THE BOURSE WHISPERER: Rumble Resources (ASX: RTR) has acquired a large strategic holding adjacent to the Top Up Rise project of Corazon Mining (ASX: CZN).
Rumble Resources explained its new Leyland project consists of three tenement applications covering a total area of 1305 square kilometres.
Map showing tenement holding of the Leyland project. Source: Company announcement
The company claims the region is prospective for large Iron Oxide Copper Gold systems and provided the Top Up Rise project as an example indicating it has a large untested gravity anomaly, which is similar in size and more intense than the anomaly at Olympic Dam in South Australia.
Corazon recently announced that exploration is underway at its Top Up Rise project, with a ground gravity survey underway, which will be followed-up with a maiden drilling program in April/May 2013.
The area has undergone previous exploration by BHP Billiton (ASX: BHP) (1996 to 1999) and more recently by Toro Energy (ASX: TOE).
Toro Energy completed rock chip sampling on an adjacent tenement, which returned significant iron up to 56 per cent with rare earths up to 4 per cent TRE and anomalous copper (639 parts per million) and uranium oxide (82 parts per million).