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.
“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
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--
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