Miners in Australia Discover Gold Worth Over $11 Million

The discovery in town that was built on the nickel mining industry has been described as'incredibly unique

The discovery in town that was built on the nickel mining industry has been described as'incredibly unique

That's more than 560 pounds (255 kilograms), or $10 million of gold if you want to just cash it in.

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

RNC began a sale process for its Beta Hunt mine in March before this latest discovery.

Gold recovered from the Beta Hunt mine.

RNC president Mark Selby said collectors in north America and around the world are known to pay up to a 50 percent premium on the gold metal value for rare specimens.

Following this significant discovery, RNC has chose to consider a sale, to maximise the value of Beta Hunt for RNC shareholders. "It's definitely a once-in-a-lifetime discovery", he said.

"As I was drilling it, you could see the gold shavings coming out of all the holes and I thought - there's something here".

The gold discovery included about 190 kilograms of specimen stone, the largest of which is 95 kilograms with an estimated gold content of 2,440 ounces.

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Two quartz rocks containing gold have been removed from 500 metres underground, the biggest of which weighs 90 kilograms and contains an estimated 2,300 ounces of gold, worth 2.7 million USA dollars at today's price.

The miner credited with discovering the gold describes it as the "mother lode", telling ABC he's never before seen anything like it: "I almost fell over looking at it".

"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. "I've been an airleg miner for 16 years. There were chunks of gold in the face, on the ground, truly unique I reckon", according to the ABC news report. "I almost fell over looking at it ... we were picking it up for hours", he said.

Canadian-based RNC, which has struggled since taking over operations at the mine in 2016, had been hoping to sell the mine by the end of last month to an exclusive bidder, believed to be North American.

An underground mine in WA's Goldfields has produced what is believed to be two of the biggest gold specimens in recorded history. For reference, RNC Minerals mined just 13,320oz at Beta Hunt during the entire last quarter.

Security has been reinforced at the mine with armed guards on site transporting any and all new discoveries to a secure vault before being shipped to the Perth mint.

"Very, very seldom do we see results on that level".

He said the company planned to auction off the largest pieces.

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