Eureka! Toronto-based mining company RNC Minerals (TSX: RNX) has found what is believed to be the two largest gold nuggets ever – valued together at $15 million.
RNC Minerals has announced that over the past week, approximately 9,250 ounces of gold has been extracted from its "Beta Hunt" mine in Australia — worth a total of $15 million. Among the gold specimens recovered are two gold-encrusted rocks, or nuggets, the largest of which is 95 kilograms and contains approximately 2,440 ounces of gold that is worth $4 million.
The second gold-encrusted rock is 63 kilograms and contains an estimated 1,620 ounces of gold. It's thought to be worth approximately $2.6 million. Miners in Australia often only extract about two grams of gold per tonne of rock, Sam Spearing of the Western Australia School of Mines at Curtin University told the BBC in a television interview. RNC Minerals’ gold find equates to 2,200 grams of gold per tonne.
The gold rocks were extracted about 500 metres from the surface in an area just three metres wide. Even more surprising is the fact that the discovery was made near the small mining town of Kambalda, which has been used as a nickel mine since the 1970s. RNC Minerals is the first company to mine for gold in the area.
The Canadian company, which is publicly listed, has seen its share price double since the gold discovery was announced. Australia has a royalty on any minerals found in the country, so the Australian government will receive 2.5 per cent of RNC Minerals gold find.
