According to the updated mineral resource, the size of the measured and indicated resource jumped nearly five times, to 710,000 ounces at 3 grams per ton (g/t) gold, while the inferred resource nearly tripled to 250,000 ounces at 3.1 g/t gold.
RNC's shares gained 3.2% in early Thursday trading to hit C$0.65.
The new resource highlights the expansion potential at Beta Hunt, which was the site of two bonanza gold discoveries in the past year.
The high-grade gold found at the Father's Day vein are not represented in the resource model due to the extreme nuggety nature of the mineralization, according to RNC. “These occurrences are best considered as a potential periodic significant bonus to mine production,” the company said in a statement.
A total of nearly 16,900 metres of drilling in 144 drill holes were completed at Western Flanks during the current drilling program. Mineralization at Western Flanks has now been defined across a 1.2 km strike length at a depth of 150 to 250 metres.
"This increase in resource size is an outstanding result and confirms the exploration potential we always believed existed at Beta Hunt,” said Mark Selby, CEO of RNC.
The 710,000 ounces measured and indicated resource with a further 250,000-ounce inferred resource comes from just over one kilometre of strike length on a single shear complex in the Western Flanks, which Selby believes represents “only a fraction” of Beta Hunt’s overall potential.
"I look forward to the results of the remaining 5,000 metres of the current exploration program now underway which will begin testing the other three shears that occur over a potential strike length of more than four kilometres and where gold mineralization has been outlined by historic drilling," Selby said.
An updated technical report for the Western Flanks resource estimate will be available within the next 45 days.
RNC said it plans to publish a gold reserve estimate at Beta Hunt that it expects to support the resumption of full-scale production in 3Q 2019.
--Updates with share price--
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