Rumble Eyes Partner to Fund Earaheedy as Zinc Price Tops US$4,000 a Tonne
Key Takeaways
- Earaheedy's 94Mt Inferred Resource holds 2.2Mt of zinc, 0.7Mt of lead and 12.6Moz of silver, with zinc trading above US$4,000/t after a 35% rise in 12 months.
- The resource figures date from April 2023, so the October 2026 update brings timing, not new drilling, and it is classed Inferred, the lowest JORC confidence level.
- Chinook testwork delivered 79% zinc recovery into a 61% Zn+Pb bulk concentrate, with HydroFloat™ rejecting over 30% of barren material early.
- Less than 30% of the 70km Unconformity Unit has been effectively drill tested, and the underlying formations that could host MVT deposits remain untested.
- Rumble is seeking a joint venture or equity partner to fund the Feasibility Study, with a silver royalty or stream floated as non-dilutive funding, but no timelines were given.
Rumble outlines Earaheedy’s 2.2Mt zinc case as prices top US$4,000/t
In its October 2026 update, Rumble Resources reminded the market of its Earaheedy zinc resource as the zinc price, which has risen 35% in the past 12 months, recently traded above US$4,000 per tonne. Management used the update to restate what the project already holds.
The Inferred Mineral Resource stands at 94Mt at 3.1% Zn+Pb and 4.1g/t Ag, at a 2% Zn+Pb cutoff and pit constrained within optimised pit shells. Zn+Pb simply means zinc plus lead grade combined, and a cutoff is the minimum grade included in the estimate.
The contained metal in that resource is:
- 2.2Mt zinc
- 0.7Mt lead
- 12.6Moz silver
These figures are not new. They date from the maiden Mineral Resource Estimate announced in April 2023, so the update is about timing, not fresh drilling.
Peter Harold, Managing Director and CEO
“With zinc prices rallying to US$4,000 per tonne over the past 12 months, it is worth reminding shareholders and other interested parties that the Company owns a significant zinc, lead, silver deposit at Earaheedy…”
Harold also said Earaheedy “ranks among the largest global zinc sulphide discoveries of the past decade.” For investors, the takeaway is that an established resource offers leverage to a strengthening zinc price, though the resource remains in the Inferred category, the lowest confidence level under the JORC classification system.
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Resource scale and exploration upside
Chinook, Tonka and Navajoh
The resource is split between the Chinook deposit and the combined Tonka and Navajoh deposits. The table below shows the 2% cutoff line from the source tabulation.
| Deposit (2% Zn+Pb cutoff) | Tonnes | Zn+Pb | Ag |
|---|---|---|---|
| Inferred, Chinook | 63Mt | 3.0% | 4.6g/t |
| Inferred, Tonka and Navajoh | 31Mt | 3.3% | 3.4g/t |
| Inferred Total | 94Mt | 3.1% | 4.2g/t |
Note that the source table shows a total silver grade of 4.2g/t, while the headline text and key points state 4.1g/t. Both appear in the company’s release.
The company said the resource is supported by 41Mt of higher-grade resources that could be part of a possible early development scenario.
Room to grow
Management pointed to several areas of exploration upside:
- Chinook, Tonka and Navajoh remain open downdip and along strike.
- Less than 30% of the targeted 70km mineralised Unconformity Unit has been effectively drill tested.
- None of the thick underlying formations that could potentially host high-grade Mississippi Valley Type (MVT) deposits have been tested.
Earaheedy sits 110km northeast of Wiluna in Western Australia, with access to major highways, gas pipeline power, rail and ports. Tenement E69/3464 forms a joint venture between Rumble (75%) and Zenith Minerals Ltd (25%), while E69/3787, E69/3862 and E69/3815 are 100% Rumble.
What is a bulk concentrate? Metallurgy explained
A concentrate is the product left after crushing ore and separating out the valuable minerals. A bulk concentrate combines zinc and lead in one product rather than separating them, which is the approach Rumble has tested at Chinook. The company’s flowsheet options aim at simpler technical requirements, and the update describes a potentially simplified, low capex/opex processing strategy (capex is upfront build cost, opex is ongoing running cost).
Chinook testwork was completed in November 2024, using core from 11 diamond drill holes that provided 2,300kg of representative material. Highlights were:
- 79% Zn recovery into a 61% Zn+Pb bulk concentrate suitable for the Imperial Smelting Process, using a coarse primary grind (P80 >200μm).
- HydroFloat™ technology rejected over 30% of barren material early in processing, which could result in a reduced plant footprint and operating costs.
- Chinook ore is amenable to semi-autogenous milling, which could support a simplified, low capex/opex processing strategy.
The work produced two conceptual flowsheet options, both producing a bulk Zn-Pb concentrate: Option 1 uses conventional flotation, and Option 2 uses HydroFloat™ flotation.
An internal scoping study completed in 2025 assumed a 10Mtpa plant producing a bulk Zn/Pb/Ag concentrate, with zero payability assumed for silver. The update does not disclose the study’s economics.
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Market backdrop and next steps
Tight concentrate market
Rumble described the lead and zinc concentrate markets as extremely tight, with treatment charges in significantly negative territory. Smelters are relying on byproduct credits and sulphuric acid to remain profitable, and the company said this is expected to continue until significant new mine production comes on stream.
The company said traders advised it of a shortage of bulk zinc/lead concentrates, and that some groups are looking at potentially expanding existing facilities or building new plants to treat them. Rumble also noted global refined zinc demand has grown at a CAGR of 2% to 3% over 20 years, from about 10.6Mt in 2006 to around 14Mt in 2026.
Strategic partner and next steps
Rumble believes now is a good time to look for a strategic partner. It would consider a joint venture or equity level partnership to fund the Feasibility Study and potentially a portion of the project construction funding, if development goes ahead.
The company also said unlocking a silver revenue stream could provide an opportunity for potential non-dilutive funding options, such as a silver royalty or a streaming arrangement. That is an opportunity the company identified, not a commitment.
Stated next steps are:
- Complete metallurgical testwork on separating the bulk concentrate into a high-grade zinc concentrate and a lead/silver concentrate.
- Engage with potential strategic partners seeking to secure long-term supply of bulk concentrate.
The update gave no timelines. What it did make clear is that the resource is established, and the focus is now on partnering and optimising the product.
Ready To Learn More About Rumble Resources’ Earaheedy Zinc Project?
Earaheedy hosts a 94Mt Inferred Resource containing 2.2Mt of zinc, 0.7Mt of lead and 12.6Moz of silver, just as zinc prices trade above US$4,000 per tonne. With a tight concentrate market and a strategic partner now being sought, the project’s next phase could be significant.
Explore the resource scale, metallurgy and exploration upside on the Rumble Resources company page. Find out how Earaheedy could fit into your investment outlook.