Beta Hunt Delivers More High-Grade Gold https://www.rncminerals.com/2019-09-24-Beta-Hunt-Delivers-More-High-Grade-Gold
1,750oz Gold Recovered from 274 kg of Rock
TORONTO, Sept. 24, 2019 /CNW/ - RNC Minerals (TSX: RNX) ("RNC") is pleased to announce that additional high-grade coarse gold has been recovered at its Beta Hunt Mine in Western Australia.
An estimated 1,750 ounces of coarse gold has been recovered from 274 kg of rock (see Figure 1)1. 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 (see Figure 2 below for a long section showing main section of A Zone).
Note 1: The accuracy of this estimate at this stage is considered to be +10%/-25% as it is based on the measurement of the estimated gold content for each of the samples by specific gravity determinations.
It is important to note that these high-grade coarse gold discoveries exposed by normal mining practices are not included in the updated Beta Hunt Measured and Indicated Mineral Resource estimate of 944koz (10,104kt at 2.9 g/t) and Inferred Mineral Resource of 406koz (4,109kt at 3.1 g/t)2. These occurrences are best considered as a potential periodic significant bonus to mine production. With the addition of the Higginsville mill and mine in June, RNC now has the ability to monetize these high-grade discoveries more efficiently compared to previous toll milling arrangements.
Note 2: Reference is made to the Technical Report Western Australia Operations – Eastern Goldfields: Beta Hunt Mine (Kambalda) and Higginsville Gold Operations (Higginsville)" dated September 17, 2019 available for download on RNC's website and under RNC's profile on Sedar.com
Paul Andre Huet, Chairman and CEO commented: "Once again we have 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.
We will look to quickly monetize this gold to capitalize on current A$2,250/oz Australian gold prices. This will continue to bolster our already strong treasury position following our recently completed C$18.5mm bought deal financing.
Mr. Huet continued, while these high-grade discoveries are welcome contributors to our bottom line, we remain squarely focused on our 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."