Rumble falls 44% on drilling result

Nickel explorer Rumble Resources says a recently completed drilling program at its Zanthus project in the Fraser Range has turned up nothing of value.

Rumble shares tumbled on the news, down 44.3 per cent to 2.9 cents at the close, but chief executive Shane Sikora said the board remained confident that it was on track to generate shareholder value.

“Despite not encountering nickel sulphides during this drill program, we remain excited by the prospectively of the Fraser Range to host another major nickel discovery,” he said.

“Drilling conductors is part of the exploration process to finding the next nickel ore body and we are committed to generating quality nickel targets through systematic exploration and testing them.

“We retain a significant land holding and have further high quality targets to test.”

The Zanthus project lies 18 kilometres south-east of Sirius Resources’ successful Nova nickel deposit, which is currently in development.

Rumble’s drilling program consisted of five RC/diamond holes targeting a cluster of bedrock conductors, and was completed for 1,081 metres.

Rumble is earning a 75 per cent interest in the Zanthus project through a joint venture agreement with Blackham Resources, which was initiated in February last year.

Shares in Blackham were 6.25 per cent lower to 15 cents each at the close.