Rumble’s Western Queen gains momentum as Munarra Gully delivers high-grade gold

Western Queen economics move towards a development decision

Rumble Resources Ltd (ASX:RTR) has put a more substantial development proposition around its Western Queen gold project, with an underground-optimised resource of 3.92 million tonnes at 3.1 grams per tonne gold for 393,100 ounces and a scoping study projecting A$133 million in free cash flow. The study estimates a pre-tax net present value of A$86 million and an internal rate of return of 45%, based on an assumed gold price of A$5,714 an ounce.

“Western Queen Gold Deposit Longitudinal Section – Highlighting Previous Production, Resources and Potential New Resource Areas.”

The figures come from a scoping study, not a definitive development case or Ore Reserve. Its production target covers 1.2 million tonnes at 3.2g/t for 125,000 ounces of contained gold over an initial four-year production period, with ore intended for campaign toll treatment at the Kirkalocka processing plant. The study assumes 92% gold recovery, around A$8 million of upfront capital and all-in sustaining costs of A$4,390 per ounce of gold sold.

The updated study was previewed in the Western Queen scoping study, which outlined the same preliminary A$86 million pre-tax NPV while leaving tungsten outside the base-case economics. Rumble says only about 30% of the current gold resource is included in the production target, creating potential scope for a longer mine life, although that possibility still requires further technical and economic work.

Tungsten remains an unpriced addition to Western Queen

“Location of Western Queen mining leases in relation to Kirkalocka.”

Rumble is now working to incorporate tungsten into the mine plan. Western Queen contains an inferred tungsten resource of 4.31Mt at 0.31% tungsten trioxide for 13,200 tonnes of contained WO3, located within and near the gold mineralisation. Initial metallurgical testing and preliminary marketing discussions indicate that a saleable scheelite concentrate may be produced.

That opportunity is not yet part of the published project economics. Further metallurgical work, a mining study, possible modifications at Kirkalocka, regulatory approvals and a positive feasibility outcome are all required before tungsten can be treated as an actual revenue stream rather than an option attached to the gold project.

Permitting and funding still set the timetable

Rumble has appointed Jake Campbell as General Manager Operations to lead the project through development and into steady-state operations. The company says applications for underground mining approvals have been submitted, while the Works Approval, Native Vegetation Clearance Approval and Groundwater Extraction Licence for Western Queen South dewatering have been granted. The Mine Development and Closure Proposal remains the last outstanding major approval.

The company’s cash balance was A$8.3 million at 30 September, after quarterly cash outflows of A$2.776 million including A$1.182 million on exploration and evaluation. The Appendix 5B calculates approximately three quarters of funding at the reported spending rate, while Rumble continues to evaluate funding options for Western Queen and ongoing exploration. The earlier Western Queen dewatering milestone had already identified approvals, financing and feasibility as key conditions before a mine decision.

Munarra Gully delivers the quarter’s sharpest assay

At Munarra Gully, drilling produced Rumble’s strongest reported gold result to date in the detailed exploration section: 13 metres at 21.64g/t gold from 122 metres, including 5 metres at 55.56g/t and a one-metre interval at 221g/t. The intersection also contained 7 metres at 0.52% copper from 128 metres.

Other results included 7 metres at 2.15g/t gold with 4 metres at 0.62% copper, 7 metres at 3.86g/t gold including one metre at 26.10g/t, and a one-metre gold interval at 5.86g/t accompanied by copper mineralisation. A follow-up program was cut short by technical difficulties, with assays pending for three holes and further RC and diamond drilling planned. Results from Wardawarra’s 48-hole regional program and 17-hole Cranes resource drilling are also awaited, after the three Western Australian drilling campaigns were positioned as the next exploration push.