Rumble Resources (ASX: RTR) has added well known mining identity Nathan Tinkler to its armoury as it looks to find paydirt among its massive landholdings in the Fraser Range nickel belt.
Tinker will be issued shares based on performance-based options at milestones greater than current share price which last traded at $0.055.
In March, the share price was $0.027.
The company will pay Tinkler in performance-based options which will be awarded as follows:
- 7 million 8c Options
- 10 million 15c Options
- 10 million 25c Options
Rumble has also completed a four times oversubscribed placement to primarily Asian based small cap funds and family office investors.
Rumble raised a total of A$1.68 million issuing 37,500,000 fully paid ordinary shares at $0.045 per share together with a 1 for 2 attaching listed option exercisable at $0.08 per share, on or before 30 June 2016.
Despite the steady exploration over the past two years, Sirius Resources (ASX:SIR) can still lay claim to the only major discovery at in the region at it’s Nova-Bollinger nickel deposit.
As the adage goes, where there is smoke there is fire and this discovery is unlikely to be the last in the Fraser Range, with significant exploration ongoing from many companies looking to make a major nickel discovery.
Rumble has a large "foot print" in the Fraser Range with over 3200 sq km’s of ground.
Main focus is on two main projects in the Fraser Range - the Zanthus Project, 20km East of Sirius's Nova-Bollinger discovery, and the Big Red Project, 450km East of Kalgoorlie.
Both projects are prospective for nickel sulphide. Rumble has a joint venture agreement with Blackham Resources Ltd (ASX:BLK).
The planned drilling at Zanthus will consist of five RC drill holes for 1200 metres.
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