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RNC Minerals soars after striking gold in once-in-a-lifetime find

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Kambalda the Western Australian town where the discovery was made has been fighting for survival with low prices of nickel forcing four large mines to close in three years

The quartz rocks encrusted with gold were found in Beta Hunt, primarily a nickel mine, in the town of Kambalda, in an area of Australia known as the Goldfields.

Australian miners often extract just 2g of gold per ton of rock - an expert said the gold particles are often too small to be seen by the naked eye - but, in this case, Canadian mining company RNC Minerals said 2,200g per ton was extracted, the BBC reports. His estimated about $3 million.

Mark Selby said the company will likely sell the gold specimens to collectors. "Just eight weeks earlier, at the end of June 2018, 1,500 ounces of high-grade gold were recovered from other sediment structures on the 14 and 15 level", he said.

RNC said the larger rock weighs 95 kilograms and contains some 2,440 ounces of high-grade gold, and a second, 63 kilogram rock contains an estimated 1,620 ounces of gold.

On Sunday, RNC Minerals announced that over the past week approximately 9,250 ounces of gold has been extracted from Beta Hunt mine in Australia - worth about $15 million.

Geologist Lachlan Kenna, Henry Dole, foreman Warren Edwards and senior geologist Zaf Thanos with the 90kg gold specimen.

"There's been a massive amount of interest, which is great because we always believed Beta Hunt had a massive amount of potential".

The Kambalda resident has been in the profession for 16 years and says he has never seen anything like it.

RNC said the alternatives continue to include a potential sale, but the company is no longer in exclusive discussions with a preferred bidder.

He revealed: "I've seen it in veins, but nothing like this - this was just everywhere".

RNC Minerals' find last weekend at the Beta Hunt gold mine, 50km south of Kalgoorlie-Boulder, made news across the country after it was made public yesterday.

RNC principal asset is a 28% stake in a joint venture that owns the Dumont Project, which is located in the Abitibi mining region in Quebec.

"I truly believe there's something bigger and better down there", Dole told ABC News.

"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", he said. We'll target our drilling to see whether we can unearth more.

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