Recent development recovers a 43kg specimen
stone containing an estimated 1,100 ounces of gold
TORONTO, Sept. 16, 2018 /CNW/ - RNC Minerals (TSX: RNX)
("RNC"), is pleased to announce that it has doubled the strike
length of this high grade coarse gold structure, to approximately
10 metres, after restarting development in the new high grade gold
discovery area "Fathers Day Vein" at its Beta Hunt Mine in
Australia (see RNC news release
dated September 9, 2018). Airleg
development towards the initial discovery area intersected the
structure last Friday and the break through into the original
discovery area is expected today. A 43kg specimen stone containing
an estimated 1,100 ounces of gold and a second 7kg specimen
containing 190 ounces was recovered from this most recent
development. An updated estimate of ounces from the Fathers Day
Vein is expected to be provided later this week after final
outturns from last week's shipments to the Perth Mint have been
received and initial estimates from the recovery and shipment of
coarse gold and specimen stones from the most recent development
are completed. Final numbers from this most recent development
should be known within 2 weeks once all processing by the Perth
Mint has been completed.
"The Fathers Day Vein delivers additional gold and cash flow
from this further extension with additional potential up-dip still
to be developed. I am looking forward to the production estimates
incorporating these additional ounces expected later this week. The
Beta Hunt team has done a great job moving the operation forward
over the last 12 months and I congratulate every person working at
Beta Hunt for the incredible Fathers Day Vein discovery last week.
RNC is currently developing plans to unlock the high-grade
gold potential of the mine which remains largely unexplored." said
Mark Selby, President and CEO of
RNC.
Airleg development resumed last week and began driving towards
the current face on the left side of the initial discovery area
(see Figure 1) and intersected the structure last Friday
(September 14, 2018) effectively
doubling the strike length of the high grade coarse gold structure.
The structure remains open up dip with a substantial amount of
coarse gold remaining in the face (see Figure 2)
Fathers Day Vein Discovery (see RNC news release September 9, 2018)
This discovery was made on Father's Day in Australia and has been named the "Fathers Day
Vein".
RNC is the first owner of the Beta Hunt Mine to focus on
drilling deeper in the Lunnon Basalt in its search for gold, and
therefore the first owner to discover and mine gold from newly
discovered coarse gold located entirely within the Lunnon Basalt.
Previous bonanza grade specimen stone occurrences at Beta Hunt were
associated with the nickel-sulphide bearing contact between the
Lunnon Basalt and the overlying Kambalda Komatiite where nickel
mining has been focused by RNC and previous operators.
Based on diamond drilling and underground mapping, there are two
or more Lunnon sediment bands which are a zone of narrow (<
0.3m), strongly pyritic black shale
horizons positioned approximately 150m stratigraphically below the Lunnon
Basalt/Kambalda Komatiite nickel contact (see Figure 2 below).
This sediment horizon is well documented in published
literature and is recognized as a marker unit in differentiating
the Upper and Lower Lunnon Basalt. The sediment horizon is now also
interpreted by geologists at the Beta Hunt Mine as a zone of
chemical interaction between the gold bearing fluids and pyritic
sulfides, which under the right conditions, allow large gold
crystal growth and extremely high-grade gold deposition. This
interpretation is based on geological mapping and interpretation of
structures on 14 and 15 Levels, where 1,500 oz of specimen gold was
discovered and mined in the second and third quarter. The structure
found last week is located in a dilation zone which contains
sheared pyritic sediments, porphyry and Lunnon basalt and large
amount of coarse gold and specimen stone.
Understanding the depositional model for this new gold
mineralization provides potential for future exploration and
discovery of high grade gold material at the sediment marker layer,
which runs along all known shear structures located at Beta Hunt
Mine.
The Lunnon Basalt contains a subaqueous sediment horizon which
well documented in published literature and is recognized as a
marker unit in differentiating the Upper and Lower Lunnon Basalt.
Whereas the Upper has lower MgO content than the Lower sequence.
The sediment horizon is now also interpreted by geologists at the
Beta Hunt Mine as a zone of chemical interaction between the gold
bearing fluids and pyritic sulfides, which under the right
conditions, allow large gold crystal growth and extremely
high-grade gold deposition. Understanding the depositional model
for this new gold mineralization provides potential for a
completely new level of high grade gold specimen stone to be
discovered.
This interpretation is based on geological mapping and
interpretation of structures on 14 and 15 Levels, where 1,500 oz of
specimen gold was discovered and mined in Q2/Q3. The structure
found in early September is located in a dilation zone which
contains sheared pyritic sediments, porphyry and Lunnon basalt and
a large amount of coarse gold and specimen stone. This underlines
the potential of future exploration and discovery of coarse gold
material grading in several ounces per tonne. The sediment marker
layer, which runs along all known shear structures located at Beta
Hunt Mine, provide significant exploration potential in the near
future.
The disclosure of scientific and technical information contained
in this news release has been approved by Kevin Small, Vice-President, Project Development
of RNC, a Qualified Person under NI 43-101.
About RNC Minerals
RNC is a multi-asset mineral
resource company with a portfolio of gold production and nickel,
cobalt, assets and exploration properties. RNC has a 100% interest
in the producing Beta Hunt gold and nickel mine located in
Western Australia where a
significant high grade gold discovery was recently made. 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
at Inco and Falconbridge. 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 and Reed mines as well as the and the potential of
the Dumont development project and Orford Mining's Qiqavik, West
Raglan, Jones-Keystone Loflin and Landrum-Faulkner exploration
properties.
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; 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