapping.
After receiving a minimum impact access agreement (MIA) from the Department of Conservation for the Glamorgan project, the company has mobilized an exploration team that has made progress in collecting 2,000 of the planned 3,000 soil sample program; completing the first full phase of UAV drone magnetic geophysical surveying; and commencing ground geological mapping.
Based on initial surface soil geochemistry, interpreted geophysical structures, and geological mapping, there is preliminary evidence that the Glamorgan project has the hallmarks of a significant epithermal gold system, with surface features similar to the adjacent WKP gold deposit. Rua Gold will design a drill program and apply for a full access agreement by the end of the year to commence drilling.
Management Team
Oliver Lennox-King – Non-executive Chairman
Oliver Lennox-King boasts a distinguished and extensive career within the mineral resource sector, encompassing a broad experience in financing, research and marketing. Since 1992, he has occupied senior executive and board roles in various junior exploration and mining enterprises. Most recently, Lennox-King was the chairman of Roxgold from 2012 until July 2021 when it was sold for $1.2 billion to Fortuna. In addition to Roxgold, he also served as chairman of other notable firms, including Pangea Goldfields, Aurora Uranium and Fronteer Gold.
Robert Eckford – CEO and Director
Robert Eckford is a certified professional accountant with significant expertise in mergers and acquisitions, accounting, finance and commercial management within the mining sector. Most recently he was co-founder and head of finance for Aris Mining, and prior to that, has worked with international mining companies, including Barrick Gold, Yamana Gold and Leagold Mining.
Simon Henderson – COO and Director
Simon Henderson is an exploration specialist and has over 40 years of experience, most of which is in New Zealand. He was part of the discovery team for several significant gold finds in New Zealand, such as Wharekirauponga. He maintains robust connections with key local stakeholders and the country's permitting authorities.
Zeenat Lokhandwala – CFO and Corporate Secretary
Zeenat Lokhandwala brings over a decade of expertise in mergers and acquisitions, finance, accounting and taxation. She is the former CFO of Great Bear Royalties and director of finance at Great Bear Resources.
Brian Rodan - Director
Brian Rodan has more than 43 years of experience who is currently serving as Fellow of the Australian Institute of Mining and Metallurgy. Rodan is the founding director of Dacian Gold (ASX:DCN)
Mario Vetro - Director
Mario Vetro has extensive experience structuring and providing guidance to resource companies. He is the co-founder of K92 Mining and the proprietor of Commodity Partners.
Paul Criddle - Director
Paul Criddle has extensive experience constructing and overseeing gold mines in Australia and West Africa. He was formerly a chief operating officer for West Africa at Fortuna and also served as the COO for Azimuth and Perseus. He was previously the managing director at Matador Mining.
Tyron Breytenbach – Director
Tyron Breytenbach is a geologist with operational and capital markets experience. He is currently the CEO of Lithium Africa Resources. Previously, he was senior vice-president of Capital Markets at Aris Mining and served as managing director at Cormark Securities. Before transitioning to capital markets, Breytenbach spent a decade in the mining sector as a geologist, focusing on orogenic and epithermal gold deposits and specializing in resource estimation. He earned his BSc (Honours) degree from Rand Afrikaans University in South Africa and is a designated professional geologist in Ontario.
