Published: Thu, September 13, 2018
Money | By Ralph Mccoy

RNC makes 'once in a lifetime' discovery

RNC makes 'once in a lifetime' discovery

RNC's Australian subsidiary Salt Lake Mining discovered a museum-grade specimen at Beta Hunt two years ago and two months ago, RNC pulled a whopping 1500oz of coarse gold from an area near last week's find.

RNC Minerals said on Monday it had found a 95kg stone containing 2,440oz of gold and a 63kg specimen containing an estimated 1,620oz at its Beta Hunt mine in Western Australia.

"As I was drilling it, you could see the gold shavings coming out of all the holes and I thought - there's something here".

In most mines gold can only be observed using a microscope, geologist Zaf Thanos told the ABC, but in this find, large quartz rocks are covered with gold.

Selby said the rare rocks would be auctioned as collectors items.

The largest rock weighs 95kg with an estimated gold content of 2440 ounces, worth nearly $US3 million ($A4.2 million).

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Rather than wait for heavy machinery to do the lifting, the miner who discovered it, Henry Dole, and two colleagues brought the giant nugget, dubbed the "Mother Lode", to the surface themselves using a normal trolley.

"This is the sort of find that you would associate with the 1860s Gold Rush and will probably cause a boom in exploration", he said.

The Beta Hunt Mine, located 600 km from Kambalda, is a deposit with a very rare feature of hosting both nickel and gold resources in adjacent discreet mineralized zones. "These discoveries highlight the high-grade gold potential of Beta Hunt". "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".

The company said because of the significance of the discovery it was no longer in exclusive discussions with a preferred bidder for the assets, which is a gold and nickel mine.

He revealed: "I've seen it in veins, but nothing like this - this was just everywhere. There were chunks of gold in the face, on the ground, truly unique I reckon", according to the ABC news report. The deposits are worth more than 11 million USA dollars.

"Given the rarity of the rock, and the physical beauty and presentation of the gold that's there, it's a very spectacular stone in multiple ways so we'll see whether 20, 30 or even 50 per cent premiums apply here", he said.

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