Miners in Australia unearth huge gold-encrusted rocks worth $11m

13 September, 2018, 11:51 | Author: Eric Barnett
  • The discovery in town that was built on the nickel mining industry has been described as'incredibly unique

That's more than 560 pounds (255kg), or $10 million of gold in just four days, if you were to just cash it in today.

The largest rock weighs about 198 pounds (90kg) and took three men to lift it onto the back of a pick-up truck.

The Beta Hunt location had been mainly running as a nickel mine before last week's gold discovery.

A second stone weighed 63kg and had 1620 ounces of gold.

"But this discovery shows Beta Hunt has the potential to be a very large gold mine going forward".

RNC Minerals says its Beta Hunt Mine in WA's Goldfields produced 9,250 ounces of high grade gold from 130 tonnes, dug from deep underground over one week.

Beta Hunt mine is now up for sale by RNC who say they are unable to front the capital for proper exploration of the area, making the million dollar question - "how much more remains to be found?"

Mr Selby, who said security had also been beefed up at the mine in the wake of the discovery, said he hoped the new process would be completed by November.

"You might go your whole life and you'll never see anything like it".


The other rock weighs 60 kilograms and contains around 1,600 ounces of gold worth 2 million USA dollars.

"This is the sort of find that you would associate with the 1860s Gold Rush and will probably cause a boom in exploration", he said.

The miner credited with the discovery, Henry Dole, said he "nearly fell over" looking at what he described as the "mother lode", ABC reports.

Canadian miner RNC Minerals said workers at the Beta Hunt mine, located roughly 391 miles east of Perth, uncovered the gold specimens that are estimated to be worth more than $15 million. "I almost fell over looking at it ... we were picking it up for hours", he said.

But now the real question for RNC's owners: To sell or not to sell?

"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-percent premiums apply here", Shelby said. For reference, RNC Minerals mined just 13,320oz at Beta Hunt during the entire last quarter.

"I truly believe there's something bigger and better down there", he said.

"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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