RNC Minerals Corp (TSE:RNX) (OTC:RNKLF) told investors that the current phase of resource drilling at its Beta Hunt mine in Australia was largely complete, which will form the basis of an updated estimate expected to be issued by the end of the second quarter.
The gold miner made the comment as it issued a wide-range of new drill assays from the site, which showed high grades from the Western flanks and the A zone.
As at April 21, 244 holes have been sunk, or 27,457 meters of the planned 40,000 meter campaign. Since February 25, results have been received for 127 holes.
Mark Selby, the group's CEO, said the firm was now entering the most exciting phase.
"Through the balance of the quarter, RNC plans to test the broader exploration potential of the four shears on the property – at depth and along the 4+km of strike of the Beta Hunt system. RNC's drill program thus far has delivered on multiple objectives," he said.
Selby noted that Western Flanks gold mineralization has been extended, with numerous wide intersections now highlighting the large scale bulk potential of this shear while containing significant 4 to 6 g/t (grams per ton) intervals – both in excess of the grade and width of the current resource.
"Drilling in the A Zone also continues to extend the resource, with multiple intersections both exceeding the grade and thickness of the current resource," he said.
Highlight results from north of the existing Western Flanks resource reported today, included 16.8 g/t (grams per ton) gold over 27.8 meters(m) including 748 g/t over 0.53m. Infill drilling at the zone threw up higher grade gold in multiple locations, including 3.5 g/t over 48.6m, including 7.9 g/t over 12.20m and 6.3 g/t over 16.91m.
Key intersections at the A zone shear, included 10.9 g/t over 8.99 m, including 157.0 g/t over 0.44 m.
At the A zone, drilling continues to be focused on extending and upgrading the northern, southern and down-dip margins of the existing resource.
As well as Beta Hunt, RNC owns a 28% interest 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.
Shares slipped 4.55% to stand at $0.42 each.
Contact Giles at [email protected]
Follow him on Twitter@Gile74