Aussie gold mine produces rare find worth over 10 million US dollars

The discovery in town that was built on the nickel mining industry has been described as'incredibly unique

A handful of gold rocks could be worth several thousand dollars, so security has been beefed up in the days since the find.

The largest specimen weighs in at 90kg and took three men to lift it onto the back of a ute.

Since last weekend, RNC Minerals has seen a massive haul of single cut of rock blasted about 500m underground at the Beta Hunt gold mine near Kambalda, 600km east of Perth. "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".

RNC is the first owner of the Beta Hunt mine to focus on drilling deeper in the Lunnon Basalt in its search for gold.

"It was a nickel mine for years and years", said Mark Selby, chief executive of RNC.

Following this significant discovery, RNC has made a decision to consider a sale, to maximise the value of Beta Hunt for RNC shareholders.

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


Canadian mining company RNC Minerals discovered the unusual quartz rocks worth over $11 million more than 1,600 feet below the surface in a mine in the Goldfields-Esperance region near the small town of Kambalda in the past week, the BBC reported.

The high-grade gold (coarse gold and large gold-containing specimen stones) comprises approximately 190 kg of specimen stone, of which the largest is 95 kg with an estimated gold content of 2440 oz and a second large specimen stone of 63 kg with an estimated gold content of 1620 oz.

The miner credited with discovering the gold describes it as the "mother lode", telling ABC he's never before seen anything like it: "I almost fell over looking at it". "This sort of bonanza is incredibly unique". "I almost fell over looking at it ... we were picking it up for hours", he said.

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

The Beta Hunt Mine has been up for sale since March.

"I'm really lucky to be seeing this - it's a rarity", he said.

"We're going to look at all the alternatives in terms of whether we look to raise capital at the mine level, whether we look at spinning it out publicly, whether we look at joint venturing with another mining company, this allows all options to be on the table for us", he said.

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