Toronto-basedRNC Minerals has announced its financial results and review of activities for the year and quarter ended March 31, 2019.
On top of the recently announced option to buy the Higginsville mill, RNC announced very positive exploration results, an improvement in the gold grade being produced, a restart of gold and nickel production, and the next stage in mining at the famous Father’s Day Vein to commence, targetting a 1,406 g/t intersection sitting just 7 metres below the Father’s Day Vein area
Mark Selby, President and CEO, commented, “The drilling campaign at Beta Hunt has continued to deliver strong results in both Western Flanks and A Zone, the recently announced exercise of the option for the Higginsville operation provides a long-term processing solution for Beta Hunt while expanding our footprint in a prolific gold camp, and the Dumont feasibility study continues to advance towards release later this quarter – well-timed given the increasing market interest in nickel and its critical role in the electric vehicle revolution.
The financial performance in the first quarter reflects the combination of the previously announced planned temporary shutdown of mining activities at Beta Hunt, which significantly reduced production during the quarter and our investment in resource drilling which was running at full scale during the quarter.”
Quarterly gold production forthe first quarter was 3,716 ounces in contract to the 13,780 ounces produced in the first quarter of 2018. This was because production was temporarily ramped down during the first phase of the 40,000m drilling programme.. The good news was that the grade had improved by 32% to 3.36 g/t compared to the first quarter of 2018.
Restart of gold and nickel production: Limited restart of bulk gold mining is well underway at Beta Hunt. By the end of April 2019, the restart had already achieved a 40,000 ounce annualized run rate. Nickel production has also resumed and will contribute cash flow going forward.
Exploration results: Results from the 40,000 metre drill program that was initiated in the fourth quarter of 2018 have been positive. RNC is on track to complete a resource update by the end of the second quarter of 2019 and will shift its drilling focus from resource definition to a broader exploration campaign to test the substantial exploration potential of each of the four shears on the property. Highlights from assays received to-date include (all drill intervals quoted are true thicknesses):
- 1,017 g/t over 2.00 m, including 7,621 g/t over 0.27 m in hole WFN-029
- 395.9 g/t over 4.75 m, including 2,210 g/t over 0.85 m in hole WFN-063
- 468 g/t over 0.21 m in hole AZ13-156
- 119 g/t over 6.40 m, including 1,406 g/t over 0.50 m in hole AZ15-013
- 16.8 g/t over 27.8 m, including 748 g/t over 0.53 m in hole WFN-071
About RNC Minerals
RNC has a 100% interest in the producing Beta Hunt gold mine located in Western Australia where a significant high grade gold discovery – “Father’s Day Vein” – was made. RNC is currently completing a 40,000 metre drill program, the results of which will be incorporated into an updated NI 43-101 compliant Mineral Resource Estimate targeted for Q2 2019. Beta Hunt gold resource potential is underpinned by multiple gold shears with gold intersections across a 4km strike length which remain open in multiple directions adjacent to an existing 5km ramp network. RNC also has a 28% interest in a nickel joint venture that owns the Dumont Nickel-Cobalt Project located in the Abitibi region of Quebec which contains the second largest nickel reserve and eighth largest cobalt reserve in the world. RNC owns a 33% interest in Orford Mining Corporation, a mineral explorer focused on highly prospective and underexplored areas of Northern Quebec. RNC has a strong management team and Board with over 100 years of mining experience. RNC’s common shares trade on the TSX under the symbol RNX. RNC shares also trade on the OTCQX market under the symbol RNKLF.
For more information visit http://www.rncminerals.com