RUMBLE RESOURCES LIMITED — Capital/Financing Update 2017

Oct 11, 2017

12 October 2017 Rumble Enters Option Agreement to Acquire Earaheedy Zinc Project

Highlights

• Wide spaced drilling has defined stratiform zinc and lead mineralisation over 20km of strike within carbonate sediments of the lower sedimentary units of the Earaheedy Basin (Proterozoic) in Western Australia.
• Historical drilling intercepted high-grade zinc up to 18.6% within an intersection 3.3m @ 11.2% Zn, and 0.93% Pb from 150m. Other drill-holes include 2m @ 8.23% Zn and 2.77% Pb from 103m.
• Coarse grain sphalerite (Zn) and galena (Pb) with pyrite and marcasite occurs as breccias, veins and replacement zones within carbonates.
• The mineralisation style is similar to Mississippi Valley Type (MVT) large high grade base metal deposits that include the Devonian Lennard Shelf deposits of the Kimberley Region of Western Australia.
• Rumble plans to commission a detailed gravity survey to compliment the magnetics with the aim to delineate basement structures and directly define high density sulphides to drill test.

Rumble Resources Ltd (ASX: RTR) ("Rumble" or "the Company") is pleased to announce that it has signed a binding option agreement to acquire up to 75% of the Earaheedy Zinc Project (E69/3464 – 75 km²), located approximately 110km north of Wiluna, Western Australia, covering most of the known zones of primary carbonate-hosted zinc – lead mineralisation in the Earaheedy Basin.

Whilst Rumble is focussed on fast tracking the first modern systematic exploration at the Braeside Project located in the Pilbara region of Western Australia, targeting high grade Zn–Pb–Ag-Cu-Au deposits leading up to a drill program expected prior to the end of 2017, Rumble has been continuing to implement a clear strategy to proactively identify and review mineral exploration opportunities that complement the Braeside Project, and must pass a critical review by Rumble's technical director Brett Keillor.

Image 1. Project Location and Regional Geology – Earaheedy Project – E69/3464

The Earaheedy Project has met the stringent criteria and will provide shareholders with an additional exciting exploration opportunity to find a world class base metal deposit.

Rumble Resources Ltd

Suite 9, 36 Ord Street, West Perth, WA 6005

T +61 8 6555 3980

F +61 8 6555 3981

rumbleresources.com.au

ASX RTR

Executives & Management

Mr Shane Sikora Managing Director

Mr Brett Keillor Technical Director

Mr Matthew Banks Non-executive Director

Mr Michael Smith Non-executive Director

Mr Steven Wood Company Secretary

Exploration Overview

Broad spaced drilling (completed in the 1990's) defined several prospects containing oxidised and primary Zn-Pb mineralisation (zinc dominant) associated a flat lying to shallow northeast dipping laterally continuous dolomite horizon with over 20 kilometres strike. The initial drill spacing was 5 to 10km. The current drill spacing is approximately 1km by 1km. Three prospects were defined within the current Earaheedy Project (E69/3464).

At 'Navajoh', an intersection of 7.3 metres @ 6.1 % Zn, 0.77% Pb (including 3.3 metres @ 11.2% Zn, and 0.93% Pb) remains untested for 500 metres to 1 kilometre in all directions.

At 'Magazine' there are no follow up holes within a 1kilometre radius of a discovery intersection of 11 metres @ 3.5% (Zn + Pb) which includes 2 metres @ 8.2% Zn, 2.8% Pb).

Hole	Prospect	East	North	From (m)	To (m)	Intersection
TDH4	Navajoh	264466	7158215	150.2	157.5	7.3m @ 6.12% Zn, 0.77% Pb
			incl.	150.2	153.5	3.3m @ 11.2% Zn, 0.93% Pb
TDH14	Chinook	252886	7166840	222.5	231.5	9m @ 3.54% Zn, 0.58% Pb,2.3ppm Ag
TRC47	Magazine	262263	7159796	103	114	11m @ 2.66% Zn, 0.84% Pb,4.4ppm Ag
			incl.	103	105	2m @ 8.23% Zn, 2.77% Pb, 6 ppmAg
TRC70	Chinook	253471	7165813	126	131	5m @ 2.52% Zn, 1.02% Pb, 6.8ppm Ag
TDH20	Navajoh	265616	7158831	210.5	216.5	6m @ 3.9% Zn, 0.39% Pb, 2.5ppm Ag
			and	225	24116m @ 1.0% Zn, 0.12%Pb

At 'Chinook' intersections include 6 metres @ 3.63% (Zn + Pb).

