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Main » RNC Minerals stock soars on gold strike in Western Australia mine

RNC Minerals stock soars on gold strike in Western Australia mine

13 September 2018

The gold rocks were discovered just 500 meters [about 1640 feet] below the surface at the Beta Hunt mine around 400 miles east of Perth.

Australia's Gold Fields have produced numerous world's largest gold nuggets, including the 72kg nugget Welcome Stranger, which was unearthed by prospectors John Deason and Richard Oates in Victoria in 1869 during the gold rush.

"You might go your whole life and you'll never see anything like it".

Mr Selby, who said security had also been beefed up at the mine in the wake of the discovery, said he hoped the new process would be completed by November. RNC said it had made a decision to consider all alternatives, including a sale to maximise the value of Beta Hunt to its shareholders.

The Kambalda resident has been in the profession for 16 years and says he has never seen anything like it. "This is an extremely rare and very exciting discovery", said the scientist.

"This is one of those once-in-a-lifetime moments where people find 2300oz and 1600oz chunks of gold, " he said.

Selby said the company still has another two kilometres of area to explore at the Beta Hunt Mine where he's hoping they will uncover even more gold. According to RNC, over the past week, approximately 9250 oz of high-grade gold was produced from a 44 m cut (130 t) on 15 level at the Beta Hunt Mine (equal to over 70 oz/t or 2200 g/t).

Miners have discovered two massive gold-encrusted rocks estimated to be worth millions of dollars each in Western Australia.

The mine's Canadian owners, RNC Minerals, are planning an auction for the large specimens.

Salt Lake geology manager John Vinar said it was special to see gold in that form.

"I flip my phone on and find out", he said. "I don't know of many other places that are able to deliver this type of material".

"We're going to look at all the alternatives in terms of whether we look to raise capital at the mine level, whether we look at spinning it out publicly, whether we look at joint venturing with another mining company, this allows all options to be on the table for us", he said.

"We thought the HOF was the best thing but it only delivered about 1000oz, whereas this has eclipsed everything, so it's beyond our wildest dreams to see that amount of gold come out".

The Beta Hunt Mine has been up for sale since March.

RNC Minerals stock soars on gold strike in Western Australia mine