Western Queen South Scoping Study: A Robust Underground Gold Opportunity
- Noel Ong
- Dec 23, 2025
- 6 min read
Announcement
Western Queen South Scoping Study 27 NOVEMBER 2025 (click here to view the announcement)
Rumble Resources Limited (ASX: RTR) continues to advance the Western Queen Gold Project, located approximately 90 km northwest of Mt Magnet in Western Australia. The Company has released a Scoping Study for the Western Queen South deposit, outlining a technically simple, low-capital underground development that sits adjacent to multiple toll-treatment options within a 200 km radius (Figure 1). The Project is supported by a strong historical production record, a significant 370 koz @ 3.1 g/t Au Mineral Resource, and a district-scale structural setting with clear growth potential.
Figure 1: Western Queen tenure & nearby mills (source: RTR).
The Business of the Company: Focus – Projects
Rumble Resources Limited is a Western Australian exploration company focused on advancing high-quality mineral assets with near-term development potential.
The Western Queen Gold Project is the Company’s lead asset, positioned for potential early cash flow through a low-capital underground development model.
Ongoing drilling aims to expand the existing 370 koz gold resource base and support future project growth.
The Project’s location within the Warda Warra Greenstone Belt provides strong structural and geological upside (Figure 2).
Figure 2: Western Queen South Underground Design (source: RTR).
Rumble also manages additional growth opportunities:
The Earaheedy Zn-Pb-Ag Project highlights the Company’s proven capability to identify and progress large-scale discoveries.
Overall, the Company’s strategy is to grow value through focused exploration, resource conversion, and the development of its flagship Western Queen asset.
Highlights — Strong Economics, Low Capital, Rapid Start-Up - A Gold Production Path
Scoping Study Confirms a Robust Underground Project
The WQS underground study delivers free cashflow of $133M, NPV (8%) of $112M, and IRR of 370%, assuming A$5,540/oz gold.
Upfront capital < $10M, reflecting the simplicity of the decline access, minimal site infrastructure needs, and proximity to established processing plants.
Ore toll-treatment assumed at Gylden Resources’ Kirkalocka plant, ~180 km south-east, targeting recommissioning in 2H CY2026.
Production Target: 617 kt @ 2.95 g/t Au for 58.5kozs contained gold, with only 29% of the WQS Mineral Resource included (Figure 3).
Figure 3: Western Queen Underground Design – Stage 1 (isometric view) below the existing Western Queen South pit (source: RTR).
Rapid start-up: first ore potentially within six months of commencing decline development.
High-grade shoots extend directly below the existing pit and maintain strong geological continuity, providing a straightforward underground mining opportunity (Figure 4).
Figure 4: Geological cross-section & MRE block model (source: RTR)
20,000 m diamond drilling program underway to infill, expand WQS and WQC resources, and provide geotechnical/metallurgical samples.
Tungsten opportunity: ongoing metallurgical testwork could unlock meaningful additional value in a short time frame.
Leadership Commentary
Rumble’s Managing Director, Peter Harold, commented:
“It is a fantastic result. The Western Queen South Scoping Study clearly demonstrates the incredible value of the underground development option at our Western Queen Gold Project. Importantly, the upfront capital required is relatively small. Given the scoping study only considers the Western Queen South resource there is huge upside to increase mine life with the addition of the Western Queen Central resource which could be accessed from the same decline.
Our primary focus now is getting Western Queen into production as soon as possible. To that end we continue to progress the approvals process on the existing Mining Leases and are negotiating an ore tolling agreement with Gylden Resources, the owner of the Kirkalocka plant which is due to be operational in the second half of 2026.
In addition to our plans to start mining Western Queen as soon as possible we are currently undertaking a 20,000m diamond drilling program aimed at increasing the size and confidence of the mineral resources, both gold and tungsten, at Western Queen. Once the current diamond drill program is completed and assuming there is an upgrade in Indicated Resources at both Western Queen South and Central this could lead to a significant increase in material that could be mined from underground.
The metallurgical testwork being undertaking on the tungsten material will provide important information on how we may be able to monetise that resource which is located proximal to the gold mineralisation.”
About the Project
Western Queen sits on the Warda Warra Greenstone Belt, a prolific segment of the Murchison Province with over 35 Moz of historical gold production. Key geological attributes include (Figure 5):
Steep west-dipping amphibolite-hosted shear zones with quartz–mica–sillimanite schist mineralisation.
Historical open-pit production (Central + South pits) of 215,000 oz @ 7.6 g/t Au.
Mineralisation remains open at depth and along strike.
Figure 5: Western Queen Project Geology & Prospectivity (source: RTR).
The Scoping Study incorporates:
A conventional decline-access underground mine design.
Uphole bench stoping with 85% stope recovery and 15% dilution.
Assumed 94% gold recovery based on historical performance and prior metallurgical testwork.
Proximity to multiple processing options improves commercial flexibility.
Near-term Milestones to Watch
Completion of the ongoing 20,000 m diamond drill program across WQS and WQC.
Geotechnical, groundwater, and metallurgical datasets to support next study phases.
Updated Mineral Resource Estimates, with potential upgrades from Inferred to Indicated categories.
Finalisation of a commercial toll-treatment agreement for processing at Kirkalocka or an alternative mill.
Tungsten metallurgy results to determine processing pathway and revenue potential.
Modification of existing open-pit approvals to reflect an underground development pathway.
How Samso Understands the Investment Memo for the Company
From an investor’s perspective, Western Queen represents a near-term, technically simple gold development pathway supported by favourable logistics and low upfront capital. The Scoping Study, while preliminary, demonstrates strong margins even under conservative scenarios. Importantly, only a fraction of the current resource has been used for the Production Target, indicating clear upside from ongoing drilling.
Tungsten adds a secondary growth vector that could enhance future project economics. As with all Scoping-level assessments, the key risks remain processing agreements, funding certainty, and confirmation of resource continuity through upcoming drilling.
Samso Concluding Comments
As always, these types of Scoping Study results must be viewed through a balanced lens. The numbers are attractive, but they rely on a progression of permitting, drilling outcomes, toll-treatment negotiations, and funding success. Nevertheless, the operating context for Western Queen is favourable, with multiple mills nearby and a strong regional precedent for high-grade underground operations.
The limited percentage of the resource included in the Production Target highlights both caution and opportunity — the current study deliberately takes a conservative approach, leaving room for material expansion as drilling progresses. This aligns well with Rumble’s staged development strategy.
The tungsten dimension may add an interesting layer not commonly seen in small-to-mid tier gold assets. If the ongoing metallurgical work confirms a viable processing route, this could create an incremental revenue source that enhances economic resilience.
For investors, Western Queen remains early-stage but increasingly de-risked. The Scoping Study provides a foundation upon which future studies can build, and the tight capital profile is notable in the current market environment.
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