THE BOURSE WHISPERER: Rumble Resources (ASX: RTR) has signed a binding option agreement to acquire up to 70 per cent of the Barramine copper-lead-zinc-silver project in Western Australia.
Rumble Resources said the binding option agreement allows it to complete due diligence for up to three months, after which time it may elect to enter a Joint Venture agreement.
The Barramine project E45/4368 is located approximately 150 kilometres from Marble Bar in the Pilbara and is contiguous to the company’s Braeside project, where it recently identified base metal trends and VTEM conductors that appear to extend north into the Barramine project.
Rumble explained the Barramine project consists of a number of untested high-grade copper, lead, zinc, silver and gold prospects.
Two locations within the Barramine Project have been subject to historical prospecting pits and minor grab sampling for base metals in the Barramine and Camel Hump prospects.
Previous work has shown the historical samples were taken on the structures to be similar in style to the Braeside-style structures to the south east.
At the Barramine prospect a channel sample collected by Blatchford in 1925 assayed 25.32 per cent copper, 279 grams per tonne silver, and a trace of lead.
At the Camel Hump prospect, rock chip samples were assayed up to 13.4 per cent copper, 6 per cent lead, 1.8 per cent zinc and 131g/t silver.
Limited modern exploration to the South East of the Barramine project with the poly-metallic mineralisation not been tested by detailed geophysics, geochemistry and drilling.
Rumble indicated that, subject to successful completion of due diligence and exercise of the option, the company will then outline its proposed exploration program.
“Rumble are pleased to secure the option to acquire the high-grade Barramine project,” Rumble Resources managing director Shane Sikora said in the company’s announcement to the Australian Securities Exchange.
“Our recently announced exploration results at the Braeside project identified significant base metal trends and VTEM conductors that appear to extend north into the geological structures of the Barramine project.
“Historic sampling has highlighted the high-grade nature of the project with the key geological structures unexplored for base metals with modern exploration techniques.
“Based on the earlier litho-geochemistry work competed by Rumble which identified the VMS potential of the Braeside project, and the exploration work completed to date, Rumble has strategically worked to secure all the prospective ground in the Braeside project area in the event a new VMS province is discovered.”