Gold was recognized in the mine but nickel was the bread and butter of the operation, until last week.
That’s when Toronto-based Royal Nickel Corp. or RNC Minerals began to realize they’d found a mother-lode of gold at the Beta Hunt Mine in Australia.
The company had been trying to sell the mine since March.
That changed too, this past week when the stock soared over 80 per cent on the news of the finds.
Located in Kambalda, about 600 kilometres from Perth, in Western Australia the mine focused mostly on nickel since its discovery in 1966,
Over the last week, the company extracted 9,250 ounces of gold, worth $15 million,from a 130-tonne cut of rock about 500 metres underground.
The rock included a single 95-kilogram chunk that contains 2,440 ounces for a value of about $3.8 million, and a second 63 kilogram stone holding about 1,620 ounces.
Mark Selby is the president and CEO of RNC, the company that doubled in value overnight.
This is some of what he told Carol Off, of CBC’s As It Happens, radio program, in an interview on Monday, September 10th.Listen