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RNC Minerals posts 60% increase in gold output at Beta Hunt mine in Australia

A second drill has arrived to target the sediment layer in the Western Flanks structure
Gold mining equipment
Pictured is a gold pour

RNC Minerals Corp (TSE:RNX, OTC: RNKLF) said Monday that it had mined 71,957 ounces of gold at the Beta Hunt Mine in western Australia this year through October 31, a 60% increase compared with the same period in 2017.

The Toronto-based company mined 13,497 ounces of gold in October at an average grade of 9.06 grams per ton. The year-to-date output includes 25,355 ounces from the Father’s Day Vein and a total of 30,145 ounces of high-grade coarse gold from all areas.

READ: Gold Resource reports 3Q gold and silver production, says on track for 2018 output targets

“October was another excellent production month for the company,” CEO Mark Selby said in a statement.

The company’s cash and cash equivalents totaled C$18.8 million as of November 9. That is enough, Selby said, to fund planned activities.

A second drill has arrived at the Beta Hunt Mine to target the sediment layer in the Western Flanks structure.

“We expect our exploration program to add additional gold ounces going forward as we define and explore sediment structures throughout the Beta Hunt Mine," Selby said.

Shares of RNC slipped $C0.06 to C$0.65 in Monday’s Toronto Stock Exchange trading. They were down $0.05 to $0.48 in OTC trading.

Contact Dennis Fitzgerald at [email protected]

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