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RNC Minerals Announces Update in Mineral Resource at its Beta Hunt Mine
RNC Minerals (TSX: RNX) ("RNC") is pleased to announce an updated mineral resource estimate as at December 31, 2017 for its Beta Hunt Gold Mine in Western Australia.
Highlights of December 31, 2017 Mineral Resource estimates
-- Indicated Resources increased to 239,000 contained gold ounces
(2,353 kt @ 3.2 g/t Au), compared to the prior Indicated
Resources of 92,000 contained gold ounces (815 kt @ 3.5 g/t
Au).
-- Inferred Resource decreased to 208,000 contained gold ounces
(2,040 kt @ 3.2 g/t Au), compared to prior Inferred Resource of
321,000 contained gold ounces (2,910 kt @ 3.4 g/t Au). This
reduction is mainly due to conversion of Inferred Resource to
Indicated classification and mining depletion.
-- Beta Hunt mined 968 kt containing 74,203 gold ounces (968 kt @
2.4 g/t Au) from February 1, 2016 to December 31, 2017.
"The Beta Hunt team achieved our objectives of improving the grade reliability of our resources and successfully increasing resources net of depletion. Our deeper exploration drilling has indicated improving grades with depth, which should improve overall mineral resource grade in future updates." said Mark Selby, President and CEO of RNC.
Mineral Resource Estimate
The Indicated Mineral Resources at the Beta Hunt Mine increased compared to the prior estimate described in the Beta Mine PEA dated March 4, 2016 due to infill and exploration diamond drilling completed during this period.
Inferred Mineral Resources decreased at Beta Hunt primarily as a result of mining depletion and reclassification to the Indicated Resources category as a result of infill drilling.
The following table provides a breakdown of the estimated Mineral Resources as of the dates set forth therein:
Table 1: Beta Hunt Gold Mineral Resources as at December 31, 2017
Resource Indicated Inferred
-------- --------- --------
Kt g/t Koz Kt g/t Koz
--- --- --- --- --- ---
A Zone 1.2.3.4.5 672 3.4 75 997 3.1 97
---------------- --- --- --- --- --- ---
Western Flanks 1.2.3.4.5 1,513 3.0 145 812 3.3 85
------------------------ ----- --- --- --- --- ---
Western Flanks East (A Zone Sth) 1.2.3.4.5 136 3.7 16 84 3.3 9
------------------------------------------ --- --- --- --- --- ---
Beta 1.2.3.4.6 32 3.3 3 147 3.4 16
-------------- --- --- --- --- --- ---
Total 2,353 3.2 239 2,040 3.2 208
----- ----- --- --- ----- --- ---
1. Mineral Resources are not Mineral
Reserves and do not have
demonstrated economic viability.
There is no certainty that all or
any part of the Mineral Resources
estimated will be converted into
Mineral Reserves.
2. The Mineral Resource estimates
include Inferred Mineral Resources
that are normally considered too
speculative geologically to have
economic considerations applied to
them that would enable them to be
categorized as Mineral Reserves.
There is also no certainty that
Inferred Mineral Resources will be
converted to Measured and Indicated
categories through further drilling,
or into Mineral Reserves once
economic considerations are applied.
Mineral resource tonnage and
contained metal have been rounded to
reflect the accuracy of the
estimate, and numbers may not add
due to rounding
3. Gold Mineral Resources are reported
using a 1.8 g/t Au cut-off grade
4. Mineral Resources described here are
based on information compiled by
John Vinar, Geology Manager for
Salt Lake Mining Pty.Ltd. John
Vinar is an employee of Salt Lake
and is a member of the Australasian
Institute of Mining and Metallurgy
(MAusIMM, 109799).
5. Mineral Resource Estimate as of 31st
December, 2017.
6. Comprises two model areas -Western
Flanks South (March 2017 estimate,
depleted for mining to March 2017);
Beta (2016 PEA resource estimate
depleted for mining to August,
2016)
Compliance Statement (JORC 2012 and NI 43-101) The technical information in this news release is based on information contained in updated technical reports for the A Zone, Western Flanks and Western Flanks East Mineral Resources produced in accordance with the 2012 Edition of the "Australasian Code for Reporting of Mineral Resources and Ore Reserves" by Salt Lake Mining staff. This technical information has been reviewed by John Vinar, a Member of the Australian Institute of Mining and Metallurgy. Mr. Vinar has sufficient experience that is relevant to the style of mineralization and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr. Vinar consents to the inclusion in this news release of the matters based on this information in the form and context in which it appears.
Kevin Small, P Eng, Director Mining Operations is a "qualified person" as defined in National Instrument 43-101 and has reviewed and approved disclosure of the Mineral Resource technical information and data for the Australian Asset included in this news release.
About RNCRNC is a multi-asset mineral resource company with a portfolio of gold and base metal production and exploration properties. RNC's principal assets are the producing Beta Hunt gold and nickel mine in Western Australia, a 50% interest in a nickel joint venture with Waterton that holds the Dumont Nickel Project in the Abitibi region of Quebec, and a 29% stake in the producing Reed Mine in the Flin Flon-Snow Lake region of Manitoba, Canada. RNC also owns a 44% interest in Orford Mining Corporation, a mineral explorer focused on highly prospective and underexplored areas of Northern Quebec and the Carolina Gold Belt in United States. 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 Mine.
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 costs, failure to obtain regulatory or shareholder approvals. For a more detailed discussion of such risks and other factors that could cause actu al results to differ materially from those expressed or implied by such forward-looking statements, refer to RNC's filings with Canadian securities regulators 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.
Rob Buchanan, Director, Investor Relations, T: (416) 363-0649, www.rncminerals.com
SOURCE RNC Minerals
View original content with multimedia: http://www.newswire.ca/en/releases/archive/April2018/26/c5782.html
SOURCE: RNC Minerals
Rob Buchanan, Director, Investor Relations, T: (416) 363-0649, www.rncminerals.com
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