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Initial results from the ongoing 40,000m drill program at Beta Hunt have returned exceptional grades. The results suggest that our upside case is modestly more likely, with our current fair value estimate at C$0.97 (was C$0.94). We continue to expect ongoing exploration and development work to be the key catalysts for demonstrating the potential that we see at Beta Hunt.
RNC has announced record gold production from Beta Hunt. Production increased 135% QoQ and 199% YoY to 31.4koz Au. As expected, Q3 production materially benefited from the specimen grade gold processed in September. The company’s Father’s Day Vein discovery has resulted in a transformation of its balance sheet, enabling it to properly explore and develop Beta Hunt to demonstrate the potential of the pyritic sediment structures to host high-grade coarse gold. If the company is successful in demonstrating a repeat of this structure, we believe it could provide the next leg up on the stock.Highlights:
RNC Minerals announced another impressive gold specimen stone (90kg or ~1000oz Au) from the Father’s Day Vein at Beta Hunt, supporting the company’s forecast to extract a total of 30-35k oz Au from the initial discovery area. While this news is directionally positive, the key to demonstrating the potential of Beta Hunt should be ongoing exploration development work. With the balance sheet repaired, we expect ongoing exploration and development work that demonstrates the potential of these ultra-high-grade shoots as the key catalysts for the stock.
Following the initial announcement of a 9,000oz Au discovery at RNC Minerals Beta Hunt Mine in Australia, the company expects the original discovery area to yield 30-35koz Au and has continued to extend the high-grade coarse gold structures of the “Father’s Day Vein” to a total of 540m ( Figure 1). RNC is gaining a better understanding of the controls in place and as such, we believe that there is a distinct potential for the controls to repeat and extend. In this note, we examine the impact on exploration, the potential size of the deposit and ultimately the impact on RNC’s valuation.
We updated the look & feel of our RCKS Talk Research Blog in March 2018.
To access the historical archives of our original blog format, please click on the link(s) below to be re-directed. Please note that we no longer update those archive blog pages.
Click here to access the RCKS Talk Blog Archive for RNC Minerals Corp. (TSX:RNX)
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