What comes after a once-in-a-lifetime gold discovery? According to Mark Selby, president and CEO of RNC Minerals (TSX:RNX), the work has just begun.
Earlier this month, Selby’s company shook the gold space with the announcement that it had unearthed over 9,000 ounces of gold from a space the size of a living room. The discovery, made at RNC’s Beta Hunt mine in Western Australia, was later boosted to 24,000 ounces of gold worth $38 million.
“We always were quite bullish on the exploration potential of the Beta Hunt mine,” said Selby in conversation at the recent Denver Gold Forum. But the company never expected a find this big — “Eric Sprott characterized it as probably the highest-grade pull out of gold he’s ever heard of,” he noted.
Since those first announcements, the company has continued to add color in terms of Beta Hunt’s potential, with the most recent update coming this past Monday (September 24).
“The thing that’s really exciting is the fact that the structure that created this high-grade gold basically covers the entire property,” Selby explained, adding, “we literally have almost 10 kilometers worth of potential to go looking for more of these high-grade deposits.”
Unsurprisingly, Beta Hunt, which RNC put up for sale earlier this year, is now firmly off the market. “The for sale sign is off the lawn,” Selby laughed. “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, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
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