Gold discovery opens RNC Metals' options on Beta Hunt mine sale

Two Large Gold Specimens Found In WA Mine

Two Large Gold Specimens Found In WA Mine

Miners in Australia have dug up gold worth more than $11 million in just four days-and there may be more to come.

Toronto-based RNC Minerals (TSX:RNX) has discovered 9,000 ounces of high-grade gold at its Beta Hunt mine, causing a retraction from exclusive discussions with a preferred bidder for the Western Australian mine, the company announced on Sunday (September 9). "It's definitely a once-in-a-lifetime discovery", a geologist told Australia's ABC News.

The miner who made the discovery, Henry Dole, said that in his 16 years working in the industry, he had never seen anything like it.

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

But there is believed to be a lot more gold (in the area of $15 million) to still be delivered from these quartz pieces.

"There's been a massive amount of interest, which is great because we always believed Beta Hunt had a massive amount of potential". RNC said it had chose to consider all alternatives, including a sale to maximise the value of Beta Hunt to its shareholders. "This is an exceedingly rare find and very exciting".


The fact Canadian owner RNC has the mine up for sale adds to the intrigue of the discovery.

The coarse high-grade gold included around 190kg of specimen stone, including a 95kg specimen stone containing an estimated 2440oz and a 63kg stone containing roughly 1620oz.

"It was unbelievable and I've never seen it before in my life". "There were chunks of gold in the face, on the ground, truly unique I reckon", according to the ABC news report. "Obviously with this find going forward we won't have any shortage of capital to make that happen and we think we'll have a very long bright future to build a very big mine at Beta Hunt going forward".

Most gold in WA is crushed and processed into gold bars before being sold to the Perth Mint, but it is understood the specimens from Beta Hunt could go to auction, where they may garner a premium from gold collectors.

An example of the bonanza-grade gold at the Beta Hunt Mine in Australia.

The Beta Hunt mine, near Kalgoorlie, had primarily been a nickel mining operation, but RNC found traces of gold in June and then targeted the gold vein 1,600 feet underground; the gold was extracted from an area just 10 feet wide and 10 feet high.

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