'Once-in-a-lifetime discovery' of gold

Kenny Grant
September 13, 2018

Final ounces will be determined once the coarse gold is processed and/or sold over the next week which is expected to yield approximately CAN$15 million in cash.

RNC chief executive Mark Selby said the discovery, made 500m underground in a cut just 3m wide and 3m high, had given it pause for thought, with RNC's board deciding to reopen the sale to outside parties.

A mine in the State of Western Australia has uncovered a rare and extensive pocket of gold, so far estimated to be worth over 10 million US dollars.

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

The Beta Hunt mine has been primarily used as a source for nickel since the 1970s.

One of the stones weighs 95 kg and contains more than 2,400 ounces (74.6 kg) of gold.

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.

RNC Minerals mined just 13,320oz at Beta Hunt in the whole of the June quarter.

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"Everything was covered in dust, and as I watered the dirt down there was just gold everywhere, as far as you could see", Dole told ABC Australia.

"These discoveries highlight the high-grade gold potential of Beta Hunt", he said, adding that the largest of the rocks would go to auction as collector items.

The company said because of the significance of the discovery it was no longer in exclusive discussions with a preferred bidder for the assets, which is a gold and nickel mine.

Dole, who has seen a number of mines in the area close in recent years said that he believes there's something bigger and better just beneath the surface.

RNC Minerals adds that last week in the mine near Kalgoorlie produced gold to the amount of 15 million canadian dollars (11 million US dollars).

RNC principal asset is a 28% stake in a joint venture that owns the Dumont Project, which is located in the Abitibi mining region in Quebec.

"I flip my phone on and find out", he said.

"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 per cent premiums apply here", he said.

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