RNC Minerals (Royal Nickel)
RNC Minerals (Royal Nickel)
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(COMMENTARY)
The second major discovery of coarse gold at the historic Beta Hunt nickel mine in the Kambalda region of Western Australia underlines Canadian-based miner RNC Minerals’ confidence it has cracked the code of a rare coincidence of adjacent but distinct mineralised zones.
Canadian miner RNC follows up its Father’s Day Vein bonanza with a second major discovery of coarse gold mineralisation at the Beta Hunt mine in Western Australia.
RNC Minerals has announced a new major gold discovery at its 100%-owned Beta Hunt mine in Western Australia, following up its bonanza find of the Father’s Day Vein in the historic Kambalda nickel mine last September.
The Canadian-based company says its new discovery of 987oz coarse gold within 238kg of rock from a series of veins on the level beneath the Father’s Day Vein.
RNC Minerals has exercised its $A50M option to buy Westgold Resources’ Higginsville underground/open cut gold operation in Western Australia -- $25M cash and $25M RNC shares.
The deal is expected to close by June 10, 2019, and RNC expects to finance the cash component with cash on hand and additional non-dilutive capital.
Canadian-based miner RNC Minerals will boost its West Australian project portfolio through the $A50M cash-plus-shares acquisition of Westgold Resources’ Higginsville underground and openpit gold operation in the Norseman region.
Higginsville, a 55,958oz gold producer in FY2018, will complement the current 70,000ozpa production and significant growth potential of RNC's Beta Hunt gold mine at Kambalda.
Miner RNC Minerals has concluded $C10.34M of bought deal agreements primarily to fund exploration/development of the Sept 2018 “Father's Day Vein” bonanza grade gold discovery at its 100%-owned, traditionally primarily nickel Beta Hunt mine in Western Australia.
Australian gold mine production for the Sept 2018 qtr eased just a few thousand ounces on the previous qtr to 81t, but 6t more than in the Sept 2017 qtr.
Mining consultants Surbiton Associates’ review says Australian gold production is now comfortably more than 300tpa and worth around $A16B pa in exports, maintaining its place as the world’s 2nd largest producer after China, which produced around 440t last year.
Despite Australian gold production easing a few thousand ounces in Q3 CY18, output remains at record levels and set to top 300t in CY18
The Sept 2018 “Father's Day Vein” bonanza grade gold discovery at Canada-based RNC Minerals’ 100%-owned, traditionally primarily nickel Beta Hunt mine in Western Australia, has more than doubled 9-months YTD 2018 (YTD18) production to 58,460oz from YTD17’s 24,305oz, but failed to offset a net loss blow out to $C21.2M from $11.8M.
RNC’s Aussie bonanza grade gold discovery has cleaned up its balance sheet, eliminating $30M debt, but doubling production hasn’t stopping its YTD18 loss also doubling