Saturday, 24 August, 2019

RNC Minerals stock soars on gold strike in Western Australia mine

Workers at Beta Hunt mine in Kambalda 630 kilometres east of Perth have unearthed $15million worth of gold specimens Workers at Beta Hunt mine in Kambalda 630 kilometres east of Perth have unearthed $15million worth of gold specimens
Ginger Lawrence | 13 September, 2018, 11:51

It took three people to lift the 90kg specimen onto a utility vehicle when it was found, so it could be brought to the surface for further inspection.

Since last weekend, RNC Minerals has been tallying the bonanza haul from a single cut of rock blasted about 500m underground at the 45-year-old Beta Hunt gold mine near Kambalda, 600km east of Perth and 50km south of Kalgoorlie-Boulder.

The executive noted that barely eight weeks earlier, at the end of June, 1,500 ounces of high grade gold were recovered from other sediment structures on the 14 and 15 levels.

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

Buchanan said talks with the unidentified "preferred bidder" no longer are occurring on an exclusive basis, and RNC is exploring all alternatives including holding onto Beta Hunt in addition to eventually selling the mine.

"It was really a once-in-a-lifetime discovery", RNC President Mark Selby told CTV's Your Morning on Wednesday.

Henry Dole, the miner credited with finding the gold, said "Never in my life have I seen anything like this".

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The second-largest weighed 139 pounds, which yielded around 1,600 ounces of gold valued at $2 million.

The miner credited with discovering the gold describes it as the "mother lode", telling ABC he's never before seen anything like it: "I almost fell over looking at it".

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. "There were chunks of gold in the face, on the ground, truly unique I reckon", according to the ABC news report. "I almost fell over looking at it ... we were picking it up for hours".

The fact Canadian owner RNC has the mine up for sale adds to the intrigue of the discovery.

The company put the mine up for sale in March, but it has now chose to expand its horizons beyond the current exclusive discussions with a preferred bidder.

As a result of the find, security has been enhanced at the mine, with armed guards transporting the gold to a secure vault.

"I flip my phone on and find out", he said. We'll target our drilling to see whether we can unearth more.