AuTECO Minerals Ltd (ASX:AUT, OTC:MNXMF) has kicked off a pivotal phase in its resource development strategy by initiating a 750-metre exploration drill drive at its Green Bay Copper-Gold project in Newfoundland, Canada.
The exploration drive will enable the company to drill faster, more efficiently and more accurately as part of its strategy to grow the Green Bay Resource of 39.2 million tonnes at 2.1% for 811,000 tonnes of copper equivalent.
Moving forward, this program will test the down-plunge extension of the Lower Footwall Zone, where the deepest hole completed to date returned 102 metres at 1.7% copper.
“Moving rapidly”
Encouraged by the developments, AuTECO managing director Steve Parsons said: “We are moving rapidly to grow the resource by infill drilling these areas of known high-grade copper.
“The drive will enable us to do this quickly and efficiently, with the first results expected next month and strong newsflow to follow from then.”
Exploration drill drive
This initiative is part of the phase one resource growth campaign, which consists of 40,000 metres of underground diamond drilling and ramping up to three drill rigs in the March quarter of 2024
The exploration drill drive will be operated by AuTECO underground mining personnel utilising a new twin boom Sandvik DD321 jumbo, enabling excellent productivity and reduced unit costs in comparison to the smaller single boom equipment previously deployed on the site.
Drilling on the upper VMS zones continues at the Ming Mine, with the first three holes submitted to the laboratory for analysis.
The company is funded with $24 million to complete the phase 1 mining and drilling activities.
Samples from the first diamond drill holes have been submitted for analysis, with results expected during December 2023.
Auteco’s strategy
The company has a clear strategy to:
- rapidly grow the resource at Ming through investment in drilling; and
- demonstrate the size and scale of a globally significant high-grade copper-gold asset.
Phase 1 milestones.
The existing underground infrastructure will fast-track work, with drill positions immediately accessible.
Phase 1 of the growth program plans for the development of a 750-metre exploration drive in addition to 40,000 metres of diamond drilling.
The development is positioned to effectively target down dip extensions of both the upper high-grade copper-gold VMS horizons and the bulk Lower Footwall Zone, which returned an intersection of 102 metres at 1.7% copper from 460 metres from the starting point of the exploration drive.