AuTECO Minerals Ltd (ASX:AUT, OTC:MNXMF) has shored up a potential resource update planned for next quarter with results of up to 2.0 metres at 68.3 g/t gold from drilling at its flagship high-grade Pickle Crow Gold Project in Uchi sub-province of Ontario, Canada.
A 50,000-metre diamond drilling program was designed to increase the measured resources at the project, potentially increasing its mineral resource beyond 1.7 million ounces at 8.1 g/t gold.
Five drilling rigs are operating on-site, with a dual focus on resource expansion and near-mine exploration.
Apart from the 2-metre intercept from 470.7 metres, drilling of high-grade vein extensions outside the defined resource also returned:
- 2.1 metres at 31.8 g/t gold from 246.4 metres;
- 4.1 metres at 11.2 g/t from 423.8 metres;
- 4.7 metres at 6.3 g/t from 732.8 metres;
- 2.4 metres at 9.9 g/t from 18.7 metres;
- 3.1 metres at 6.9 g/t from 370.7 metres;
- 1.0 metres at 10.6 g/t from 556.3 metres; and
- 0.3 metres at 34.2 g/t from 559.7 metres.
“Pave way for a resource update”
AuTECO Minerals executive chair Ray Shorrocks said: “These drilling results are exceptional and pave the way for a resource update in February next year. Drilling continues to define mineralisation well outside of the current 1.7-million-ounce resource.
“The results also support our plan to establish higher and lower-grade areas which can be mined using different methods but would take advantage of the same access infrastructure and processing plant, delivering significant economic benefits.”
The current high-grade vein hosted resource stands at 1.47 million ounces at 10.1 g/t gold, with a further 240,000 ounces at 3.7 g/t hosted within alterations, predominantly Banded Iron Formation (BIF), which may be suited for bulk mining.
Bulk mining potential
Initial exploration targeting BIF mineralisation in shaft 1 of the Pickle Crow mine returned a promising intersection of 19.5 metres at 3.3 g/t gold from 340.7 metres, while follow-up drilling at the Carey discovery further demonstrated the potential for bulk mineralisation and mining:
- 4.0 metres at 9.9 g/t from 266.6 metres;
- 11.5 metres at 1.5 g/t from 163.5 metres;
- 1.5 metres at 10.3 g/t from 90.4 metres; and
- 7.0 metres at 2.0 g/t from 289 metres.
Additionally, first-pass exploration drilling along the Carey trend about 600 metres to the northeast intersected shallow high-grade gold of 0.5 metres at 84.0 g/t from 8.2 metres.
AuTECO says an updated resource estimate remains on track for delivery in 2022, with the company remaining well-funded for its growth strategy with A$16.4 million in cash as of September 30, 2021.
About AuTECO Minerals
AuTECO Minerals is an emerging mineral exploration company focused on advancing high-grade gold resources at the Pickle Crow Gold Project in the world-class Uchi sub-province of Ontario, Canada.
The company raised its landholding on an area contiguous with the Pickle Crow Project from 190 square kilometres to more than 320 square kilometres through the staking of the vacant greenstone belt.
AuTECO remains well funded for its growth strategy, with A$16.4 million in cash at September 30, 2021.