Toronto’s RNC Minerals has announced another high-grade gold discovery from their Beta Hunt mine in Western Australia.
The Beta Hunt mine gained international fame last year due to the size of the find at the mine’s Father’s Day Vein – see our video of some of the gold exhibited under heavy security at last year’s Mines and Money event in London.
This discovery of an estimated 3,200 ounces of coarse gold was made at the 15 Level A Zone, approximately 30, north of the Father’s Day Vein. Work is progressing in the area to prepare it for stope production which is planned for late 2019/early 2020.
The Chairman and CEO of RNC, Paul Andre Huet commented on the find “This is yet another example of Beta Hunt delivering rich pods of high-grade coarse gold. This high-grade occurrence is within 30 metres of the Father’s Day Vein discovery announced last year.”
Mr Huet pointed out that the company treats these high-grade gold finds outside of their forecasted steady state mine model, treating them as additional cash generators. He continued, “As I have previously highlighted, RNC aims to monetize each coarse gold occurrence through our mill as quickly as possible in order to take advantage of the current high Australian dollar gold price. That said, our primary focus remains on aggressively pursuing cost reduction initiatives across all of our operations.”
So how do these finds compare to the updated Beta Hunt Measured and Indicated Mineral Resource estimate? This currently stands at 944 koz (10,104kt at 2.9 g/t) and Inferred Mineral Resource of 406 koz (4,109 kt at 3.1 g/t)2.
These coarse gold occurrences are best described as periodic upside to mine production. The addition of the Higginsville mill in June this year provides RNC the ability to monetize these high-grade discoveries more efficiently compared to previous toll milling arrangements.
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About RNC Minerals – Find out more at http://www.rncminerals.com
RNC is currently focused on the integration of its Beta Hunt Gold Mine with its recently acquired Higginsville Gold Operation (“HGO”) in Western Australia. The robust Beta Hunt gold mineral resource is underpinned by multiple gold shears with gold intersections along a 4 km strike length which remains open in multiple directions. The gold mineral resource is adjacent to an existing 5 km ramp network. RNC has a 100% interest in HGO, which is comprised of a low cost 1.4 Mtpa gold mill and a substantial portfolio of gold tenements. In addition, RNC has a 28% interest in a nickel joint venture that owns the Dumont Nickel-Cobalt Project located in the Abitibi region of Quebec. Dumont contains the second largest nickel reserve and ninth largest cobalt reserve in the world. RNC also owns a 24% interest in Orford Mining Corporation, a mineral explorer focused on highly prospective and underexplored areas of Northern Quebec. RNC has a strong Board and management team focused on delivering shareholder value. RNC’s common shares trade on the TSX under the symbol RNX. RNC shares also trade on the OTCQX market under the symbol RNKLF.