Table 1. Selected drill intersections from the Navajoh, Magazine and Chinook Prospects

Zinc and lead mineralisation with elevated silver is associated with the Navajoh Dolomite Member (also known as the Sweetwaters Well Member) of the Yelma Formation. The Yelma Formation is the lower unit of the 5000m thick Earaheedy Basin (Palaeoproterozoic). Sphalerite, galena, pyrite and marcasite (coarse grain) occurs as stratiform/stratabound ore fill veins and breccias, dissolution cavity fill, disseminated, stylolitic and fault fill mineralisation styles.

The mineralisation style is considered Mississippi Valley Type (MVT) with metal rich brines (dewatering during diagenesis) migrating laterally and following up late basin structures to react with carbonate rocks precipitating Zn and Pb sulphides. Subsequent later faulting has likely remobilised sulphides and potentially developed high angle higher grade base metal mineralisation.

Narrow high-grade silver mineralisation (TDH16 – 2m @ 149 g/t Ag (4.8 oz/t) from 223m and 4m @ 559 g/t Ag (18 oz/t) from 257m) may represent remobilisation of sulphides.

Exploration Potential

A review of the historic drilling has concluded that approximately half of the drill holes did not intercept the target horizon. A total of 64 drill holes were completed within the project area (E69/3464) with only 35 drill holes intercepting the stratiform zinc horizon (including partial end of hole intercepts).

Structural contouring of the flat lying mineralised carbonate horizon by Rumble has highlighted the extent of mineralisation. Using Zn%-m (cumulative assay values > 0.15% Zn per hole) contouring as a guide (see Image 2), significant areas of untested potential mineralisation remain completely open. North of the Magazine prospect (image 2), drill hole spacing is up to 2km. Note that the Zn%-m contouring represents metal endowment per drill hole and does indicate economic grade and widths.

Image 2. Structural Contours (Zn%-m) Drill Holes Intercepting Mineralised Horizon.

Review by Rumble has highlighted strong zinc and lead zonation associated with the Magazine and Navajoh Prospects. Based on Zn:Pb ratios of the total zinc and lead metal endowment of the drill holes that intercept the mineralised zone, the zonation is parallel to the host geology and an inferred low to moderate angle fault structure delineated by aero-magnetics beneath the Yelma Formation. Image 3 presents the strong Zn:Pb zonation and the potential late basin low to moderate angle bedding fault.

The significance of the zonation and the inferred bedding parallel fault is:

• The zonation has not been modified by later transfer faults and reflects the main mineralisation phase.
• The parallel bedding fault is potentially mineralised and may have been the main conduit for the zinc and lead mineralisation.
• The intersections of the cross cutting faults (including transfer faults), the parallel bedding fault and the stratiform mineralised carbonate horizon are high order targets for high-grade Zn and Pb deposits.

Image 3. Southeast Portion of Earaheedy Project Zn:Pb Ratio of Mineralisation in Drill Holes over Aero-Magnetic Coloured TMI Image.

Exploration Model and Strategy

Rumble considers the exploration model to be analogous to known MVT (Mississippi Valley Type) deposits worldwide whereby high grade Zn – Pb sulphide mineralisation is associated with moderate to high angle faults.

The Earaheedy Project, based on the mineralisation style, host rocks, known basement structural architecture and the current drilling density (2km by 1km and 1km by 1km spacing), has the potential to host a significant Zn – Pb resource.

The target size is similar to the Pillara (Blendevale) Zn – Pb deposit located in the Devonian limestones of the Lennard Shelf, Kimberley Region, Western Australia which produced 10.3 Mt @ 6.9% Zn and 2.3% Pb. Of note, the discovery drill-hole (8m @ 8.9% Zn, 3.5% Pb below 210m) at Pillara, was the 136th drill hole in that project

Image 4 – X Section of Pillara Deposit Image 5 – Potential Earaheedy MVT Model

The exploration strategy planned by Rumble includes:

• High resolution gravity survey
  • o With carbonates underlaying the entire Earaheedy Project area, density contrast modelling may help delineate basement structures that reflect mineralisation pathways.
  • o High density anomalies may be directly related to sulphides.
• Subject to basement structures delineated by gravity and remodelling magnetics, IP or appropriate electrical geophysical method will focus on these structures to define drilling targets and then drill test.

