Australian Newswire: Explorers RNC hit the motherlode at Beta Hunt

10 September 2018

Royal Nickel Corporation (TSX:RNX) say they have cut two huge gold-encrusted samples that are each estimated to be worth millions of dollars in their Beta Hunt mine in Western Australia.

The largest specimen, weighing 95kg (210lb), was found to contain more than 2,400 ounces of gold the Canadian miner said.

More than 2,400 ounces of gold were found in the largest rock! image: RNC Minerals
More than 2,400 ounces of gold were found in the largest rock – Image: RNC Minerals

The company said it had extracted gold worth about C$15m (£9m; $11m) from a mine near Kalgoorlie last week.

One mining engineer described the finds as “exceedingly rare”

“People do still record finding nuggets in the goldfields, but typically they are less than several ounces,”
– Prof Sam Spearing, director of the Western Australia School of Mines.

The mining company valued the largest rock at about C$4m. It said the second-largest – a 63kg specimen with an estimated 1,600 ounces of gold – was worth C$2.6m. Miners in Australia often extract as little as 2g of gold per tonne of rock, Prof Spearing told the BBC. RNC Minerals said it had extracted 2,200g per tonne.

Concentrations of gold seen in the Beta Hunt mine
Concentrations of gold seen in the Beta Hunt mine – Image: RNC Minerals

“Very, very seldom do we see results on that level. This is an exceedingly rare find and very exciting, gold particles are often too small to be visible to the human eye”

Prof Spearing said.

The company had targeted the gold vein, located 500m (1,600ft) underground, after finding traces of gold closer to the surface in June. RNC Minerals chief executive Mark Selby said the largest rocks would go to auction as collector items.

Newswire article updated from the BBC. See the original HERE.

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James Hyland, MiningIR