Record quarter for Beta Hunt

RNC Minerals has reported a more than doubling in production at the Beta Hunt mine in Kambalda for the September quarter, thanks to the discovery of the high-grade Father’s Day Vein.
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The "Golden Rose" slab recovered from Beta Hunt

Beta Hunt delivered record production of 31,360 ounces of gold, up 199% year-on-year and 135% quarter-on-quarter.

The large increase in high-grade specimen and coarse gold production led to a 112% improvement in the mined grade for the quarter to 6.67 grams per tonne gold over the quarter.

RNC president and CEO Mark Selby said the discovery of the Father's Day Vein was the clear highlight of the quarter.

"As a result of the Father's Day Vein discovery, the company will be in a substantial net cash position to fully fund our upcoming activities," he said.

"With the arrival of the first drill at site during the past week, exploration activities will begin to ramp up as part of an aggressive exploration campaign.

 "The technical team is continuing to advance their work on understanding the sediment structures in the mine which have the potential for additional high grade coarse gold."

The company has received some results of gold content from the specimen stones recovered so far.

The largest, King Henry, weighed 94.21kg and contained 1402 ounces of gold, equating to a grade of 462,870gpt gold, or 46% gold content.

"The ‘King Henry' specimen stone, at 1402oz, would rank amongst the largest gold specimens in existence," Selby said.

The Warren specimen weighed 63.38kg and contained 893oz, for a 44% gold content and grade of 438,236gpt.

The smaller Sylvie specimen, weighing just 3.86kg, graded 709,095gpt gold for 71% gold and contained 88oz.

"With multiple large scale and spectacular specimens coming from a single area, we believe the Father's Day Vein may rank among the richest and most prolific gold veins ever found," Selby said.

Additional firings were completed at the Father's Day Vein over the past weekend, resulting in the recovery of the ‘Golden Rose' slab, which was too heavy to be weighed at site.

A weight and estimate of gold content will be provided by a third party laboratory.

RNC now expects 27,000-30,000oz of gold from the immediate Father's Day Vein area and substantially more than 35,000oz from the 540m of A Zone sediment structures identified to date.

The company is taking steps to improve the ability to estimate coarse gold and realise cashflow more efficiently.

The formerly cash-strapped Toronto-listed company had been trying to sell Beta Hunt immediately prior to the discovery.

Beta Hunt has produced 58,460oz in the first nine months of 2018, up from 24,305oz over the same period of 2017.

Shares in RNC dropped 20.5% in Toronto overnight to C62c. The stock was 10c prior to the discovery and peaked at $1.15.