Australian-based mineral exploration and development company Rumble Resources has told shareholders that it has withdrawn from the Zanthus Project earn in and joint venture agreement with Blackham Resources.
The company, which targets highly prospective exploration projects and near term development projects in Australia and abroad, had an earn in agreement with Blackham to acquire up to 75% of the project located within the highly prospective Fraser Range Complex of the Albany Fraser Reconic Zone.
Rumble said that decision to abandon the project follows BM Geological Services’ (BMGS) recently completed comprehensive assessment of the Project’s prospectivity for base metal mineralisation, including assessment of Rumbles extensive geophysics dataset as well as a thorough analysis of completed drilling.
“Based on BMGS’s analysis of the technical results, upcoming Joint Venture commitments and in light of the ongoing uncertainty surrounding global commodity markets, Rumble does not consider further exploration of the Zanthus project as justifiable for a Company in its position,” Rumble said in a statement to the ASX.
“The Company continues to review its project portfolio, seek out potential acquisition opportunities to complement the Company’s existing projects and activities as well as opportunities in other sectors with the objective of increasing shareholder value. Each opportunity is being judged on its own merits, with the Board being careful in its assessment of the options available.”