New Discovery contains 987 ounces of coarse
visible gold; supports geological model predicting coarse gold
beneath Father's Day Vein
TORONTO, June 5, 2019 /CNW/ - RNC Minerals (TSX: RNX)
("RNC") is pleased to announce another high-grade gold
discovery at its Beta Hunt Mine, where the company has encountered
coarse gold in quartz veins on the level beneath the Father's Day
Vein discovery.
An estimated 987 oz of coarse gold has been recovered in 238 kg
of rock from a series of veins. The accuracy of this estimate at
this stage is considered to be +10%/-25% based on the measurement
of the estimated gold content for each of the samples by specific
gravity determinations. RNC will provide a final estimate of ounces
recovered once this material has been processed.
"We are thrilled to have encountered high grade coarse gold in
the area below the Father's Day Vein. This most recent discovery
provides further support for our geological model that predicts
that the areas where the mineralized shear zone and sedimentary
sulphides intersect are capable of generating "Father's Day Vein"
style coarse gold mineralization, and proves that such areas extend
at least 25 metres below the Father's Day Vein discovery," said
Mark Selby, President and CEO of RNC
Minerals. "We look forward to continued mining in this highly
prospective area with the potential to find other veins
containing coarse gold. As material developments occur, we will
continue to update the market."
As noted in RNC's news release of May 15,
2019, mining has been advancing along the main A Zone shear
on the 16 level toward a point approximately 25 metres below the
Father's Day Vein discovery on 15 Level (Figure 3). RNC's focus on
mining on 16 level has been driven by RNC's geological model,
which predicts that Father's Day Vein style coarse gold is
likely to occur where mineralized shears intersect sedimentary
sulphides and by the occurrence of a diamond drill intersection of
119 g/t over 6.40 m, including 1,406
g/t over 0.50 m in hole AZ15-013
located 7 metres below the Father's Day Vein occurrence (see RNC's
news release of May 15, 2019 and
figure 3 below).
The high-grade gold structures were encountered in the A Zone 16
level Ore Drive at the Beta Hunt Mine as it entered the area where
the down-plunge extensions of Father's Day Vein style
mineralization were projected to occur This is where the A Zone
shear intersects sedimentary sulphides on the 16 level Ore Drive.
(see figures 1 and 2).
The veins that were discovered were mined out in the 16 level
Ore Drive which will continue to advance through this area over the
next several weeks. The material between the 16 level and the 15
level above will be mined when the 16 level Ore Drive has advanced
sufficiently to allow efficient stoping of this part of the A Zone
shear.
Qualified Person
The disclosure of scientific and technical information contained
in this news release has been approved by Alger St-Jean,
Vice-President, Exploration of RNC, a Qualified Person under NI
43-101.
The recovered coarse gold quantities were determined and
compiled at the Beta Hunt mine site by Beta Hunt Mine staff who are
full time employees of Salt Lake Mining Pty Ltd, a 100% owned
subsidiary of RNC.
Gold content of rock specimens containing coarse gold was
determined using the non-destructive specific gravity method
according to the following calculation.
Where Au_g is the contained gold weight of the rock
specimen in grams, Gold SG is the specific gravity of gold and
equals 19.3, Dry Weight_g is the dry weight in air of the rock
specimen measured via laboratory scale adjusted for container mass,
Water Mass ml is the mass of water displaced by the rock specimen
measured by placing the rock in water and weighing the displaced
water, Host Rock SG is the estimated specific gravity of the host
rock (gangue material in the specimen) based upon interpreted
relative proportions of quartz and basalt in the host rock and in
this case ranges from 2.7 to 2.8.
The error in this estimation method is primarily related to the
estimation of Host Rock SG. The values determined for
Au_g are considered to be accurate within a range of +10% to
-25% of the determined value.
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
made. RNC is currently completing a 40,000 metre drill program, the
results of which will be incorporated into an updated NI 43-101
compliant Mineral Resource Estimate and mine plan targeted for Q2
2019. 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 ninth largest cobalt
reserve in the world. RNC owns a 27% interest in Orford Mining
Corporation, a mineral explorer focused on highly prospective and
underexplored areas of Northern
Quebec. 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 completion of the Purchase Option, production guidance and the
potential of the Beta Hunt Mine and
Dumont Nickel – Cobalt Project.
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 operating 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, including the most recent
Annual Information Form, 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.
SOURCE RNC Minerals