Economy

‘Once in a lifetime,’ $11M worth of gold unearthed in blast

‘Once in a lifetime,’ $11M worth of gold unearthed in blast

A handful of gold rocks could be worth several thousand dollars, so security has been beefed up in the days since the find.

The largest rock weighs about 198 pounds (90kg) and took three men to lift it onto the back of a pick-up truck.

"These discoveries highlight the high-grade gold potential of Beta Hunt", says Selby. Over the past week, approximately 9,250 ounces of high-grade gold was produced from a 130-tonne cut on the mine's 15 level.

Gold in quartz at the Beta Hunt mine recovered in Australia in September 2018.

RNC plans to auction off some of the most impressive specimens as according to Selby, collectors in North America and around the world are known to pay up to a 50 percent premium on the gold metal value for rare specimens.

Beta Hunt mine is now up for sale by RNC who say they are unable to front the capital for proper exploration of the area, making the million dollar question - "how much more remains to be found?" Geologists are calling it a "once-in-a-lifetime discovery" especially since mining in the area had traditionally been geared towards nickel.

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"Never in my life have I ever seen anything like this", he told ABC News.

The bigger of the two is said to be valued at $3.8 million and contains around 2,300 ounces of gold.

The second rock yielded around 1,600 ounces of gold and weighed in at 63kg (138lb). "It's definitely a once-in-a-lifetime discovery", Thanos said, adding, "This sort of bonanza is incredibly unique".

The largest specimen, weighing 95kg (210lb), was found to contain more than 2,400 ounces of gold, Canadian miner RNC Minerals said.

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. "I almost fell over looking at it... we were picking it up for hours". The sediment horizon is now also interpreted by geologists at the Beta Hunt Mine as a zone of chemical interaction between the gold bearing fluids and pyritic sulfides, which under the right conditions, allow large gold crystal growth and extremely high-grade gold deposition.

Armed guards have been transporting the gold to a secure vault. We'll target our drilling to see whether we can unearth more.