Rumble Resources Ltd (ASX:RTR) has acquired the Thunderstorm gold project in Western Australia in totality, taking on the remaining 70% share in three exploration tenements from its joint venture partner IGO Ltd (ASX:IGO).
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The company entered an agreement with IGO which involves purchasing the assets for $300,000 worth of Rumble shares at a deemed issue price of the five-day volume weighted average price just before the execution date.
Ket attractions of the project – which is located in the Fraser Range Province – include two gold discoveries: The Gazelle prospect and the Pion prospect.
Previous exploration at Gazelle has shown it to have high-grade paleochannel/supergene gold mineralisation, while Pion has yielded gold anomalism in six consecutive drill holes over a section length of 1.2 kilometres. This included a top intersection of four metres at 3.80 grams per tonne Au from 86 metres.
Gazelle also picked up impressive intercepts, including 16m at 6.69 g/t Au from 42m.
Managing director Peter Harold said the project would be a welcome addition to Rumble’s portfolio. “We are pleased to have secured the balance of the Thunderstorm Gold Project from IGO under attractive terms,” he said.
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Mr Harold continued: “The Thunderstorm Gold Project contains two high-grade gold discoveries at Gazelle and Pion. Based on this and the style of mineralisation we believe there is significant potential to discover large-scale paleochannel and primary basement-hosted gold deposits.”
Rumble has been selling at 3.3 cents heading into Monday trade.
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