Rumble, Zenith soar on 'major' zinc-lead discovery

Shares in Perth-based explorers Rumble Resources and Zenith Minerals have risen sharply after the joint venture announced a major discovery at the Earaheedy zinc-lead project in Western Australia.

Rumble, which owns a 75 per stake in the project, situated about 110 kilometres north of Wiluna, said results from two reverse circulation drillholes at the Chinook prospect had highlighted the potential for a large-scale, tier one zinc-lead system.

Rumble’s shares closed up 94 per cent to trade at 35 cents while Zenith, which owns the remaining 25 per cent stake in Earaheedy, closed up 46 per cent to 19 cents.

Rumble said drilling had only tested 2km of the 45km of prospective mineralised strike, underlining the potential to delineate multiple large tonnage, shallow (open pit) deposits throughout the Earaheedy project.

One hole returned 4.22 per cent zinc and lead at 34 metres drilled, including a hit at 17 metres of 6.5 per cent zinc-lead, while the second hole hit 4.3 per cent zinc-lead at 21 metres drilled.

Rumble said the mineralisation was shallow and flat lying, signalling open-pit potential.

Zenith chairman Peter Bird said the results appeared to be exceptional.

“[I]t is the intention that Rumble will aggressively progress the exploration activities on the property in an attempt to validate the exploration target estimate,” he said.

“Although at an early stage of investigation, we are beginning to demonstrate that this project could be of very significant scale.”

Mr Bird said Zenith, which will be free carried in the JV until a bankable feasibility study, would continue to be supportive of further exploration.

“Earaheedy is shaping up as a very exciting proposition for both parties,” he said.