AuTECO Minerals Ltd (ASX:AUT, OTC:MNXMF) shares surged as high as 16% intra-day to 8.7 cents after making a significant high-grade gold discovery at its Pickle Crow Gold Project in Canada, named the Tyson veins.
The Tyson vein system consists of at least three persistent quartz-carbonate-scheelite-gold veins that dip moderately towards the northwest.
Mineralisation within the vein structures has been encountered over an interpreted strike of ~400 metres and at depths exceeding 800 metres below surface.
Cross Section through the new Tyson discovery
Highlight drilling intersections include:
- 2.8 metres at 17.9g/t gold from 578.3 metres in hole AUDD0173;
- 1.0 metres at 30.1g/t gold from 546 metres in hole AUDD0152;
- 5.5 metres at 4.1g/t gold from 566.5 metres in hole AUDD0173; and
- 1.1 metres at 10.4 g/t Gold from 665.05 metres in AUDD0166 W1.
The width of the veins is promising, with 7 of the 10 intersections to date being greater than 2 metres wide and mineralised zones of up to 6.5 metres observed.
The initial exploration phase drill pattern has tested a portion of the Tyson veins on a 160 metres by 160 metres pattern and all holes have intersected significant gold mineralisation.
The Tyson vein system remains open in all directions.
“Immense potential of Pickle Crow”
AuTECO Executive Chairman Ray Shorrocks said: “The discovery of another significant vein system demonstrates yet again the exceptional quality and the immense potential which still remains at Pickle Crow.
“This discovery also provides more evidence of how under-explored Pickle Crow is and in particular, the lack of modern exploration conducted there.
“We will continue drilling at Tyson to extend the known mineralisation and also infill drill it with the aim of bringing it into the Resource.
“With a fifth rig arriving within the next month, we are on track to deliver the current 50,000m drill program on budget and on schedule”.
Current AuTECO strategic work plan and key objectives from July 2021 until the scheduled release of the year-end resource update in December 2021. Timeframes are indicative.
The Tyson vein zone was discovered during drilling for extensions and the development of additional Riedel shear structures east of the main core-mine shear corridor.
Based on previous exploration models, the units further east of the Core Mine shear were considered less prospective and hence has been relatively under-explored.
Work in the December quarter will focus on infill drilling and extending the Tyson vein system.
The Tyson veins are outside of the recently reported inferred resource of 1.7 million ounces at 8.1 g/t and demonstrate the potential for continued growth of the resource with focused and systematic exploration.