An associate company of Indian mining contractor BGR Mining and Infra is set to become a strategic shareholder in Western Australian company Rumble Resources.
“BGR has been keen to expand their activities outside of India and we are delighted they have chosen to make a direct investment in Rumble,” said Rumble MD and CEO Peter Harold.
He said BGR was particularly interested in Rumble’s Western Queen gold project for its near-term cash flow and resource growth potential. Western Queen has a mining lease, existing resources of 163 000 oz, averaging 2.4 g/t and has historical production of 880 000 t at 7.6 g/t for 215 000 oz.
BGR is also interested in the Earaheedy zinc/lead/silver project.
Bain Resources, an associated company of BGR, will subscribe for 25-million shares in Rumble at 4c each for a total investment of A$1-million.
