Published: Thu, September 13, 2018
Finance | By Claude Patterson

Aussie gold mine produces rare find worth over 10 million USA dollars

Aussie gold mine produces rare find worth over 10 million USA dollars

The deposits are worth more than 11 million United States dollars.

The gold rocks were discovered just 500 meters [about 1640 feet] below the surface at the Beta Hunt mine around 400 miles east of Perth. "When you look at nuggets, which are a solid piece of gold, the biggest are around 2,000 ounces, so this is right up there in terms of the largest specimens we've ever seen".

"But this discovery shows Beta Hunt has the potential to be a very large gold mine going forward".

For context, Selby said the average gold mine pulls in 1 gram of gold per tonne, which means they would have to move the equivalent of 300,000 tonnes of rock in order to pull out the same amount of gold that RNC found.

Beta Hunt mine is now up for sale by RNC who say they are unable to front the capital for proper exploration of the area, making the million dollar question - "how much more remains to be found?"

"You might go your whole life and you'll never see anything like it".

The company said it had extracted gold worth about £9m from a mine near the town of Kalgoorlie last week.

The high-grade gold (coarse gold and large gold-containing specimen stones) comprises approximately 190 kg of specimen stone, of which the largest is 95 kg with an estimated gold content of 2440 oz and a second large specimen stone of 63 kg with an estimated gold content of 1620 oz.

According to the local news outlet, Kambalda miner Henry Dole is credited with hitting the "mother lode".

The Kambalda resident has been in the profession for 16 years and says he has never seen anything like it.

"This is one of those once-in-a-lifetime moments where people find 2,300 ounce and 1,600 ounce chunks of gold", RNC chief executive Mark Selby said. "I almost fell over looking at it ... we were picking it up for hours". The sediment horizon is now also interpreted by geologists at the Beta Hunt Mine as a zone of chemical interaction between the gold bearing fluids and pyritic sulfides, which under the right conditions, allow large gold crystal growth and extremely high-grade gold deposition.

The strategic process regarding RNC's 100%-owned Beta Hunt Mine is being led by financial advisors PCF Capital Group and Haywood Securities Inc.

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

"Very, very seldom do we see results on that level", Spearing added.

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