Beta Hunt mine yields 9000 oz of high-grade coarse gold

The high-grade gold (coarse gold and large gold-containing specimen stones) comprises approximately 190 kg of specimen stone, of which the largest is 95 kg with an estimated gold content of 2440 oz and a second large specimen stone of 63 kg with an estimated gold content of 1620 oz. Final ounces will be determined once the coarse gold is processed and/or sold over the next week which is expected to yield approximately CAN$15 million in cash. All of the high-grade coarse gold is handpicked, direct ship ore and immediately sent from site directly to the Perth Mint.

President and CEO of RNC, Mark Selby, said: "Recovering 9250 oz of high grade coarse gold from a single cut on the 15 level at our Beta Hunt mine, including specimens which could rank among the largest ever discovered, underlines the importance of this discovery. Just 8 weeks earlier, at the end of June 2018, 1500 oz of high grade gold were recovered from other sediment structures on the 14 and 15 levels. These discoveries highlight the high-grade gold potential of Beta Hunt."

Based on diamond drilling and underground mapping, there are two or more Lunnon sediment bands which are a zone of narrow (< 0.3 m), strongly pyritic black shale horizons positioned approximately 150 m stratigraphically below the Lunnon Basalt/Kambalda Komatiite nickel contact. This sediment horizon is well documented in published literature and is recognised as a marker unit in differentiating the Upper and Lower Lunnon Basalt. The sediment horizon is now also interpreted by geologists at the Beta Hunt Mine as a zone of chemical interaction between the gold bearing fluids and pyritic sulfides, which under the right conditions, allow large gold crystal growth and extremely high-grade gold deposition. This interpretation is based on geological mapping and interpretation of structures on 14 and 15 Levels, where 1500 oz of specimen gold was discovered and mined in the second and third quarter. The structure found last week is located in a dilation zone which contains sheared pyritic sediments, porphyry and Lunnon basalt and large amount of coarse gold and specimen stone.

Following this significant discovery, RNC has decided to consider a sale, to maximise the value of Beta Hunt for RNC shareholders. As a result of the discovery and related developments, RNC is no longer in exclusive discussions with a preferred bidder for Beta Hunt.

The strategic process regarding RNC's 100%-owned Beta Hunt Mine is being led by financial advisors PCF Capital Group and Haywood Securities Inc. 

Read the article online at: https://www.globalminingreview.com/exploration-development/11092018/beta-hunt-mine-yields-9000-oz-of-high-grade-coarse-gold/