Key Commercial Terms of the Earn In Agreement

Rumble has signed a binding option agreement with Fossil Prospecting Pty Ltd (a wholly owned subsidiary of ASX Listed Zenith Minerals Ltd – (ASX: ZNC) to acquire a 75% interest in the Earaheedy Project based on the below terms:

• a. Rumble to pay Fossil Prospecting Pty Ltd $50,000 in RTR ordinary shares within 30 days from the execution of a joint venture agreement for a 2 year option to purchase a 75% interest.
• b. RTR to expend a minimum $100,000 before it can withdraw from the joint venture agreement.
• c. Rumble can extend the option for a further 2 years for $200,000 in RTR shares or cash.
• d. Rumble can exercise the option to acquire 75% of the Earaheedy Project by paying $500,000 in RTR shares at any time during the option period.
• e. Fossil Prospecting Pty Ltd is free carried to completion of an Bankable Feasibility Study (BFS).
• f. Following the completion of a BFS and decision to mine, Fossil Prospecting Pty Ltd can either elect to contribute to ongoing project development or dilute to a 1.5% Net Smelter Royalty.

- ENDS -

About Rumble Resources Ltd

Rumble Resources Ltd is an Australian based exploration company, officially admitted to the ASX on the 1st July 2011. Rumble was established with the aim of adding significant value to its current gold and base metal assets and will continue to look at mineral acquisition opportunities both in Australia and abroad.

Forward Looking and Cautionary Statement

The information in this report that relates to historic exploration results was collected from DMP reports submitted by government agencies and previous explorers. Rumble has not completed the historical data or the verification process. As sufficient work has not yet been done to verify the historical exploration results, investors are cautioned against placing undue reliance on them.

Competent Persons Statement

The information in this report that relates to Exploration Results is based on information compiled by Mr Brett Keillor, who is a Member of the Australasian Institute of Mining & Metallurgy and the Australian Institute of Geoscientists. Mr Keillor is an employee of Rumble Resources Limited. Mr Keillor has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Keillor consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Section 2 Reporting of Exploration Results

Criteria	JORC Code explanation	Commentary
Mineraltenement andlandtenurestatus	•Type, reference name/number, location andownership including agreements or materialissues with third parties such as joint ventures,partnerships, overriding royalties, native titleinterests, historical sites, wilderness or nationalpark and environmental settings.•The security of the tenure held at the time ofreporting along with any known impediments toobtaining a licence to operate in the area.	•The project comprises of a singlegranted exploration licence –E69/3464.•The licence is currently owned byFossil Prospecting Pty Ltd. RumbleResources has an option to acquire75% of the licence over 2 years.•The licence is granted, in a state ofgood standing and has no knownimpediments to operate in the area.
Explorationdone by otherparties	•Acknowledgment and appraisal of exploration byother parties.	•Information for this report was obtainedfrom Zenith Minerals Ltd (parentcompany of Fossil Prospecting Pty Ltd)and Zinc Company Aust.•Information primarily was obtainedfrom annual and surrender reports(DMP) that includeoAnnual Report - ZincCompany Aust – 2006/2007Earaheedy Project E69/1907oAnnual Report - ZincCompany Aust – 2007/2008Earaheedy Project E69/1907oPartial Surrender Report –Zinc Company Aust – 2010Earaheedy Project E69/1907oFinal Surrender Report –Zenith Minerals Ltd – Period
Geology	•Deposit type, geological setting and style of	2006 – 2015 EaraheedyProject E69/1907•Deposit type is MVT (Mississippi
	mineralisation.	Valley Type). The geological setting iscarbonate hosted. The style isstratiform replacement and faultbreccia massive sulphides.
DrillholeInformation	•A summary of all information material to theunderstanding of the exploration results includinga tabulation of the following information for allMaterial drill holes:oeasting and northing of the drill hole collaroelevation or RL (Reduced Level – elevationabove sea level in metres) of the drill holecollarodip and azimuth of the holeodown hole length and interception depthohole length.•If the exclusion of this information is justified onthe basis that the information is not Material andthis exclusion does not detract from theunderstanding of the report, the CompetentPerson should clearly explain why this is the case.	•Drilling database obtained from ZenithMinerals Ltd includes•See Appendix to the JORC Table 2.Table of drill holes that intercepted themineralized horizon with 0.15% Zncutoff.
Dataaggregationmethods	•In reporting Exploration Results, weightingaveraging techniques, maximum and/or minimumgrade truncations (e.g. cutting of high grades) andcut-off grades are usually Material and should bestated.•Where aggregate intercepts incorporate shortlengths of high grade results and longer lengths oflow grade results, the procedure used for such	•Image 2 reflects the use of structuralcontouring of the flat lying zinc andlead mineralization. Total Zn gradewithin zones of Zn/Pb mineralizationare summed to represent Zn metalendowment as Zn%-m. The cutoff forZn assays is 0.15%. The Zn%-m doesnot reflect economic grade and widths,only the Zn endowment of the drillhole.

