Rumble Resources Ltd (ASX:RTR) has taken full ownership of the Thunderstorm gold project in Western Australia by acquiring the leftover 70% stake across three exploration licenses from its former joint venture collaborator. IGO Ltd (ASX:IGO) .
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The firm made a deal with IGO to acquire the assets through the issuance of $300,000 in Rumble shares, priced based on the five-day volume-weighted average price prior to the execution date.
Key attractions of the project, situated in the Fraser Range Province, encompass two gold finds: the Gazelle prospect and the Pion prospect.
Earlier investigations at Gazelle revealed significant high-grade paleochannel/supergene gold deposits, whereas Pion demonstrated gold anomalies across six successive drilling sites spanning 1.2 kilometers. Notably, one of these intersections reached four meters thick with a grade of 3.80 grams per tonne Au starting from a depth of 86 meters.
Gazelle also garnered notable interceptions, such as 16 meters at 6.69 grams per tonne gold starting from 42 meters depth.
The managing director, Peter Harold, stated that this project will be a valuable asset to Rumble’s collection. "We are delighted to have acquired the remainder of the Thunderstorm Gold Project from IGO on favorable conditions," he commented.
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Mr Harold went on to say: "The Thunderstorm Gold Project includes two high-grade gold finds at Gazelle and Pion. Given these discoveries and the nature of the mineralization, we think there is substantial potential for uncovering extensive paleochannel and primary basement-hosted gold deposits."
Rumble had been trading at 3.3 cents as it entered Monday’s session.
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