RNC Minerals, Inc. (TSX: RNX) operates as a gold and metals mining company, which has a 100% interested in the gold-producing Beta Hunt gold mine located in Western Australia. The company recently made a significant high-grade gold discovery on the property called “Father’s Day Vein.” The company also owns a 28% interest in a nickel joint venture that operates in the Dumont Nickel-Cobalt Project, which is located in Quebec. RNC Minerals owns a 35% interest in Orford Mining Corporation, which operates in Northern Quebec and across the U.S. Carolina Gold Belt. The company’s Canadian listing skyrocketed 105.36% on Monday, September 24, 2018. Over the past three month, RNC Minerals has seen average daily volume of 4.44 million shares. However, volume of 71.59 million shares or dollar volume of $82.33 million, exchanged hands on the day. The company’s U.S. listing soared 100.50% during Monday’s trading. Over the past month, RNC Minerals has seen average daily volume of 771,420 shares. However, volume of 4.24 million shares or dollar volume of $3.73 million shares, exchanged hands today.
Shares of RNC Minerals, Inc. surged on Monday, after the company announced that new exploration around the 14 Level on its Beta Hunt Project has uncovered proof of high-grade, visible course gold. This discovery extends 200 meters from the “Father’s Day Vein,” which is a major recent gold discovery made by the company. Here is the full press release detailing of the extended gold discovery:
RNC Minerals, Inc. Press Release:
TORONTO, Sept. 24, 2018 /CNW/ – RNC Minerals (TSX: RNX) (“RNC”), is pleased to announce that a new exploration drive on 14 Level at its Beta Hunt Mine intercepted and recovered visible coarse gold (see figure 2), providing further proof of concept that the structures containing the “Father’s Day Vein” discovery extend 200 metres (25 meters up dip and 180 meters along-strike) above the Father’s Day Vein discovery (see RNC news releases dated September 9, 16 and 20, 2018). Technical teams at Beta Hunt are applying the model (See Figure 4) for these high-grade coarse gold structures to historical drilling and mapping, and have identified a number of targets for follow-up with the potential to continue to extend this discovery.
“I am thrilled to provide this update, which extends the sediment structures 200 metres from the Father’s Day Vein gold discovery in an area adjacent to existing mine infrastructure. This further validates the model that was developed by the hard work and perseverance of the Beta Hunt team. I believe we have only scratched the surface of the high-grade gold potential from this sediment layer, which is a district-scale feature extending across the entire property. With exploration and development ongoing, we will continue to provide timely updates on this very important gold discovery.” said Mark Selby, President and CEO of RNC.
The 14 level exploration drive, based on the current model for development of these high grade gold structures (see Figure 4) and review of prior mapping, was developed towards a production stope on 14 level in which more than 1,000 ounces of high grade coarse gold and specimen stones was unexpectedly recovered in the second quarter (as the interaction between the pyritic sediment layer and regional gold mineralized shear zones was not as well understood at the time).
RNC Minerals to Present at the Denver Gold Forum 2018
RNC will be participating in the Denver Gold Forum 2018 to be held over the September 23-26, 2018 period in Colorado Springs.
Mark Selby, President and CEO of RNC Minerals, will address conference at 4:30 p.m. Mountain Time (6:30 p.m. Eastern Time) on Monday, September 24, 2018. The presentation will be recorded and made available for replay by conference organizers beginning 7:00 a.m. Eastern Time on Thursday, September 27 at: http://goldforum.info/?e46play275.
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 has a 100% interest in the producing Beta Hunt gold mine located in Western Australia where a significant high grade gold discovery – “Fathers Day Vein” – 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.