RNC starts gold exploration drilling program at Beta Hunt
Q3 production results to be released this week
TORONTO, Oct. 22, 2018 /CNW/ - RNC Minerals (TSX: RNX) ("RNC"), is pleased to announce that the first mobile diamond drill has arrived at site and underground drill crews have started the gold exploration program at the Beta Hunt Mine near Kambalda, Western Australia.
The objective of the program is to expand upon the Father's Day Vein high grade gold discovery at the A Zone area of the Beta Hunt Mine. Drilling will step out both along strike and dip both above and below the known discovery area following the pyritic sediment horizon in the Lunnon Basalt. Understanding the depositional model for this new gold mineralization provides potential for future exploration and discovery of additional high grade gold material at the sediment contact, which has previously been intersected along two of the main gold bearing shears at A Zone and Western Flanks located at the Beta Hunt Mine.
"With the arrival of the first drill at site during the past week, exploration activities will begin to ramp up as part of an aggressive exploration campaign. The geology team is continuing to advance their work on understanding the sediment structures with the potential for additional high grade coarse gold. The high grade gold potential of the mine remains largely unexplored," said Mark Selby, President and CEO of RNC.
Mr. Selby continued "Third quarter production results will be released this week, later than originally expected, due to delays in final outturns from the large volumes of coarse gold processed."
The disclosure of scientific and technical information contained in this news release has been approved by Kevin Small, Vice-President, Project Development of RNC, a Qualified Person under NI 43-101.
About RNC Minerals
RNC has a 100% interest in the producing Beta Hunt gold mine located in Western Australia where a significant high grade gold discovery - "Father's Day Vein" - was recently made. RNC also has a 28% interest in a nickel joint venture that owns the Dumont Nickel-Cobalt Project located in the Abitibi region of Quebec which contains the second largest nickel reserve and eighth largest cobalt reserve in the world. RNC owns a 35% interest in Orford Mining Corporation, a mineral explorer focused on highly prospective and underexplored areas of Northern Quebec and the U.S. Carolina Gold Belt. RNC has a strong management team and Board with over 100 years of mining experience at Inco and Falconbridge. RNC's common shares trade on the TSX under the symbol RNX. RNC shares also trade on the OTCQX market under the symbol RNKLF.
Cautionary Statement Concerning Forward-Looking Statements
This news release contains "forward-looking information" including without limitation statements relating to the liquidity and capital resources of RNC, production guidance and the potential of the Beta Hunt and Reed mines as well as the and the potential of the Dumont development project and Orford Mining's Qiqavik, West Raglan, Jones-Keystone Loflin and Landrum-Faulkner exploration properties.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of RNC to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could affect the outcome include, among others: future prices and the supply of metals; the results of drilling; inability to raise the money necessary to incur the expenditures required to retain and advance the properties; environmental liabilities (known and unknown); general business, economic, competitive, political and social uncertainties; accidents, labour disputes and other risks of the mining industry; political instability, terrorism, insurrection or war; or delays in obtaining governmental approvals, projected cash operating costs, failure to obtain regulatory or shareholder approvals. For a more detailed discussion of such risks and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, refer to RNC's filings with Canadian securities regulators, including the most recent Annual Information Form, available on SEDAR at www.sedar.com.
Although RNC has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking statements contained herein are made as of the date of this news release and RNC disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws.
SOURCE RNC Minerals
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Rob Buchanan, Director, Investor Relations, T: (416) 363-0649, www.rncminerals.com