Category Archives: MINING & RESOURCES

RNC Minerals recovers giant gold rock slab from its gold mine in Australia

Canada’s RNC Minerals (TSX: RNX), the company that last month unearthed more than 9,000 ounces of high-grade gold from just one blast at its Australian Beta Hunt mine, has recovered the first specimen.

The Toronto-based gold miner said the slab, weighing about 90kg, was cut in the field, revealing impressive visible gold and quartz structures. It’s estimated that the stone, which will be divided up into a series of smaller sections, contains 1,000 ounces of gold.

RNC believes the stones are among the biggest of their kind ever unearthed Down Under.Final weights and gold content will be determined for each specimen slab once all have been cut, RNC said.

“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,” Mark Selby, President and CEO of RNC said in the statement.

For now, six gold slabs weighing around 200 kg are being displayed at the Perth Mint until late October. 2018

The company believes the gold-rich rocks are among the biggest of their kind ever unearthed in Australia.

Figure 3: Close up showing Father’s Day Vein structure, gold in quartz, with porphyry, sediments and basalt. (CNW Group/RNC Minerals)

Close up showing Father’s Day Vein structure, gold in quartz, with porphyry, sediments and basalt. (Image courtesy of CNW Group | RNC Minerals.)

RNC plans to auction off some of the most impressive specimens as according to Selby, collectors in North America and globally are known to pay up to a 50 percent premium on the gold metal value for rarer specimens.

Gold experts called for Australian governments to purchase them for historical purposes, but Western Australia said it didn’t have a spare A$7 million (roughly $5 million) to spend.

Beta Hunt mine is on the market — RNC is trying to find a buyer willing to fund more exploration drilling.

“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 percent premiums apply here,”RNC said last month.

But not only that — the Toronto-based company may soon sell off the mine itself, as it has been trying to find a buyer willing to fund more exploration drilling.

“Given the significance of this discovery to the exploration potential and value of Beta Hunt, RNC has decided to consider all alternatives, including a sale,” RNC has said.

The 45-year-old Beta Hunt gold mine is located 600km east of Perth and 50km south of Kalgoorlie-Boulder.

Figure 2: Gold specimen slab, cut with a diamond chain saw, exposing gold/quartz veining. (CNW Group/RNC Minerals)

Gold specimen slab, cut with a diamond chain saw, exposing gold/quartz veining. . (Image courtesy of CNW Group | RNC Minerals.)

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Henry Sapiecha

‘A very special moment’: huge gold nugget found in WA’s northern goldfields

A gold nugget dubbed ‘duck’s foot’ worth more than $110,000 has been uncovered in WA’s northern goldfields region.

The 3.23kg nugget contains 2.11kg of gold and amazingly was one of six sizeable nuggets the prospector found during his trip.

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The gold nugget, ‘duck’s foot’ found in remote WA.

Photo: Supplied.

The prospector wished to remain anonymous and did not want to reveal exactly when he found the nugget.

He named the nugget duck’s foot because of its shape.

“When I had finished digging it out, I just thought ‘Oh my god’,” he said.

“There’s an amazing feeling of joy when you find a gold nugget, even a small one, so when I uncovered this one it was a really special moment.

“I have been going to the same spot for years but with a better detector, better technology, I keep finding gold in patches I’ve been over many times. I can’t believe the amount I’ve left behind.”

The man, who is retired, camps on-site for weeks or months at a time.

He was using an Australian-built metal detector from Australian company Minelab.

The prospector’s first strike was on the second day, which was a nugget big enough to pay for the entire expedition.

“That meant the pressure was off and I could unwind a bit. I started looking for deep signals in ground I’d gone over before,” he said.

“When I heard that signal, I knew it could be something big.

“It was pretty deep at about 800mm in clay soil so it took more than two hours of careful digging to get it out.”

Despite the great pay day the prospector has no plans to stop.

“I have always said to do this you need ruthless optimism and a happy heart. Why would I stop?” he said.

Airleg driller Henry Dole was on shift when his team unearthed two huge specimens at RNC’s Beta Hunt mine site in Kambalda earlier this month. Picture: Kelsey Reid / Kalgoorlie Miner.Source:Supplied

Earlier this month, Canadian gold mining company RNC Minerals announced it had found a whopping 9250 ounces of gold worth $C15 million ($A15.9 million) at its Beta Hunt gold mine, also in the Goldfields near Kambalda, in just one week.

That included two massive sized specimens weighing 95kg and 63kg with a combined estimated gold content of more than 4000 ounces, which President Mark Selby said could rank among the biggest ever discovered

On Thursday, the company provided an updated estimate from the discovery, dubbed the ‘Father’s Day Vein’, saying it had produced more than 24,000 ounces worth more than $C38 million ($A40.3 million).

Originally published as Another huge gold find in WA

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Henry Sapiecha

Palmer notches $200m court win against Chinese state-owned enterprise Citic Pacific

Clive Palmer has described his victory in the long-running royalties battle in the Pilbara against Chinese state-owned enterprise Citic Pacific as a “win for all Australians”.

Palmer was awarded around $200 million in damages and a further $200 million to be paid annually for the next 30 years by the Western Australian Supreme Court last week in the dispute over royalty payments.

The dispute stems back to dealings between the two parties in 2006. Citic had paid Palmer $US415 million as part of takeover agreement, which included two separate royalties, for the Sino Iron project.

However, Citic refused to pay the second royalty, causing Minerlogy to make the claim in court.

WA Supreme Court Justice Kenneth Martin ruled that Citic’s wholly-owned subsidiaries Sino Iron and Korean Steel pay Palmer’s Mineralogy the damages.

“This is a win for Australian law over Chinese Communist Government powerhouses who have wasted precious court time, resources and energy,” Palmer said.

“Many Australian companies have lost these battles because they haven’t been able to afford to fight them.

“For too long they have used their power to try and crush Australian enterprise and thankfully today justice has been served.”

Another hearing will take place this week to address remaining issues in the dispute.

Henry Sapiecha