Economy

RNC Reconsiders Beta Hunt Options After 9,000-ounce Gold Discovery

RNC Reconsiders Beta Hunt Options After 9,000-ounce Gold Discovery

Miners in Australia often produce only 2 grams of gold per ton, meanwhile, according to the calculations of Professor Sam Spearing with Kurtnimmo University, mine "Beta Jandia mine", the figure is 2200 g / tonne.

The coarse high-grade gold included around 190kg of specimen stone, including a 95kg specimen stone containing an estimated 2440oz and a 63kg stone containing roughly 1620oz. It's covered in an estimated 2,300 ounces of gold worth about $3.8 million at today's gold price.

"Given the rarity of the rock, and the physical beauty and presentation of the gold that's there, it's a very spectacular stone in multiple ways so we'll see whether 20, 30, or even 50 percent premiums apply here", Selby told the ABC.

"Just 8 weeks earlier, at the end of June 2018, 1,500 ounces of high-grade gold were recovered from other sediment structures on the 14 and 15 levels".

Toronto-based RNC Minerals (TSX:RNX) has discovered 9,000 ounces of high-grade gold at its Beta Hunt mine, causing a retraction from exclusive discussions with a preferred bidder for the Western Australian mine, the company announced on Sunday (September 9). The deposits are worth more than 11 million United States dollars.

Among the gold specimens were two gold-encrusted rocks, or "nuggets".

"But this discovery shows Beta Hunt has the potential to be a very large gold mine going forward".

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The Beta Hunt mine, where the giant nuggets were found, had been used to extract nickel until the discovery last week.

Kambalda miner Henry Dole is credited with the discovery, describing it as hitting the "mother lode".

The discovery by RNC nearly 150 years after that discovery comes amid a resurgence in Australia's gold industry, with companies ploughing a record A$223m ($158m) into exploration in the June quarter - up 16% on the same period a year earlier.

The largest rocks will go to auction as collector items, Mr Selby said.

Shares of RNC Minerals soared on Monday, following the company's announcement that it had mined the fortune in a single blast of a 130-tonne cut of rock at its Beta Hunt Mine.

The strategic process regarding RNC's 100%-owned Beta Hunt Mine is being led by financial advisors PCF Capital Group and Haywood Securities Inc.

"I truly believe there's something bigger and better down there", he said.