Gold Rocks Discovered in Australia Worth Millions

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

"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 senior geologist on the job, Zaf Thanos, told Australia's ABC News that it's usually only possible to see gold through a magnifying glass in most mines.

The company said the high-grade (coarse gold and large gold-containing specimen stones), includes approximately 190 kg of specimen stone, the largest of which is 95 kg 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. RNC said it had chose to consider all alternatives, including a sale to maximise the value of Beta Hunt to its shareholders.

The discovery by RNC nearly 150 years after that discovery comes amid a resurgence in Australia's gold industry, with companies ploughing a record A$223m ($158m) into exploration in the June quarter - up 16% on the same period a year earlier.

RNC's chief executive Mark Selby dubbed the find "one of those once-in-a-lifetime moments".

"I've seen it in veins in the face but nothing like this - this was just everywhere", he said.

RNC reported mining a total of 13,320 ounces of gold from Beta Hunt in the previous quarter. "These discoveries highlight the high-grade gold potential of Beta Hunt".

Workers at the Beta Hunt mine near Kambalda, 630km east of Perth, have brought more than $AU15 million ($NZ16.34 million) worth of gold specimens to the surface in just four days.

Selby said the company still has another two kilometres of area to explore at the Beta Hunt Mine where he's hoping they will uncover even more gold. The deposits are worth more than 11 million U.S. dollars. "I almost fell over looking at it ... we were picking it up for hours".

The company put the mine up for sale in March, but it has now made a decision to expand its horizons beyond the current exclusive discussions with a preferred bidder.

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.

"I flip my phone on and find out", he said. "Obviously with this find going forward we won't have any shortage of capital to make that happen and we think we'll have a very long bright future to build a very big mine at Beta Hunt going forward". "There's a pretty select group of collectors who this would appeal to".