RNC strikes more Beta gold
The Kambalda mine that produced more than $15 million worth of spectacular gold specimens a fortnight ago from a single deep cut 500m underground has turned out another precious stone after development restarted after the announcement.
A specimen stone weighing 43kg and estimated to contain 1100 ounces of gold, valued at about $1.8 million, was recovered after work resumed underground at the Beta Hunt gold mine.
The stone, along with another piece weighing 7kg and containing 190oz, will be taken to the Perth Mint and added to a haul that included what was believed to be two of the biggest gold specimens discovered.
The find, including 95kg and 63kg specimens containing 2440oz and 1620oz of gold respectively, put a rocket under the previously ailing RNC Minerals’ share price in Canada and halted an almost-completed sale process for the 45-year-old mining operation.
RNC has dubbed the discovery Father’s Day Reef, after the day on which the find was made.
Dubbed a once-in-a-lifetime discovery and a “jewellery shop” by some geologists, the zone was initially fenced and locked up while mine workers used armed security to ferry the astonishing stones off site and to the Perth Mint.
The company had faced questions from analysts about whether it would be able to replicate the find.
The latest discovery shows there is other coarse gold in the vicinity, with RNC estimating the new development “doubles the strike length” of the mineralised area.
Airleg miners at Beta Hunt intersected the structure at the end of last week. Development is expected to reach the original discovery today.
It is hoping to pull out more, with gold still visible in quartz rock in the wall face.
Chief executive Mark Selby said RNC was working on plans to explore the high-grade area.
“The Father’s Day Reef delivers additional gold and cash flow from this further extension with additional potential still to be developed,” Mr Selby said.
“I am looking forward to the production estimates, incorporating these additional ounces, coming later this week.
“The company is developing plans to unlock the high-grade gold potential of the mine which remains largely unexplored.”
A specimen found this month.