Royal Nickel Corp. RNKLF

News Release 8:44 am 01/22/19

[Realistic11]

08:44 AM EST, 01/22/2019 (MT Newswires) -- RNC Minerals (RNX.TO) reported Tuesday that the new underground drill results from its 100% owned Beta Hunt Mine comprise 46 holes totaling 5,766 metres of drilling that was initiated during Q42018. It said drilling was carried out in both the A Zone and Western Flanks areas of the mine, with initial holes focused on more clearly defining the sediment layer in close proximity to the Father's Day Vein discovery and, for the first time, testing the sediment layer in Western Flanks. It added a further 37 holes totaling 4,198 metres have been drilled for which results are pending. RNC highlighted that the first drilling at Western Flanks showed "potential" of sediment to generate high grade coarse gold as it intersected 1,017 g/t over 2.00 metres (true width) including 7,621 g/t over 0.27 metres (true width) in hole WFN-029. Highlights also included: a Zone drilling targeting sediment layer and shear near Father's Day Vein intersected 119.37 g/t over 6.4 metres (true width) including 1,406 g/t over 0.50 metres (true width) in hole AZ15-013 located just 7 metres below Father's Day Vein. And resource extension and infill drilling at A Zone and Western Flanks has yielded "encouraging" results. CEO Mark Selby in a statement said: "After the historic Father's Day Vein discovery, we have taken steps to test the theory that the newly identified property-wide sedimentary layer carries the potential for further high grade discoveries in the four main shear zones at Beta Hunt. This potential has been highlighted by one of our first set of holes at Western Flanks targeting the sediment layer in one small section of the shear that yielded a 7,621 g/t intersection of coarse gold -- which to our knowledge is the highest grade drill intersection by any reporting company since 2017 and is located within 45 metres of our existing development. Selby added: "The second high-grade intersection located in the A Zone shear just 7 metres below the Father's Day Vein highlights the potential for further high grade coarse gold from this shear. RNC is in an enviable position with the recently completed financing, and a 40,000 metre drill program underway to unlock the significant exploration potential at Beta Hunt. A more comprehensive drilling update will be provided in February." Shares on Monday jumped 24.1% to $0.67 apiece in a 52-week range of $0.07 - 1.18. Price: 0.6700, Change: +0.1300, Percent Change: +24.07 Show less