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RNC Minerals achieves record production as Beta Hunt mine continues to deliver results

A huge gold discovery in 2018 put the Beta Hunt mine in the spotlight

gold pour
The junior miner also saw production increase to record levels over the quarter

RNC Minerals Corp (TSE:RNX) (OTC:RNKLF) said on Thursday that it had achieved record gold production from its Beta Hunt mine in Australia during the fourth-quarter 2018.

Production levels at Beta Hunt increased to 15,341 ounces of gold representing a 21% increase versus 4Q 2017.

Shares of RNC closed nearly 2% higher on Thursday at $0.50 in Toronto. In the US, RNC's shares closed at US$0.37.

READ: RNC Minerals updates Beta Hunt drill program, hails record output for 2018

“Beta Hunt AISC costs per ounce in the quarter declined to US$698 reflecting increased sales of coarse gold from our Father's Day Vein discovery -- demonstrating the mine's cash flow potential,” said Mark Selby, RNC’s CEO, in a statement. “Our 40,000 metre exploration program to unlock Beta Hunt's exploration potential began during the quarter, delivering both multiple high-grade gold intersections and thick gold mineralization intersections.

Selby said RNC's Dumont feasibility update is progressing well, with growing anticipation for its release given increasing market interest in nickel and its "critical role in the electric-vehicle revolution."

A game-changing gold discovery

RNC Minerals Corp (TSE:RNX) made huge headlines in September when it revealed one of the largest gold discoveries in recent memory at its Beta Hunt mine in Western Australia.

The Canadian junior pulled out two nuggets containing 4,000 ounces of gold as part of a discovery that totalled 9,250 oz.

Estimates of their value are C$4mln for the larger of the pair and C$2.6mln for the other.

Selby also believes there is scope for RNC to find a lot more at Beta Hunt.

“We think we’ve made one the great gold discoveries of this decade if not this century so far,” he told Proactive in an interview last year.

The junior miner also reported full-year 2018 financial results showing revenue of almost C$129 million and a net loss of about C$9 million, or C$0.02 per share.

--This story is updated with additional information--

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

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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

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