A Toronto-based mining company has unearthed a trove of gold in Western Australia, with the discovery of rocks containing 9,000 ounces of the mineral that’s estimated to be worth $15 million.
Shares of RNC Minerals soared on Monday, following the company’s announcement that it had mined the fortune in a single blast of a 130-tonne cut of rock at its Beta Hunt Mine. As of Tuesday morning, the company’s stock price was up more than 94 per cent on the Toronto Stock Exchange.
In the past week, the company has pulled out approximately 9,250 ounces of high-grade gold including a massive chunk of rock with an estimated gold content of 2,440 ounces. The second largest piece of rock they recovered contains an estimated 1,620 ounces of gold.
The Beta Hunt Mine has been up for sale since March. As a result of the lucrative discovery, RNC Minerals says they’re no longer in exclusive talks with a preferred bidder for the mine.
Located in Western Australia, about 600 kilometres from Perth, it had been a nickel mine since the 1970s. RNC has been trying to sell it since April so it can focus on raising $1 billion to build its planned Dumont nickel mine in Quebec.
Selby, who lives in Toronto, said he heard the news when he woke up in the middle of the night last Monday to use the bathroom.
“I flip my phone on and find out,” he said. “I didn’t go back to bed. You don’t find 2,000-ounce hunks of gold very often, so it’s good to be lucky.”
The Australian news channel ABC reported that the miners were working underground, at around 500 meters below surface, in the Kambalda district.
Henry Dole, the miner credited with finding the gold, said “Never in my life have I seen anything like this. There were chunks of gold in the face, on the ground, truly unique I reckon,” according to the ABC news report.
More images below:
Get our Tips and Tricks to your Inbox