THE BOURSE WHISPERER: Rumble Resources (ASX: RTR) has upped its stakes in the Fraser Range region of Western Australia with the signing of an earn-in agreement with Blackham Resources (ASX: BLK) to acquire up to 75 per cent of the Zanthus project.
The 370 square kilometre Zanthus project is located close to the Nova nickel-copper massive sulphide discovery of Sirius Resources (ASX: SIR).
Image showing the location of the Zanthus project only 18km
away from Sirius Resources world-class Nova nickel-copper discovery.
Source: Company announcement
“Rumble is excited about the acquisition and what this might lead to for Rumble shareholders,” Rumble Resources chief executive officer Shane Sikora said in the company’s announcement to the Australian Securities Exchange.
“This region is fast becoming the world’s most exciting emerging Nickel province.
“Due to the current ground position, Rumble has now stamped itself as a major player in the Fraser Range.”
Rumble has determined strong magnetic units from aeromagnetic data, especially in the central region of the project area.
The company said these have been interpreted as potential mafic and ultramafic units and that these magnetic horizons also indicate potentially prospective structural features including dilation zones and fault offsets.
Rumble explained that the Zanthus project has previously been explored for lignite, but not so much for base and precious metal exploration, especially at any great depth.
Rumble indicated it intends to systematically explore the Zanthus project with the aim of generating high-priority nickel and copper sulphide targets.
Drilling carried out by Blackham Resources has indicated the presence of Proterozoic basement rocks between 20 metres and 55 metres from surface.
Rumble expects it will need to initially conduct geophysics test lines to see if VTEM or ground based geophysics will be the most effective technique to utilise in the area.