Auteco finds more high-grade gold outside resource

AUTECO Minerals has identified further shallow high-grade lodes outside the resource at its Pickle Crow project in Ontario, Canada.
Auteco finds more high-grade gold outside resource Auteco finds more high-grade gold outside resource Auteco finds more high-grade gold outside resource Auteco finds more high-grade gold outside resource Auteco finds more high-grade gold outside resource

Results from a new structure at the Shaft 3 Veins returned 5.6m at 33.4 grams per tonne gold from 20.3m, including 3.4m at 51.1gpt, and 1.6m at 16.7gpt gold from 12.7m, with individual assays of over 100gpt gold.

Drilling also extended the Vein 5 extension discovery with results including 2m at 8.2gpt gold and 4m at 5.9gpt gold.

All the results are outside the Pickle Crow inferred resource of 1 million ounces at 11.3gpt gold.

Drilling also extended the Shaft 1 Veins, with new results of 0.6m at 99.4gpt gold from 167.4m; 1.6m at 23.8gpt gold from 95m; 1.6m at 19.6gpt gold from 372m; and 1.5m at 26.6gpt gold from 8.5m.

Mineralisation remains open in all directions and is adjacent to existing underground and surface infrastructure.

Auteco is not even halfway through its 45,000m program, with 84 holes completed to date for 19,400m. Assays have only been received for 25 holes.

Three rigs are onsite, targeting an upgrade of the resource in the June quarter.

Auteco executive chairman Ray Shorrocks said the latest results highlighted the potential to further grow the resource.

"This is supported by the definition of multiple new areas of high-grade quartz vein-hosted mineralisation with excellent geological continuity and multiple instances of visible gold," he said.

"The width and high grade of recently returned results, coupled with their shallow nature reinforces the numerous resource growth opportunities at the project.

"These results are supported by numerous high grade historical drill intercepts outside of current resources which will help to fast-track the definition of the new areas towards resource classification." 

Pickle Crow produced 1.5 million ounces of gold at 16gpt up until its closure in 1966 due to the low gold price.

The company, led by the same team behind Bellevue Gold, only announced the acquisition of the up to 80% of the project in January 2020, and started drilling in May.

Auteco raised more than $30 million in the September quarter at 13.5c per share.

Shares in Auteco were up 4.5% today to 11.5c, valuing the company at $180 million.