Join our daily newsletter At The Bell to receive exclusive market insights
- AuTECO Minerals (AUT) increases the inferred mineral resource estimate (MRE) by 30 per cent at its Pickle Crow Project in Canada
- The new MRE reads 2.23 million ounces at 7.8g/t gold and comes just six months after the previous resource update
- The MRE was independently estimated by Cube Consulting Perth and was produced by 3D modelling of the lode systems and block model grade estimation
- AuTECO has now shifted its focus to regional targeting with three of the five active drill rigs testing targets outside of the resource area with results expected in the June quarter
- Shares in AuTECO are down 6.7 per cent on the market and are trading at 9.1 cents
AuTECO Minerals (AUT) has increased the inferred mineral resource estimate (MRE) by 30 per cent at its Pickle Crow gold project in Canada.
The new MRE reads 2.23 million ounces at 7.8 grams of gold per tonne (g/t) and comes just six months after the previous resource update.
The high-grade quartz vein component of the MRE has increased to 1.92 million ounces at 9.3g/t gold while the near-surface resource has increased to 304,000 ounces at 3.8g/t gold.
Pickle Crow lies in Ontario and is one of Canada’s highest-grade historical gold mines.
The mine ran from 1935 to 1966 and produced 1.5 million ounces of gold at an average grade of 16g/t gold. Since then, very little modern exploration has taken place.
The MRE was independently estimated by Cube Consulting Perth and was produced by 3D modelling of the lode systems and block model grade estimation.
“Pickle Crow has joined an exclusive club of global gold companies with a resource base of more than two million ounces in a tier-one location,” Executive Chairman Ray Shorrocks commented.
“It speaks volumes about the quality of the Pickle Crow system that we added more than half a million ounces to the resource in just six months and at a cost of less than A$20/oz.
“This means we have created substantial value for shareholders and also demonstrates the immense potential for ongoing increases in the inventory.”
AuTECO has now shifted its focus to regional targeting with three of the five active drill rigs testing targets outside of the resource area. Results are expected in the June quarter.
Shares in AuTECO were down 6.7 per cent on the market and were trading at 9.1 cents at 11:46 am AEDT.
