Canadian company RNC Minerals has recovered additional high-grade coarse gold at its Beta Hunt Mine in Western Australia, with an estimated 1,750 ounces of coarse gold claimed from 274 kilograms of rock.
The discovery occurred on the 16 Level A Zone, 160 metres south and 25 metres below the Father's Day Vein discovery and on the same level as the high-grade gold mined in June 2019.
The accuracy of this estimate at this stage is considered to be +10 per cent/-25 per cent as it is based on the measurement of the estimated gold content for each of the samples by specific gravity determinations.
Paul Andre Huet, Chairman and CEO said that the company once again encountered an area of high-grade coarse gold in the same geological setting as the Father's Day Vein.
“Approximately 20 ounces of gold was expected to be recovered from this area where 1,750 ounces were recovered. This further highlights the potential of the Beta Hunt Mine, demonstrating the significant upside impact these high-grade discoveries can have on operational cash flow generation,” commented Mr Huet.
“We will look to quickly monetise this gold to capitalise on current AU$2,250/oz Australian gold prices. This will continue to bolster our already strong treasury position following our recently completed C$18.5M bought deal financing.”
Mr. Huet said that while these high-grade discoveries were welcome contributors to the company’s bottom line, RNC remained squarely focused on its newly outlined cost cutting strategy at both the operational and corporate levels.
“We invite investors to review our recently updated presentation outlining this strategy on our website."
RNC is currently focused on the integration of its Beta Hunt Gold Mine with its recently acquired Higginsville Gold Operation (HGO) in Western Australia. The robust Beta Hunt gold mineral resource is underpinned by multiple gold shears with gold intersections along a 4-kilometre strike length which remains open in multiple directions. The gold mineral resource is adjacent to an existing 5-kilometre ramp network.
RNC has a 100 per cent interest in HGO, which is comprised of a low cost 1.4 Mtpa gold mill and a substantial portfolio of gold tenements.