Deep sea mining puts $560 billion in land extraction at risk — report
Even in optimal scenarios, the activity would generate only $6.25 million in tax revenue for countries involved, says Planet Tracker.
RNC Minerals (TSE:RNX) announced today that it has substantially increased the mineral resource on the Western Flanks zone of the Beta Hunt gold mine in Western Australia.
According to the company’s latest resource update, the measured and indicated resource at Western Flanks jumped nearly five times to 710,000 ounces, while the inferred resource also nearly tripled to 250,000 ounces.
RNC’s shares gained more than 8% at Thursday’s open to a three-month high of C$0.70.
Today’s results confirm Beta Hunt’s exploration potential, President and CEO Mark Selby says. He adds that the 710,000-ounce increase in measured and indicated resource coming from just over one kilometre of strike length represents “only a fraction” of Beta Hunt’s overall potential.
The company plans to provide an updated technical report and reserve estimate for Beta Hunt in the near future so that full-scale production can resume in Q3 2019.
The Beta Hunt mine, located 600 km from Perth in Kambalda, Western Australia, is a deposit with the very rare feature of hosting both nickel and gold resources in adjacent discrete mineralized zones. Two bonanza gold discoveries have already been made by RNC over the past year.
The company notes that the high-grade gold found at the Father’s Day vein last year are not represented in the Western Flanks resource model due to the extreme nuggety nature of the mineralization. “These occurrences are best considered as a potential periodic significant bonus to mine production,” the company says in a statement.
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