Massive gold-encrusted rocks worth millions found in Australia

Massive gold-encrusted rocks worth millions found in Australia

Massive gold-encrusted rocks worth millions found in Australia

A strengthening US dollar and rising short-term interest rates from the US Federal Reserve in 2018 has weakened the appeal of holding gold.

The Beta Hunt mine, near Kalgoorlie, had primarily been a nickel mining operation, but RNC found traces of gold in June and then targeted the gold vein 1,600 feet underground; the gold was extracted from an area just 10 feet wide and 10 feet high.

A second stone weighed 63kg and had 1620 ounces of gold. "These discoveries highlight the high-grade gold potential of Beta Hunt".

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 had made a decision to consider all alternatives, including a sale to maximise the value of Beta Hunt to its shareholders. "It's definitely a once-in-a-lifetime discovery", he said.

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

The biggest of the stones came in at 90kg and is estimated by the company to contain about 2300 ounces of gold, a total that at current prices would be worth about $3.8 million.

Previous bonanza grade specimen stone occurrences at Beta Hunt, says the company, were associated with the nickel-sulphide bearing contact between the Lunnon Basalt and the overlying Kambalda Komatiite, where RNC and previous operators have mostly mined nickel.

The miner credited with the discovery, Henry Dole, said he "nearly fell over" looking at what he described as the "mother lode", ABC reports. "I've been an airleg miner for 16 years".

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RNC principal asset is a 28% stake in a joint venture that owns the Dumont Project, which is located in the Abitibi mining region in Quebec. "There were chunks of gold in the face, on the ground, truly unique I reckon", according to the ABC news report.

RNC chief executive Mark Selby said: "Recovering 9,250 ounces of high-grade coarse gold from a single cut on the 15 level at our Beta Hunt mine, including specimens which could rank among the largest ever discovered, underlines the importance of this discovery".

Armed guards have been transporting the gold to a secure vault.

Gold is rarely found in that form and the specimens are expected to go to auction for sale to collectors. We'll target our drilling to see whether we can unearth more.

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