$RNX:Beta Hunt Discovery ABC June 8th video & my transcript Insightful video: Beta Hunt Discovery ABC Goldfields-Esperance Saturday June 8th 2019.
Video & my transcript:
Video: https://www.facebook.com/ABCGoldfieldsEsperance/videos/410648979784860/?type=2&theater
My transcript:
ABC: «For the second time in 9 months a spectacular gold discovery has been unearthed at a mine in Western Australia’s Goldfields. These gold encrusted rocks were found half a kilometer below the surface in Kambalda’s Beta Hunt mine. The discovery is significant because of the high concentration of gold in the rock. The hole weighs a little under 1000 ounces and is valued at 1.9 M $ AUD.
Senior mine geologist Zaf Thanos: «This is like finding a needle in a haystack. There's no other way to describe it. »
ABC: « We’ll talk further about the Beta Hunt mine which made headlines last September when another discovery produced some of the biggest gold specimens ever seen. The largest weighing in then at 94 KG. Let’s bring in Warren Pearce whose in Perth. He is the CEO of the Association of Mining and Exploration Companies. Good afternoon to you in the big scheme of things. How significant is this latest find? »
Warren Pearce: « All of it is extremely exciting and the reality of Beta Hunt has been able for prove two substantial finds in the last 9 months. It’s very exciting for the industry. In terms of the overall production of gold is actually quite small. There’s a wide range of mining companies producing considerable gold ounces across Australia and Beta Hunt is actually quite a small mine. What it does is give some real hope. These types of discoveries are still possible indeed. It’s a very old historic miners’ jurisdiction. »
ABC: « Yeah absolutely. That was going to be my next question. Is finding something like this in this particular mine an indication of potentially further successes? »
Warren Pearce: « Absolutely. The simple fact is there’s a huge amount of gold resources in the Goldfields in Western Australia and other places across Australia and Northern Territory and Queensland particularly. Even results in Victoria over the recent years have demonstrated there could be very sizable finds and did some very profitable outcomes. So, what it does is quite positive: the more exploration, the more effort that is being put in, certainly is leading to excellent outcomes. »
ABC: « One of the comments about this particular find is the size of a couple of the actual nuggets. Are they particularly large? »
Warren Pearce: « Well they are. It is very unusual […] indeed the gold nuggets the 94 KG one found about 9 or 10 months ago was the worlds largest. That is quite incredible. That’s been on a tour of the country so people can see what is going on at Beta Hunt. »
ABC: « We are looking at the pictures of the mining going on. The conditions are harsh to say the least. The find like this must do some wonders for morale while the workers are down there? »
Warren Pearce: « Well absolutely. I mean the Beta Hunt find in the last 12 months is sort of a once in a lifetime. There are impacts in the industry. Draws a huge amount of attention to Western Australian Goldfields and to what’s happening with these projects from all over the world. This last week I’ve had lots of call from all over the world about what is taken place at Beta Hunt. Indeed 9 months ago happened once, happened as well. But what it also does it helps investors understand that opportunities exist and we’ve seen record gold exploration over the last year. Over 600 M $ AUD have been sunk into that in the last 12 months. Indeed 70% of that has taken place in Western Australia. It’s finds like these that continue to inspire and motivate both the companies but also, the investors behind them. »
ABC: « What sort of technological advances are helping the discoveries in these mines? »
Warren Pearce: « Few things have taken place in the industry that are very innovative. But when it comes to the underground mines attention first thing has been the targeting, effort is going into geological work to understand how to target and how to better configure your mine site to produce the best outcomes. But also, new equipment is being used, more information about on-site. I would analyse what’s happening in their mine very quickly rather than sending things away. So, you are getting a more productive mine on-site. Equipment has improved. There certainly is innovation taking place. Beta Hunt is very much a typical Australian underground mine. »
ABC: « Just finally M. Pearce what happens to these nuggets, this latest find of gold? Where does it go? »
Warren Pearce: « It will probably go to the Perth Mint I would expect. In some cases, I think the largest nugget ever found last year that’s been on a tour of investment conferences to display what’s been happening to the company at their mine. Sometimes they’ll be sold to private collectors but mostly it goes where all the rest of the gold bullion goes. It goes off to a refinery off to the mint into gold bullion and then, that’s purchased by various types of investors and of course, other parts of gold go to the things that we all know about: jewelry and dentistry and other exciting things like that. »
ABC: « A pleasure to talk to you this afternoon Warren Pearce. Thank you. »
Warren Pearce: « Thanks very much. »