RUMBLE RESOURCES LIMITED — Capital/Financing Update 2019

Nov 21, 2019

22nd November 2019

Drilling Commenced at Western Queen Gold Project

RC Drilling Commenced Western Queen Central Deposit – 3 Drill Targets

• 1. Western Queen Central Deposit - RC drilling will test the down plunge position of the main shoot. Historic intersections include:
  • 6.3m @ 36.09 g/t Au from 305.7m
  • 11.8m @ 16.08 g/t Au from 340.4m

* High-grade gold is open down plunge

• 2. Western Queen Central Deposit Northern Extension - RC drilling will test for potential high-grade gold mineralisation extensions north of the historic open cut. Historical high-grade gold intercepts include:
  • 7m @ 60.6 g/t Au from 70m
  • 6m @ 37.34 g/t Au from 50m
    • * High-grade gold is open down plunge, up plunge and north along strike
• 3. Western Queen Central Deposit Northern Extension - RC drilling will test for mineralisation extensions south of the historic open cut. Historical high-grade gold intercepts include:
  • 2m @ 40.37 g/t Au from 4m
  • 3m @ 10.42 g/t Au from 1m

* High-grade gold is open down plunge and south along strike

Air-core Drilling Commenced at the Cranes Prospect

Air-core drilling will target basement gold mineralisation associated with the 150m by 100m highgrade gold soil anomaly (peak value of 11.75 g/t Au). Results from previous air core drilling include:

• 14m @ 4.87 g/t Au from surface
• * High-grade gold is open over >200m strike and at depth

Image 1 – RC Drilling rig operating at Western Queen Project

Rumble Resources Ltd (ASX: RTR) ("Rumble" or "the Company") is pleased to announce that it has commenced aircore and RC drilling at the Western Queen Gold Project, located 110km NW of Mt Magnet in Western Australia. The drill programme is anticipated to take approximately two weeks to complete, with assays to follow.

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

Mr Mark Carder Exploration Manager

RC Drilling Commenced Western Queen Central Main Deposit – 3 Drill Targets

• 1. Western Queen Central Deep RC drill testing targetting the down plunge position of the main shoot of the Western Queen Central pit * High-grade gold is open down plunge
• 2. Western Queen Central North Extension – RC drill testing for extensions to the high-grade mineralisation north of the Western Queen Central * High-grade gold is open down plunge, up plunge and north along strike
• 3. Western Queen Central South Extension RC drill testing for extensions to the shallow mineralisation south of the Western Queen Central historic pit * High-grade gold is open down plunge and south along strike

Image 2 – Long Section highlighting Western Queen Central South, Central and North Extension – Multiple Drill Targets

Aircore drilling Commenced Cranes (2km north of Western Queen Central Pit)

• Testing along strike (northeast trending) potential to extend the current 200m strike.
• Test below the recent high-grade surface zone define the basement mineralisation.

* The mineralisation is completely open (along strike and at depth).

Image 3 – Cranes Prospect – Lag Geochemistry and recent drilling

About Western Queen Gold Project

The Western Queen Gold Project lies 110km NW of Mt Magnet within the Yalgoo mineral field of Western Australia ("the Project"). The Project comprises of two contiguous mining leases (M59/45 and M59/208) for a total area of 9.8 km². The holder is Mt Magnet Gold Pty Ltd, an entity owned by Ramelius Resources (ASX: RMS). Rumble entered into an option to acquire 100% of the Project in August 2019 (see ASX announcement – 6 th August 2019 – Option to Acquire High-Grade Western Queen Gold Project). The Project is located within a 100km radius of three operating gold processing mills (see image 4). The closest mill is the Dalgaranga Mill (48km) which has a capacity of 2.5 Mtpa. The Checkers Mill (Mt Magnet) has a capacity of 1.9 Mtpa and the Tuckabianna Mill has a capacity of 1.2 Mtpa.

Image 4 – Project Location with Neighbouring Gold Processing Facilities

Two mined deposits at the Western Queen Gold Project have a combined historic production of 880,000t @ 7.6 g/t Au for 215,000oz. The Western Queen (Central) Mine produced 660,000t @ 8.9 g/t Au for 189,500oz and the Western Queen South Mine (from two stages) produced 220,000t @ 3.6 g/t Au for 25,500oz.

An updated mineral resource (refer ASX announcement 6 August 2019) estimates remaining resources beneath both mined deposits of 962,000t @ 3.9 g/t Au for 120,000oz. Of note the high-grade zone below the Western Queen Central Pit hosts inferred mineral resources of 130,000t at 9.0g/t Au for 38,000 ounces.

Summary of High Order Target Areas at Western Queen Project

Image 5 – Location of High Order Area/Targets

1. Western Queen Central

• Down plunge of main high-grade shoot
• Down plunge and up plunge of newly identified high-grade zones
• North extension to pit 200m strike open to the north and at depth
• South extension to pit 250m strike open to the south and at depth

2. Western Queen South

• Near pit extensions

3. Cranes Prospect

• Completely open 200m strike – high-grade laterite and basement

4. Main Shear Zone

• Between Western Queen Central and Cranes 2km strike
• South of Western Queen South 1km strike
• Central Zone between Western Queen Central & Western Queen South

-ends-

For further information visit rumbleresources.com.au or contact enquiries@rumbleresources.com.au.

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 mineral exploration assets and will continue to look at mineral acquisition opportunities both in Australia and abroad.

Competent Persons Statement

The information in this report that relates to Exploration Results and Mineral Resources 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.

Refer previous ASX announcements on 4 November 2019 and 6 August 2019 for further detail in respect of the Western Queen Gold Project.

Western Queen Gold Deposit
Mineral Resource Estimate (2.0g/t Au cut-off)
Deposit	Indicated		Inferred		Total
	Tonnes	Au	Tonnes	Au	Tonnes	Au	Au
	t	g/t	t	g/t	t	g/t	ounces
WQ South	243,000	3.5	590,000	2.9	832,000	3.1	83,000
WQ Central	-	-	130,000	9.0	130,000	9.0	38,000
Total	243,000	3.5	719,000	4.0	962,000	3.9	120,000

Table 1 – Western Queen Project Resource Estimate (table subject to rounding)

Rumble Pipeline of Projects - Multiple Avenues to Discovery

Executing Pipeline of Projects Strategy

Eight near term catalysts to end of December 2019

• 1. Drill Down Plunge of High-Grade Au Western Queen Central Deposit (Commenced) Western Queen Au Project
• 2. JV Partner AIC Mines Drill targeting Tier 1 Cu-Au Deposits Paterson Province (Commenced) Lamil Cu-Au Project
• 3. Drill Down Plunge Cu-Au Feeder Zone targeting High-Grade Cu-Au Munarra Gully Cu-Au-Co Project
• 4. Follow up Drilling of High-Grade Co Discovery 10km Open & Untested Munarra Gully Cu-Au-Co Project
• 5. JV Partner IGO Follow up Drilling of High-Grade Au Discovery Fraser Range Thunderstorm Ni-Cu-Au Project
• 6. Drill Targeting Sudbury "Offset Dyke" Massive Ni–Cu–PGM Deposits Long Lake Ni-Cu-PGM Project
• 7. Drill Targeting (14 Targets) Epithermal to Porphyry Deposits Braeside/Barramine Zn–Pb–Cu–Ag-Au–V Project.
• 8. Drill Targeting open-pittable flat lying sandstone hosted Zn-Pb Deposits Earaheedy Zn Project.

Image 7. Rumble Schedule of Exploration