Criteria	JORC Code explanation	Commentary
	aggregation should be stated and some typicalexamples of such aggregations should be shownin detail.•The assumptions used for any reporting of metalequivalent values should be clearly stated.	•Image 3 highlights zonation of Zn to Pbas a ratio. The Zn and Pb metalendowment of each appropriate hole issummed and a ratio is determined.Zonation is considered important tounderstanding primary mineralizationsystems. Disrupted or erratic ratiosoften indicate later remobilized (oftencross cutting) overprints.
Relationshipbetweenmineralisation	•These relationships are particularly important inthe reporting of Exploration Results.	•The primary mineralized zone is flat toslightly dipping NE.
widthsandintercept	•If the geometry of the mineralisation with respectto the drill hole angle is known, its nature shouldbe reported.	•Drill holes were drilled vertically to -70°(if a high angle zone was targetd)
lengths	•If it is not known and only the down hole lengthsare reported, there should be a clear statement tothis effect (e.g. 'down hole length, true width notknown').	•The intercepts are true width.
Diagrams	•Appropriate maps and sections (with scales) andtabulations of intercepts should be included forany significant discovery being reported These	•Image 1 presents the EaraheedyProject Location with RegionalGeology.
	should include, but not be limited to a plan view ofdrill hole collar locations and appropriate sectionalviews.	•Image 2 presents structural contouringof the Zn mineralized horizon. Thecontouring uses Zn%-m (>0.2% Znmineralization per hole intercepting themineralized horizon). Plan View
		•Image 3 highlights Zn:Pb ratios ofdrillholes intercepting the flatmineralized zone for the Magazine andNavajoh Prospects (SE portion of theProject). Underlying the image is acoloured magnetic image highlightingpotential structures.
		•Image 4 represents a section throughthe Pillara Zn Pb deposit (LennardShelf). The image highlights themoderate angle fault and related highgrade Zn Pb mineralization.
		•Image 5 – Is a diagrammaticexploration model cross section of theEaraheedy Project. The imagepresents the moderate anglemineralizing faults and lithologicalsequence. The image highlights thesimilarities between the Pillara Zn Pbdeposit and potential mineralization atthe Earaheedy Project.
		•Table 1 presents selected drill holeintercepts for the Chinook, Magazineand Navajoh Prospects
Balancedreporting	•Where comprehensive reporting of all ExplorationResults is not practicable, representative reportingof both low and high grades and/or widths shouldbe practiced to avoid misleading reporting ofExploration Results.	•Table 1 intercepts includes the lowergrade primary section with statedhigher grade sections
Othersubstantiveexplorationdata	•Other exploration data, if meaningful and material,should be reported including (but not limited to):geological observations; geophysical surveyresults; geochemical survey results; bulk samples– size and method of treatment; metallurgical testresults; bulk density, groundwater, geotechnicaland rock characteristics; potential deleterious orcontaminating substances.	•Geophysics include aero-magnetic TMIimage.

Criteria	JORC Code explanation	Commentary
Further work	•The nature and scale of planned further work (e.g.tests for lateral extensions or depth extensions orlarge-scale step-out drilling).•Diagrams clearly highlighting the areas of possibleextensions, including the main geologicalinterpretations and future drilling areas, providedthis information is not commercially sensitive.	•Diagrams provided have not presentednew definitive targets, only a review ofthe existing exploration and style ofmineralization. Potential target stylesare discussed in relation to similaritiesto other MVT deposits.•Planned work is subject to rigorousreview of historic exploration.

