- Auteco Minerals (AUT) has reported a 20 per cent increase in the inferred resource at its Pickle Crow Gold Project in Canada
- The inferred resource has increased by 170,000 ounces and now sits at 2.8 million tonnes at 11.3g/t gold for one million ounces
- The updated resource comes from a 3.5-kilometre section of the core mineralised shear zone and includes multiple high-grade lodes within a larger mineralised corridor
- While the company is pleased with the increased resource, it won’t be too long until it’s planned to be upgraded further
- A 45,000-metre diamond drilling program began back in May and will support further resource growth
- This is planned for early in the first half of next year and Auteco has mobilised a third drill rig to accelerate the program
- Auteco shares are steady in early trade, priced at 18.5 cents per share
Auteco Minerals (AUT) has upgraded its JORC 2012 compliant inferred resource for the Pickle Crow Gold Project by 170,000 ounces.
The inferred resource now sits at 2.8 million tonnes at 11.3g/t gold for one million ounces. This marks a significant 20 per cent increase.
The updated mineral resource estimate is from within a 3.5-kilometre section of the core mineralised shear zone and incorporates a number of high-grade lodes within a larger mineralised corridor. Previously, this section produced 1.5 million ounces at 16g/t gold until the mine closed in 1966.
The resource estimate finalises additional review work of the existing data at the Pickle Crow Gold Project which is located in Canada.
“To have established and grown a JORC Resource of this size in this short time speaks volumes about the quality of the mineralised system. And given the strength of the latest results, we have every reason to expect to achieve further growth in the inventory in time for our next planned Resource upgrade in the first half of 2021,” Chairman Ray Shorrocks said.
While the company is pleased with the increased resource, it won’t be too long until it’s planned to be upgraded further.
Auteco began a maiden drilling program at the project in May this year. Based on positive results thus far, the program has been expanded from 10,000 metres to 45,000 metres of diamond core drilling.
All up, 19 holes have been drilled so far, with assays returned for nine holes and partial assays for a further six. To support the program, a third diamond drill rig is scheduled to arrive sometime this month.
Auteco plans to update the resource early in the first half of next year. The company believes there is significant scope for the resource to be expanded through new discoveries as well as along strike and at depth.
Auteco shares are steady in early trade, priced at 18.5 cents per share at 10:10 am AEST.