RNC Reconsiders Beta Hunt Options After 9,000-ounce Gold Discovery


"When you look at nuggets, which are a solid piece of gold, the biggest are around 2,000 ounces, so this is right up there in terms of the largest specimens we've ever seen".

In a "once-in-a-lifetime discovery", miners in Western Australia have unearthed massive rocks encrusted with more than 9,000 ounces of high-grade gold and worth millions of dollars, according to reports.

It said the second-largest - a 63kg specimen with an estimated 1,600 ounces of gold - was worth C$2.6m.

"To give people context ... out of about your living room, we pulled out $15 million worth of gold", he said.

RNC noted that the high-grade coarse gold would be sent directly from site to the Perth Mint this week, and the company expects the recovery to yield about C$15 million in cash.

Australian miners often extract just 2g of gold per ton of rock - an expert said the gold particles are often too small to be seen by the naked eye - but, in this case, Canadian mining company RNC Minerals said 2,200g per ton was extracted, the BBC reports.

Previous bonanza grade specimen stone occurrences at Beta Hunt, says the company, were associated with the nickel-sulphide bearing contact between the Lunnon Basalt and the overlying Kambalda Komatiite, where RNC and previous operators have mostly mined nickel.

Gold recovered from the Beta Hunt mine. There was chunks of gold in the face, on the ground, truly unique I reckon.

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Airleg driller Henry Dole made the astonishing find at the Beta Hunt gold mine near Kambalda, Australia.

Dole continued: "I almost fell over looking at it ... we were picking it up for hours".

"And then after we fired it and I came in the next day and washed it all down, it was just everywhere".

But now the real question for RNC's owners: To sell or not to sell?

Armed guards have been transporting the gold to a secure vault.

"These discoveries highlight the high-grade gold potential of Beta Hunt", he said, adding that the largest of the rocks would go to auction as collector items.

"I flip my phone on and find out", he said.

"We're going to look at all the alternatives in terms of whether we look to raise capital at the mine level, whether we look at spinning it out publicly, whether we look at joint venturing with another mining company, this allows all options to be on the table for us", he said.