AuTECO Minerals Ltd (ASX:AUT, OTC:MNXMF) has delivered results described as exceptional from drilling outside the measured resource at the Pickle Crow Project in Ontario, Canada, paving the way for an increase to the 2.23-million-ounce resource later in the year.
The latest results come from both near-mine and regional drilling, part of AuTECO’s dual exploration strategy to grow the Pickle Crow resource.
Results from regional early-stage exploration drilling well outside the current resource limits include:
Cohen – MacArthur Zone (about 1.5 kilometres northwest of Shaft 3 Resource area):
- 2.1 metres at 92.0 g/t gold from 147.8 metres;
- 0.7 metres at 26.2 g/t from 116.5 metres; and
- 0.8 metres at 11.3 g/t from 17.8 metres.
Swamp Zone (about 2.2 kilometres southwest of Shaft 1 Resource area):
- 3.5 metres at 7.6 g/t from 126.9 metres.
North-East Powderhouse (about 900 metres west of Shaft 1 Resource area):
- 4.9 metres at 3.6 g/t from 175 metres (banded iron formation hosted).
Talia Zone (about 1.1kilometres southwest of Shaft 1 Resource area):
- 4.0 metres at 3.1 g/t from 160.5 metres.
Crowshore (1.9 kilometres northeast of Shaft 3)
- 1.3 metres at 5.6 g/t from 116.7 metres.
AuTECO considers these results particularly significant as they originate from new and early-stage targets well outside the measured resource boundary, indicating the high potential of the greater Pickle Lake greenstone belt.
Results demonstrate “enormous potential”
“The regional exploration results are highly significant. We have only just started testing the landholding outside the mine area and to get hits like 2.1 metres at 92 g/t, 1.5 kilometres from the shaft highlights the enormous potential to keep growing the resource,” AuTECO executive chair Ray Shorrocks said.
“The strong results from the in-mine area also point to future resource growth. The 7.8 metres at 17 g/t from the newly-discovered Tyson veins is among the best holes that AuTECO has drilled at Pickle Crow.
“AuTECO remains fully funded to continue the exploration and growth campaign and we expect to complete another 50,000 metres of drilling by the end of the year.”
Resource extension drilling at the near-mine and high-grade Tyson and Shaft 3 veins also demonstrated strong results, including:
- 7.8 metres at 17.0 g/t gold from 335.3 metres;
- 1.6 metres at 73.2 g/t from 37.9 metres;
- 1.2 metres at 37.5 g/t from 284.5 metres;
- 0.3 metres at 134.0 g/t from 422.8 metres;
- 5.6 metres at 4.9 g/t from 441.9 metres; and
- 8.1 metres at 3.3 g/t from 615.8 metres.
AuTECO is well-armed to continue exploration at Pickle Crow with $24.5 million in the war chest as of March 31, 2022.