RNC Minerals Corporation (“RNC”) (TSX:RNX) is pleased to report production from the Beta Hunt Mine of 13,497 mined gold ounces for the month of October 2018 at an average grade of 9.06 g/t.
RNC Minerals Corporation (“RNC”) (TSX:RNX) is pleased to report production from the Beta Hunt Mine of 13,497 mined gold ounces for the month of October 2018 at an average grade of 9.06 g/t. Year-to-date October 31, 2018 mined gold ounces was 71,957, an increase of 60% versus the prior year period, including 25,355 ounces thus far from the Father’s Day Vein and a total of 30,145 ounces of high grade coarse gold from all areas. The production table below (Table 1) breaks out production of high grade coarse gold and total gold production. Mining of high grade coarse gold has resumed in the Father’s Day Vein discovery area.
Mark Selby, President and CEO of RNC, commented, “October was another excellent production month for the Company as we recovered an additional 8,506 ounces of high grade coarse gold. RNC is in a solid cash position with a cash and cash equivalents balance (including specimens held for sale valued at gold content) as of November 9, 2018 of $18.8 million – sufficient to fund the company’s planned upcoming activities. Drilling along strike from the Father’s Day Vein discovery area in the A Zone is underway and a second drill has arrived at site to begin resource definition drilling and target the sediment layer in the much larger Western Flanks structure. We expect our exploration program to add additional gold ounces going forward as we define and explore sediment structures throughout the Beta Hunt mine.”
Table 1: Beta Hunt Mine Year-to-Date October 31, 2018 Production Results
|Beta Hunt Gold Operation1||Q1 2018||Q2 2018||Q3 2018||Oct 2018||YTD 2018|
|Gold tonnes mined (000s)||169||132||146||46||493|
|Gold mined grade (g/t Au)3,4||2.54||3.14||6.67||9.06||4.54|
|Gold mined – coarse gold / specimens (ounces)||381||1,841||19,417||8,506||30,145|
|Gold mined (ounces)||13,399||11,479||11,943||4,991||41,812|
|Total gold mined (ounces)2,3,4||13,780||13,320||31,360||13,497||71,957|
|Gold tonnes milled (000s)||110||112||199||33||454|
|Gold mill grade (g/t Au)||2.36||3.28||3.93||14.74||4.17|
|Gold Recovery (%)||90%||91%||95%||95%||93%|
|Gold milled (ounces)||8,372||11,844||25,1285||15,497||60,841|
|Gold sales (ounces)1||7,978||11,511||23,805||15,233||58,527|
Note that October 2018 sales and production numbers are preliminary estimates. Final grades and ounces can only be determined once mined material has been processed.
|1.||Note: numbers may not add due to rounding.|
|2.||The difference in gold sales ounces and gold mined ounces is due to timing differences in receipt of gold sales depending on completion date of tolling campaigns.|
|3.||Final grades are determined once mined material has been processed.|
|4.||As of October 31, 2018, 84.1 kt of gold mineralization remained on the ROM pad for tolling, as compared to 70.5 kt of gold mineralization as of September 30, 2018.|
|5.||Milled ounces is corrected from previously reported number of 33,725 ounces.|
The disclosure of scientific and technical information contained in this news release has been approved by Kevin Small, Chief Operating Officer, Salt Lake Mining and Vice President, Project Development of RNC, a Qualified Person under NI 43-101.
Third Quarter 2108 Conference Call / Webcast
RNC will be hosting a conference call and webcast tomorrow (November 13) beginning at 10:00 a.m. (Eastern time).
Live Conference Call and Webcast Access Information:
North American callers please dial: 1-888-231-8191
Local and international callers please dial: 647-427-7450
A live webcast of the call will be available through Cision’s website at: www.newswire.ca/en/webcast/index.cgi
A recording of the conference call will be available for replay for a one week period beginning at approximately 1:00 p.m. (Eastern Time) on November 13, 2018, and can be accessed as follows:
North American callers please dial: 1-855-859-2056; Pass Code: 7283426
Local and international callers please dial: 416-849-0833; Pass Code: 7283426
About RNC Minerals
RNC has a 100% interest in the producing Beta Hunt gold mine located in Western Australia where a significant high grade gold discovery – “Father’s Day Vein” – was recently made. Beta Hunt gold resource potential is underpinned by multiple gold shears with gold intersections across a 4 km strike length which remain open in multiple directions adjacent to an existing 5 km ramp network. RNC also has a 28% interest in a nickel joint venture that owns the Dumont Nickel-Cobalt Project located in the Abitibi region of Quebec which contains the second largest nickel reserve and eighth largest cobalt reserve in the world. RNC owns a 35% interest in Orford Mining Corporation, a mineral explorer focused on highly prospective and underexplored areas of Northern Quebec and the U.S. Carolina Gold Belt. RNC has a strong management team and Board with over 100 years of mining experience. RNC’s common shares trade on the TSX under the symbol RNX. RNC shares also trade on the OTCQX market under the symbol RNKLF.
Cautionary Statement Concerning Forward-Looking Statements
This news release contains “forward-looking information” including without limitation statements relating to the liquidity and capital resources of RNC, production guidance and the potential of the Beta Hunt Mine.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of RNC to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could affect the outcome include, among others: future prices and the supply of metals; the results of drilling; inability to raise the money necessary to incur the expenditures required to retain and advance the properties; environmental liabilities (known and unknown); general business, economic, competitive, political and social uncertainties; results of exploration programs, accidents, labour disputes and other risks of the mining industry; political instability, terrorism, insurrection or war; or delays in obtaining governmental approvals, projected cash costs, failure to obtain regulatory or shareholder approvals. For a more detailed discussion of such risks and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, refer to RNC’s filings with Canadian securities regulators available on SEDAR at www.sedar.com.
Although RNC has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking statements contained herein are made as of the date of this news release and RNC disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws.