Published: Thu, September 13, 2018
Economy | By

Gold Rocks Discovered in Australia Worth Millions

Gold Rocks Discovered in Australia Worth Millions

RNC Minerals adds that last week in the mine near Kalgoorlie produced gold to the amount of 15 million canadian dollars (11 million USA dollars).

Given the significance of this discovery to the exploration potential and value of Beta Hunt for RNC shareholders, as a result of the discovery and related developments, RNC is no longer in exclusive discussions with a preferred bidder for Beta Hunt. The largest is 95 kilograms and contains approximately 2,440 ounces of gold. "These discoveries highlight the high-grade gold potential of Beta Hunt", he added.

"This is a spectacular discovery - possibly the find of the century in the Australian gold fields", said Ross Large, professor of geology at University of Tasmania.

That is what Candian miner RNC Minerals did at the Beta Hunt mine it owns near Kambalda.

Henry Dole, the miner credited with finding the gold, said "Never in my life have I seen anything like this".

The company said it had extracted gold worth about £9m from a mine near the town of Kalgoorlie last week. "This sort of bonanza zone is incredibly unique".

RNC Minerals
RNC Minerals

The discovery by RNC nearly 150 years after that discovery comes amid a resurgence in Australia's gold industry, with companies ploughing a record A$223m ($158m) into exploration in the June quarter - up 16% on the same period a year earlier. "I almost fell over looking at it ... we were picking it up for hours", he said.

Mark Selby, President and CEO of RNC, says recovering 9250 ounces of high grade coarse gold from a single cut, including specimens which could rank among the largest ever discovered, underlines the importance of the discovery.

Security has been reinforced at the mine with armed guards on site transporting any and all new discoveries to a secure vault before being shipped to the Perth mint.

The largest rocks will go to auction as collector items, Mr Selby said.

An underground mine in WA's Goldfields has produced what is believed to be two of the biggest gold specimens in recorded history.

"We're going to look at all the alternatives in terms of whether we look to raise capital at the mine level, whether we look at spinning it out publicly, whether we look at joint venturing with another mining company, this allows all options to be on the table for us", he said.

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