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RNC strikes gold again: New discovery worth nearly $4 million

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RNC strikes gold again: New discovery worth nearly $4 million

(Kitco News) - RNC Minerals (TSX:RNX) announced a new gold discovery — 1,750oz of coarse gold worth $3.9 million recovered from a rock wishing 274 kilograms at its Beta Hunt mine in Western Australia.

“An estimated 1,750 ounces of coarse gold has been recovered from 274 kg of rock. The discovery occurred on the 16 Level A Zone, 160 metres south and 25 metres below the Father's Day Vein discovery and on the same level as the high-grade gold mined in June 2019,” the company said in a press release on Tuesday.      

The discovery was made nearby the June’s find of 987 oz of coarse gold worth around $1.9 million. 

RNC described the latest discovery as “a potential periodic significant bonus to mine production,” noting that these discoveries are not included in the RNC’s “Beta Hunt Measured and Indicated Mineral Resource estimate of 944koz (10,104kt at 2.9 g/t) and Inferred Mineral Resource of 406koz (4,109kt at 3.1 g/t).”

The company said it wants to take advantage of Australia’s high prices and try to sell the gold.

“We will look to quickly monetize this gold to capitalize on current A$2,250/oz Australian gold prices. This will continue to bolster our already strong treasury position following our recently completed C$18.5mm bought deal financing,” said RNC’s CEO Paul Andre Huet.

Prior to this year’s discoveries, the Toronto-based junior caused a splash in 2018 when it announced that it found stones with 2,440 and 1,620 ounce of gold in them — at the time worth around $11 million. 

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