‘Once in a lifetime,’ $11M worth of gold unearthed in blast

Share

That's more than 560 pounds (255 kilograms), or $10 million of gold if you want to just cash it in.

When the 90kg behemoth was found, it took three people to lift it on to a utility vehicle so it could be hauled to surface.

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.

A second stone weighing roughly 139 pounds has an estimated gold content of 1,620 ounces.

Selby said the company still has another two kilometres of area to explore at the Beta Hunt Mine where he's hoping they will uncover even more gold.

RNC chief executive Mark Selby said the discovery, made 500m underground in a cut just 3m wide and 3m high, had given it pause for thought, with RNC's board deciding to reopen the sale to outside parties.

Miners uncovered the awesome specimens in the first week of September at the 45-year-old Beta Hunt, which is operated by Canadian company RNC Minerals, and located near the small town of Kambalda, 630km east of Perth.

The stones will be sold at auction as collectibles.

Speaking with Australia's ABC News, geologist Zaf Thanos heralded the discovery as remarkable, telling the news organisation that most gold discoveries in mines across the world are only visible under a magnifying glass.

They broke off one 95-kilogram stone that contained an estimated 2,440 ounces of gold, according to the company.

"This sort of bonanza zone is incredibly unique", the geologist said.

Henry, who has been in the profession for more than 16 years, says he has never seen anything like it. "I almost fell over looking at it ... we were picking it up for hours".

RNC principal asset is a 28% stake in a joint venture that owns the Dumont Project, which is located in the Abitibi mining region in Quebec.

The company put the mine up for sale in March, but it has now chose to expand its horizons beyond the current exclusive discussions with a preferred bidder.

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.

"I truly believe there's something bigger and better down there", he said.

Share