Perth, Australia, Mar 12, 2020 - (ABN Newswire) - During the period, Rumble Resources Ltd (ASX:RTR.AX - News) (HAM:20Z.F - News) executed the Board's clear strategy of generating a pipeline of quality high grade base and precious metal projects at various stages of exploration and development, critically reviewing them against stringent criteria developed by Rumble's highly regarded technical director Brett Keillor, negotiating low cost upfront optionality and systematically exploring multiple projects to test for high grade world class discoveries.
During the half-year ending 31 December 2019, the Group renegotiated and exercised the option to acquire 75% of the Earaheedy Project and subsequently commenced a drill program at the Earaheedy Project.
The Group also commenced drill programs at the Munarra Gully project, the Western Queen Gold Project and completed a drill program at the Panache Project in the Sudbury region in Canada.
On 22 July 2019 the Group entered into an earn-in joint venture agreement with AIC Mines Limited in respect of the Lamil project. Under that agreement, AIC can earn a 50% interest in the Lamil Project by spending $6 million over 4 years and can can earn 65% by spending a further $4million over 1 year. The Option fee to commence the JV was AIC issuing Rumble 714,286 new shares for nil consideration. The shares in AIC were issued to Rumble in August 2019.
On 6 August 2019 the Group executed an option agreement to acquire the Western Queen Gold Project in Western Australia. The Western Queen Gold Project comprises two contiguous mining leases (M59/45 and M59/208) for a total area of 9.8 km2.
On 3 September 2019 the Group announced a placement to raise $3,750,000 via the issue of 50,000,000 shares at $0.075 per share. This placement introduced two new strategic, cornerstone investors to the Company.
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About Rumble Resources Ltd:
Rumble Resources Limited (ASX:RTR.AX - News) (FRA:20Z.F - News) is an Australian based exploration company, officially admitted to the ASX on the 1st July 2011. Rumble was established with the aim of adding significant value to its current gold and base metal assets and will continue to look at mineral acquisition opportunities both in Australia and abroad.
Rumble Resources Ltd
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