RNC recovers Father's Day slab

RNC Minerals has recovered the first specimen slab from the top of the Father’s Day Vein discovery area at the Beta Hunt mine in Kambalda.
RNC recovers Father's Day slab RNC recovers Father's Day slab RNC recovers Father's Day slab RNC recovers Father's Day slab RNC recovers Father's Day slab

A specimen recovered from Beta Hunt

Staff reporter

The slab was cut in the field, revealing visible gold and quartz structures.

The slab weighs around 90kg and is estimated to contain roughly 1000 ounces of gold.

The plan is to cut the slab into a series of smaller specimens to highlight the coarse gold and related mineral features.

A second large slab is expected to be extracted from the mine over the coming week.

RNC president and CEO Mark Selby said he expected that the specimen slabs would be highly sought after by collectors.

"With a minimum of 30,000-35,000 ounces expected from the Father's Day Vein area, the company will be in a substantial net cash position to fully fund its upcoming activities," he said.

"RNC will be able to accumulate smaller specimen stones as these are produced (based on the current faces, we expect that the next firings should generate a substantial number of specimen stones) and begin direct sales of these slabs and smaller specimens to the public, which we expect will allow us to capture the significant premiums above their gold content."

The Perth Mint is processing the backlog of coarse gold, which should allow RNC to report September quarter results next week.

"The technical team is continuing to advance their work on understanding the sediment structures in the mine, having already extended the known sediment structures by a total of 540m from the Father's Day Vein structure to the 1250 Level of the mine," Selby said.

Six specimens found at Beta Hunt, weighing nearly 200kg in total, are now on display at the Perth Mint until later this month.

The largest, King Henry, weighs 93kg, while Warren weighs over 63kg.