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RNC abandons exclusive talks for Beta Hunt gold mine sale

RNC Minerals is no longer in exclusive talks with a preferred bidder for the potential sale of its Beta Hunt mine in Western Australia after reporting a high-grade gold discovery at the site.

The discovery includes a 95-kilogram specimen containing an estimated 2,440 ounces of gold and a 63-kilogram specimen containing an estimated 1,620 ounces.

The company produced around 9,250 ounces of gold from a 44 cubic meter cut on the 15 level at the mine, equal to over 70 ounces per tonne. Final ounces will be determined once the coarse gold is processed or sold, which is expected to yield around C$15 million.

The company is the first owner to discover and mine gold from the newly discovered coarse gold located entirely within the Lunnon Basalt.

In March, the company engaged PCF Capital Group and Haywood Securities to run a strategic-alternatives process for Beta Hunt, which may include the sale of all or a portion of RNC's interest in the project. RNC selected a preferred bidder for the asset in July.