SC gold mine said to be significantly richer

Updated studies indicate there are nearly 1 million more ounces of gold at Lancaster County’s Haile Gold Mine than previously thought.

With gold selling at more than $1,700 an ounce, that would be worth more than $1.7 billion extra to the Canadian company that owns the mine.

New estimates indicate there is 29 percent more gold, or 916,000 more ounces, at the site than previously thought, according to a report in the Columbia Regional Business Report.

The total gold resources at the mine, located near the tiny South Carolina town of Kershaw, stands at 4 million ounces, with another 800,000 ounces of inferred resources, according to owner Romarco Minerals Inc.

“This is a very significant system in South Carolina,” said Romarco Chief Executive Diane Garrett. “This really puts South Carolina on the map as having a world-class ore deposit.”

Continue reading

Early US penny sells for $1.38 million

An example of the first official US coin minted by the federal government on its own equipment and premises sold last month for a staggering $1.38 million.

Not bad, considering it represents a markup of nearly 140 million times over it original face value.

Heritage Auctions sold the 1793 Chain cent in January, likely the most money ever paid for a one-cent piece.

The 219-year-old coin is one of a relatively small number of Chain cents that survive, and one of the best examples, being classified in near-mint condition.

Called the Eliasberg specimen, the Chain cent auctioned by Heritage carries a provenance that dates back to 1864.

Heritage described it as having “a bold strike with excellent definition of the motifs, including the fine strands of Liberty’s hair. The rim is bold and the centering is excellent. Every aspect of this superlative Chain cent is remarkable. The rich olive and mahogany-brown surfaces are highly lustrous and virtually flawless.”

Continue reading