Behemoth gold nugget found in WA

Lloyd Doyle
September 13, 2018

RNC Minerals adds that last week in the mine near Kalgoorlie produced gold to the amount of 15 million canadian dollars (11 million USA dollars).

It took three people to lift the 90kg specimen onto a utility vehicle when it was found, so it could be brought to the surface for further inspection.

As a result of the discovery and related developments, RNC is no longer in exclusive discussions with a preferred bidder for Beta Hunt. A smaller block weighing 63 kg contains 1620 ounces (about 46 kg) of gold.

Gold recovered from the Beta Hunt mine.

RNC noted that the high-grade coarse gold would be sent directly from site to the Perth Mint this week, and the company expects the recovery to yield about C$15 million in cash.

RNC said it is the first owner of the Beta Hunt Mine to focus on deeper drilling in the Lunnon Basalt in its search for gold, and therefore the first owner to discover and mine gold from newly discovered coarse gold located entirely within the Lunnon Basalt.

Mr Selby, who said security had also been beefed up at the mine in the wake of the discovery, said he hoped the new process would be completed by November.

"It was unbelievable and I've never seen it before in my life".

The other rock weighs 60 kilograms and contains around 1,600 ounces of gold worth 2 million USA dollars.

Mark Selby, president of RNC, said in a statement that the gold could "rank among the largest ever discovered".

"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 discovery by RNC nearly 150 years after that discovery comes amid a resurgence in Australia's gold industry, with companies ploughing a record A$223m ($158m) into exploration in the June quarter - up 16% on the same period a year earlier.

The largest rocks will be auctioned as collector's items, according to the RNC Minerals CEO.

Despite the discoveries, however, RNC Minerals still intends to sell the mine, which is typically used to generate nickel for the steel industry.

"I truly believe there's something bigger and better down there", Dole told ABC News.

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.

Other reports by Iphone Fresh

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