The Globe and Mail reports in its Monday edition that gold bug Eric Sprott plans to stick with his holdings in RNC Minerals after it announced a "once-in-a-lifetime" gold discovery that sent its stock skyrocketing this week. In a Globe special,
Brenda Bouw writes that RNC shares soared last week after announcing on Sept. 9 that it uncovered 9,250 ounces of high-grade gold worth $15-million (U.S.) at its Beta Hunt mine in Western Australia the week before.
The discovery captured global media attention from news outlets such as the Financial Times and the BBC. "There's a big potential here that this is not going to be a one-off," Mr. Sprott said of the discovery on Friday on his weekly podcast, calling it "the biggest discovery in a small amount of tundra the world has ever witnessed."
However, experts say the gold find will not necessarily lead to the discovery of a much larger, minable deposit. Mr. Sprott owns about 9.8 per cent of RNC. On the podcast, he suggested "any serious investor" should look into RNC's discovery, which included a 95-kilogram specimen stone with an estimated gold content of 2,440 ounces and a second large specimen stone of 63 kg with an estimated gold content of 1,620 ounces.
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