Australian miners unearth ‘once-in-a-lifetime’ gold rock discovery


Australian miners unearth ‘once-in-a-lifetime’ gold rock discovery

The quartz rocks encrusted with gold were found in Beta Hunt, primarily a nickel mine, in the town of Kambalda, in an area of Australia known as the Goldfields.

The company said the high-grade (coarse gold and large gold-containing specimen stones), includes approximately 190 kg of specimen stone, the largest of which is 95 kg with an estimated gold content of 2,440 ounces and a second large specimen stone of 63 kg with an estimated gold content of 1,620 ounces.

Final ounces will be determined once the coarse gold is processed and/or sold over the next week, which is expected to yield around C$15 million in cash.

"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% premiums apply here", RNC President Mark Selby told ABC News.

The rich cluster of high-grade gold has so far produced more than 9000 ounces.

Due to the significance of the discovery, RNC reported that it would reconsider its options for the Beta Hunt mine, which it put up for sale in March.

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.

A 95 kg quartz rock containing 2440 ounces of gold, worth nearly $US3 million ($A4.2 million), has been dug up in Western Australia.

Henry, who has been in the profession for more than 16 years, says he has never seen anything like it.

"I've seen it in veins in the face but nothing like this - this was just everywhere", he said. "But we bought it because there were a bunch of gold deposits sitting beneath it".

The largest rocks will go to auction as collector items, Mr Selby said.

"I flip my phone on and find out", he said.

"There's been a massive amount of interest, which is great because we always believed Beta Hunt had a massive amount of potential".

"We're going to look at all the alternatives in terms of whether we look to raise capital at the mine level, whether we look at spinning it out publicly, whether we look at joint venturing with another mining company, this allows all options to be on the table for us", he said.



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