Appendix to JORC Table 2

Drill Hole ID, Location and Survey with Intercept (0.15% Zn cutoff) Drill holes that intercepted the stratiform mineralisation (or partial EOH intercepts)

Hole_ID	E	N	Elev	Depth	Azi	Dip	Intercept - 0.15% Zn cutoff	From (m)
NRC08	261792	7160924	554	149	0	-90	15m @ 0.44% Zn, 0.1% Pb EOH	136
NRC09	264603	7158837	554	131	0	-90	4m @ 1.7% Zn, 0.55% Pb EOH	127
NRC12	252040	7166824	564	154	180	-70	4m @ 0.17% Zn, 0.13% Pb EOH	154
TDH1	265572	7157319	556	451	333	-70	14m @ 0.61% Zn, 0.1% Pb	118
TDH13	266156	7158330	609	282.5	220	-71	2m @ 0.75% Zn	215
TDH14	253023	7167000	571	396	238.1	-70	9m @ 3.54% Zn, 0.58% Pb	222.5
TDH15	252592	7167761	610	349	258.1	-70	10m @ 0.41% Zn, 0.11% Pb	210
							15m @ 0.44% Zn, 0.1% Pb	225
							25m @ 0.45% Zn, 0.91% Pb	248
TDH16	251340	7167369	580	286	178.1	-70	12m @ 0.17% Zn, 0.33% Pb	189
							10m @ 0.38% Zn, 0.1% Pb	215
TDH17	260117	7162098	547	157.1	218.1	-75	2m @ 1.71% Zn, 0.1% Pb	134
TDH18	263258	7160459	548	224.9	148.1	-70	10m @ 0.32% Zn,	109.4
TDH19	262239	7161187	585	280	218.1	-70	5m @ 0.83% Zn, 0.16% Pb	209
							22m @ 0.63% Zn,	217
							10m @ 0.47% Zn	255
TDH20	265753	7158991	565	259	148.1	-70	6m @ 3.9% Zn, 1.02% Pb	216.5
							16m @ 1% Zn, 0.12% Pb	225
TDH23	251290	7169546	585	355	210.1	-70	20m @ 0.77% Zn, 0.12% Pb	232
TDH24	251797	7168688	590	308.7	198.1	-75	35m @ 0.46% Zn, 0.1% Pb	184
TDH27	266441	7159893	590	367	218.1	-70	12m @ 0.28% Zn,	305
TDH28	264336	7161411	568	394	208.1	-70	12m @ 1.16% Zn, 0.1% Pb	324
							38m @ 0.86% Zn, 0.1% Pb	340
TDH29	261487	7162612	573	370	218.1	-70	22m @ 0.51% Zn,	304
TDH3	265457	7157450	555	188.5	327.5	-60	3m @ 2.62% Zn, 0.31% Pb	149
TDH30	251626	7168949	590	319	298.1	-70	6m @ 0.73% Zn	218
TDH4	265117	7158305	554	192.5	332	-69	7.3m @ 6.12% Zn, 0 77% Pb	150.2
TRC26	265287	7157396	551	129	0	-90	15m @ 0.44% Zn,	114
TRC46	263590	7158471	540	95	0	-90	4m @ 0.26% Zn, 0.13% Pb	66
TRC47	262401	7159956	539	123	360	-90	11m @ 2.66% Zn, 0.84% Pb	103
TRC48	260457	7161380	543	97	360	-90	27m @ 0.56% Zn, 0.19% Pb EOH	70
TRC49	261514	7160787	547	118	360	-90	12m @ 0.71% Zn, 0.11% Pb EOH	106
TRC62	255049	7165226	535	90	360	-90	24m @ 0.21% Zn, 0.15% Pb	56
TRC63	254388	7165803	544	107	360	-90	22m @ 0.37% Zn, 0.59% Pb	62
TRC65	253502	7165671	542	86	360	-90	28m @ 0.69% Zn, 1.14% Pb	50
TRC70	253608	7165973	549	131	360	-90	5m @ 2.52% Zn, 1.02% Pb	126
TRC79	253980	7165598	543	103	360	-90	53m @ 0.36% Zn, 0.32% Pb EOH	50
TRC80	263523	7158912	541	89	0	-90	13m @ 0.66% Zn, 0.28% Pb	72
TRC81	264386	7158100	544	71	0	-90	4m @ 0.55% Zn, 0.21% Pb	62
TRC83	263452	7159583	544	154	0	-90	22m @ 0.53% Zn, 0.11% Pb	120
ZTRC003	265124	7158175	555	156	1	-78	8m @ 0.84% Zn, 0.68% Pb EOH	148
TDH25	254371	7167755	568	394	198.1	-70	6m @ 0.29% Zn,	277