Fresh off a major discovery, RNC Minerals (TSX:RNX) has recovered the first specimen slab from the Father’s Day vein at its Beta Hunt mine in Western Australia.
Weighing in at 90 kilograms, the slab is estimated to contain 1,000 ounces of gold.
Cut in the field, the slab shows visible gold and quartz structures; going forward, the slab will be cut into smaller specimen slabs to highlight coarse gold and other mineral features. Once all the slabs have been cut, final weights and gold content will be determined for each.
Mining operations to remove a second large specimen slab from the Father’s Day vein are still ongoing, with the expectation that additional high-grade coarse gold will be extracted over the next week.
“We expect that these spectacular specimen slabs will be highly sought after by mineral specimen collectors. With a minimum of 30-35,000 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,” RNC President and CEO Mark Selby said in a statement.
RNC Minerals discovered the Father’s Day vein last month, unearthing over 9,000 ounces of gold from a space the size of a living room. The find was later boosted to 24,000 ounces of gold worth $38 million.
While the company had previously put Beta Hunt up for sale in March, later selecting a preferred bidder in July, the major September news made RNC reconsider its options for the mine.
“The for sale sign is off the lawn,” Selby previously told the Investing News Network. “We think it has the potential to be a very large, long-life gold asset and a great addition to the Kambalda-Kalgoorlie area.”
Image courtesy of RNC Minerals.
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Securities Disclosure: I, Olivia Da Silva, hold no direct investment interest in any company mentioned in this article.
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From:: Investing News Network