10:37 AM EDT, 09/17/2018 (MT Newswires) -- Royal Nickel (RNX.TO), which rose 16% on Friday, has now gained a further 29% after it announced that it has doubled the strike length of this high grade coarse gold structure, to approximately 10 metres, after restarting development in the new high grade gold discovery area "Fathers Day Vein" at its Beta Hunt Mine in Australia.

A 43kg specimen stone containing an estimated 1,100 ounces of gold and a second 7kg specimen containing 190 ounces was recovered from this most recent development. An updated estimate of ounces from the Fathers Day Vein is expected to be provided later this week after final outturns from last week's shipments to the Perth Mint have been received and initial estimates from the recovery and shipment of coarse gold and specimen stones from the most recent development are completed, RNC said.

Final numbers from this most recent development should be known within 2 weeks once all processing by the Perth Mint has been completed.

RNX hit a new 52-week high of $0.395 earlier.

Price: 0.36, Change: +0.08, Percent Change: +28.57