Up 760% in a year, the Rumble Resources (ASX:RTR) share price is falling today

The Rumble Resources (ASX: RTR) share price is edging lower in morning trade. We take a look at the ASX resource company's latest report.

industrial asx share price on watch represented by builder looking through magnifying glass

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Rumble Resources Ltd (ASX: RTR) shares have had a bumper 12 months but are edging lower today. At the time of writing, the Rumble Resources share price is trading 0.81% lower at 61 cents. 

This comes after the ASX resource company's latest activities report for the quarter ending 31 March. Let's take a look at how it's been performing.

Quarterly highlights

The Rumble Resources share price is slumping today after the company updated investors on its continuing program to advance its projects across Western Australia.

Rumble Resources highlighted the major zinc-lead discovery it reported to the market on 19 April. The confirmed discovery at its Earaheedy Project in Wiluna followed 3,593 metres of reverse circulation (RC) drilling. The Rumble Resources share price leapt 90% during intraday trading on the day of the announcement as ASX investors digested the news.

The company also reported that 18,776 metres of phase 3 resource drilling have been completed at its Western Queen Gold Project in Mt Magnet. Assays for the maiden gold resources are pending.

Meanwhile, an airborne electromagnetic (EM) survey is planned at the company's Warroo Cu-Zn-Pb-Ag-Au-U-Pt Project in East Pilbara in the June quarter. Rumble is targeting large scale Cu-Zn-Pb-Ag volcanogenic massive sulfide (VMS) ore deposits. It stated the area has the potential to become a new VMC province.

Also in the pipeline for the June quarter are exploration programs at Rumble's Fraser Range Ni-Cu-Au JV Project. Drilling at the Thunderstorm Au-Cu Project will be targeting 'tier 1' gold deposits. Drilling at the Thunderdome Ni-Cu Project will target large scale nickel-copper deposits.

The company ended the quarter with $3.3 million of cash and $266,000 in listed investments.

During the quarter, on 28 April, Rumble Resources also raised $40 million at 50 cents per share, supported by new institutional and sophisticated investors. That's 11 cents per share less than the current Rumble Resources share price.

The company plans to use the proceeds to advance its projects across the board, with a focus on accelerating its exploration program at the Earaheedy Project.

Rumble Resources share price snapshot

It's been a great year for Rumble Resources shareholders, with shares up 757% over 12 months. By comparison, the All Ordinaries Index (ASX: XAO) gained 36% over that same time.

Year to date, the Rumble Resources share price has continued to rocket, with shares having gained 400% so far in 2021.

Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Resources Shares

Miner looking at a tablet.
Resources Shares

BHP shares are up 9% in a month. Are they still good value?

Is Australia’s largest miner a big opportunity?

Read more »

Three miners wearing hard hats and high vis vests take a break on site at a mine as the Fortescue share price drops in FY22
Resources Shares

Did you catch what happened with the big 3 ASX 200 mining stocks in April?

BHP, Rio Tinto, and Fortescue all reported their latest mining results in April.

Read more »

Miner looking at a tablet.
Resources Shares

After its earnings result, what's Macquarie's price target on Fortescue shares?

Let’s dig into what Macquarie thinks of Fortescue after its quarterly update.

Read more »

Two mining workers on a laptop at a mine site.
Resources Shares

The Mineral Resources share price is down 72% in a year. Time to pounce?

Two top experts ran their slide rules over Mineral Resources shares. Here’s what they found.

Read more »

Miner looking at a tablet.
Resources Shares

Mineral Resources share price shoots 15% higher on third-quarter report

The ASX 200 iron ore and lithium giant has released its 3Q FY25 activities report.

Read more »

Image from either construction, mining or the oil industry of a friendly worker.
Resources Shares

Why Macquarie says this ASX 200 mining stock could rocket 67% in a year

Macquarie forecasts a big potential rebound for this diversified ASX 200 miner.

Read more »

Female miner smiling at a mine site.
Resources Shares

3 reasons why the Fortescue share price could still be a buy

Here’s why I view Fortescue as an opportunity.

Read more »

A man wearing a hard hat and high visibility vest looks out over a vast plain where heavy mining equipment can be seen in the background.
Resources Shares

Here's the latest earnings forecast out to 2029 for Rio Tinto shares

Let’s unearth what this mining giant is predicted to achieve.

Read more »