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

Two Large Gold Specimens Found In WA Mine

RNC's Australian subsidiary Salt Lake Mining discovered a museum-grade specimen at Beta Hunt two years ago and two months ago, RNC pulled a whopping 1500oz of coarse gold from an area near last week's find.

Mark Selby, President and CEO of RNC, says recovering 9250 ounces of high grade coarse gold from a single cut, including specimens which could rank among the largest ever discovered, underlines the importance of the discovery.

Senior geologist Zaf Thanos said in most mines around the world it was only possible to see gold through a magnifying glass.

"Given the rarity of the rock, and the physical beauty and presentation of the gold that's there, it's a very spectacular stone in multiple ways, so we'll see whether 20, 30 or even 50-percent premiums apply here", Shelby said.

The biggest one weighs between 200 and 210 pounds and contains more than 2,300 ounces of gold for a worth of about $3 million; the next biggest weighs 139 pounds and contains 1,600 ounces of gold for a worth of around $2 million.

According to the local news outlet, Kambalda miner Henry Dole is credited with hitting the "mother lode".

The Beta Hunt mine, where the giant nuggets were found, had been used to extract nickel until the discovery last week.

"This is the sort of find that you would associate with the 1860s Gold Rush and will probably cause a boom in exploration", he said.

RNC said the alternatives continue to include a potential sale, but the company is no longer in exclusive discussions with a preferred bidder. Never in my life have I ever seen anything like this. That's more than 560 pounds (255 kilograms), or $10 million of gold if you want to just cash it in.

Gold can be seen in the Beta Hunt mine.

The strategic process regarding RNC's 100%-owned Beta Hunt Mine is being led by financial advisors PCF Capital Group and Haywood Securities Inc.

WA's Goldfields has been home to major nuggets, including the famous Golden Eagle, which weighed 1186oz and was found in 1931 at Larkinville, just 40km southwest of Beta Hunt.

"I truly believe there's something bigger and better down there", Dole told ABC News.

"Very, very seldom do we see results on that level", Spearing added. "We're really looking forward to auctioning the key stones off over the coming weeks".



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