Rumble Resources Limited (ASX:RTR) Updates on Western Queen Mine Development
Mine Development
Rumble Resources Limited continues development activities at the Western Queen Mine, targeting the mining of the first ore before the end of the calendar year. The company has optimised its agreement structure into three separate agreements: Co-operation Agreement, Primary Facility Agreement with up to $35 million in working capital, and Specific Security Deed. All agreements are being finalised, with execution expected by May 2025.
Exploration Results
High-grade assay results have been returned from Duke’s RC drilling, including a potential new high-grade lode. Additionally, historical core sampling at Western Queen has yielded multiple high-grade tungsten intercepts. Phase 2 diamond drilling at Western Queen South and Princess is nearing completion, with assay results anticipated in the June quarter.
Executive Comments
Peter Harold, Managing Director and CEO, stated, “We are pleased with the progress being made on the development of Western Queen. After further consultation with our advisors, we have restructured the arrangements between us and Bain Global Resources to ensure we have a structure which is optimal for both parties. This has taken longer than we all anticipated but we are close now to finalising the various agreements. The current exploration program is coming to an end and we may have discovered a new lode at Duke. We await the assay results from the deeper Western Queen South diamond holes which are much anticipated. The re-assaying of the historical core for tungsten continues to deliver positive results and we are eager to see the results of the preliminary metallurgical testwork.”
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. 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 Scott Phillips.
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