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RNC Minerals reveals boost to Beta Hunt mine with latest discovery of high grade gold

The precious metal was recovered from the 15 Level A Zone at the mine, the firm said

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Uncovered was a pod of 3,200 ounces of coarse gold, said RNC

RNC Minerals (TSE:RNX) revealed its flagship Beta Hunt mine in Australia continues to deliver, as the firm has found what it reckons is a pocket of 3,200 ounces of coarse gold.

The precious metal was recovered from the 15 Level A Zone at the mine, around 30 metres north of the Father's Day Vein that was uncovered last year. 

READ: RNC Minerals on track to produce up to 49,000 ounces of gold over six months from flagship Beta Hunt operation

"This is yet another example of Beta Hunt delivering rich pods of high-grade coarse gold," said Paul Andre Huet, RNC's chief executive.

"We anticipate mining stopes in this encouraging area towards the end of 2019 or early 2020. These high-grade gold occurrences provide additional cash generation beyond what is forecasted by our steady state mine model, which excludes these high-grade zones."

Huet added; "As I have previously highlighted, RNC aims to monetize each coarse gold occurrence through our mill as quickly as possible in order to take advantage of the current high Australian dollar gold price.

"That said, our primary focus remains on aggressively pursuing cost reduction initiatives across all of our operations."

It is worth noting that these high-grade coarse gold discoveries exposed during normal mining practices are not included in the updated Beta Hunt measured and indicated resource of 944,000 ounces for 10,104 tonnes at 2.9 grams per tonne (g/t) and inferred resource of 406,000 ounces for 4,109 tonnes at 3.1 g/t.

The addition of the Higginsville mill in June this year provides the company with the ability to monetize these high-grade discoveries more efficiently compared to previous toll milling arrangements, the company added.

Shares in Toronto added 9.09% to C$0.36.

---Updates for share price rise--

Contact the author at [email protected]

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