Rumble Resources Ltd. said Aug. 6 that it secured an option to acquire the Western Queen gold project in Western Australia from Ramelius Resources Ltd. unit Mt Magnet Gold Pty. Ltd.
Rumble will pay A$50,000 in cash to secure an initial nine-month option. During the option period, the Australian explorer must incur a minimum A$200,000 spend over the property.
Rumble may elect to extend the option by nine months by paying A$50,000. Should it choose to exercise the option, Rumble must pay A$1 million in cash and/or shares to fully acquire Western Queen.
Meanwhile, Ramelius was granted last right of refusal to provide gold processing and associated hauling services related to Western Queen.
The explorer said the Western Queen project holds potential for additional high-grade gold resources downplunge from historical gold intercepts at the Western Queen Central mine and deposit, which is open and untested. A geophysical survey south of the pit will be conducted to identify potential drilling targets.
At the Cranes prospect, an aircore drilling program is planned that will target high-grade gold shoot-like mineralization.