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RNC Minerals reports record quarterly gold output from its Western Australia mine

From its Beta Hunt mine, the firm saw 31,360 gold ounces in output, which was a 199% increase against third quarter 2017

Pictured is a specimen stone from the Beta Hunt mine

RNC Minerals  (TSE:RNX) posted record gold production in  its third quarter from its mine in Western Australia, as the company says it's ramping up exploration activity.

From its Beta Hunt mine, the firm saw 31,360 gold ounces in output, which was a 199% increase against third quarter 2017 production and a 135% increase compared to the second quarter of 2018.

For the first nine months, gold ounces totaled 58,460 ounces compared to 24,305 ounces for the same period a year ago.

RNC told investors that 199,000 tonnes of material was processed at an average grade of 5.26 g/t (grams per ton), for a total of 33,725 ounces of gold, which was a 185% improvement from prior-quarter milled production and 158% higher than the third quarter of 2017.

"Clearly, the highlight of the third quarter was the significant high-grade gold discovery at the Beta Hunt mine," said Mark Selby, the president and chief executive.

"As a result of the Father's Day vein discovery, the company will be in a substantial net cash position to fully fund our upcoming activities.

"With the arrival of the first drill at site during the past week, exploration activities will begin to ramp-up as part of an aggressive exploration campaign. The technical team is continuing to advance their work on understanding the sediment structures in the mine which have the potential for additional high-grade coarse gold."

RNC told investors now expects 27,000 to 30,000 ounces of gold from the immediate Father's Day vein area and substantially more than 35,000 ounces from the 540 metres of A zone sediment structures identified to date.

The group also updated on  the assessment of specimen gold stones found.
Selby said: "We are also pleased to announce the final gold content estimates for the large specimen stones, which would rank them among the largest ever found.

"The King Henry specimen stone, at 1,402 ounces, would rank amongst the largest gold specimens in existence," he added.

"With multiple large-scale and spectacular specimens coming from a single area, we believe the Father's Day vein may rank among the richest and most prolific gold veins ever found."

The Warren stone had an estimated gold content of 893 ounces, the Sylvie stone had an estimated gold content of 88 ounces and the Steve stone had 74 ounces.

RNC is focused on base metals and precious metals.

It has a 100% interest in the producing Beta Hunt mine located in Western Australia. It also holds a 28% stake in a nickel joint venture that owns the Dumont nickel-cobalt project in the Abitibi region of Quebec, which contains the second-largest nickel reserve and eighth-largest cobalt reserve in the world.

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RNC Minerals undergoing a 40,000 meter drilling campaign on gold project

RNC Minerals (CVE: RNX) CEO Mark Selby spoke with Proactive Investors at the Prospectors & Developers Association of Canada in Toronto. The company has a 100% interest in the Beta Hunt gold mine located in Western Australia. RNC is currently completing a 40,000 metre drill program, the...

on 6/3/19

3 min read