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- AuTECO Minerals (AUT) is progressing a 50,000-metre drilling program at the Pickle Crow project in Canada
- New results have reportedly increased the extent of mineralisation in the Shaft 1 and 3 areas with assays of two metres at 68.3g/t gold and 4.7 metres at 6.3g/t gold
- The program, which is over halfway complete, is aimed at extending mineralisation and updating the current mineral resource
- Company shares are up 4.23 per cent to trade at 7.4 cents
AuTECO Minerals (AUT) has received more drill results from its Pickle Crow project in Ontario, Canada.
The company is progressing 50,000 metres of drilling which is acting as a follow-up to a previous 45,000-metre program that resulted in a 71 per cent increase in Pickle Crow’s inferred resource.
The current program is aimed at extending mineralisation at Pickle Crow and updating the current 1.7 million ounce mineral resource.
Latest results come from expansion drilling in the Shaft 1 and Shaft 3 areas and have reportedly increased the extent of mineralised structures that contain the current resources.
According to the company, best results from these areas include two metres at 68.3 grams of gold per tonne (g/t) from 470.7 metres, 4.7 metres at 6.3g/t gold from 732.8 metres, 4.1 metres at 11.2g/t gold from 423.8 metres and 2.1 metres at 31.8g/t gold from 246.4 metres.
In addition, AuTECO is conducting follow-up drilling at the Carey prospect which has continued to define broad mineralisation outside the initial discovery area.
Executive Chairman Ray Shorrocks commented on the results.
“These drilling results are exceptional and pave the way for a resource update in February this year,” he said.
“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.”
So far, AuTECO has completed 27,500 metres of the 50,000-metre campaign and a fifth rig has recently commenced to accelerate the program and take advantage of current winter conditions in Canada.
Drilling is expected to wrap up in the first quarter of 2022 with a resource update scheduled for February.
Company shares were up 4.23 per cent to trade at 7.4 cents at 12:39 pm AEDT.
