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Auteco Minerals (ASX:AUT) - Executive Chairman, Ray Shorrocks - The Market Herald
Executive Chairman, Ray Shorrocks
Source: Global Business Reports
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  • Auteco Minerals (AUT) continues to see positive results from its 45,000-metre drilling program at the Pickle Crow Gold Project in Ontario, Canada
  • The ongoing program began in May last year and aimed to upgrade Pickle Crow's mineral resource estimate
  • The latest assays returned gold grading up to 16.7 and 33.4g/t gold — building on previous high-grades, including 99.4g/t gold
  • A few months ago, Auteco reported a 20 per cent upgrade to the inferred resource, which now sits at 2.8 million tonnes at 11.3g/t gold for one million ounces
  • However, it's looking to increase this once more by the end of the June quarter
  • Auteco's shares are up 4.55 per cent and trading at 11.5 cents

Auteco Minerals (AUT) has received pleasing drill results outside the resource of the Pickle Crow Gold Project in Ontario, Canada.

The company began a 45,000-metre drilling program in May last year, which was aimed at unlocking gold potential at Pickle Crow, as well as increasing its resource.

In September, Auteco successfully increased Pickle Crow's inferred resource by 170,000 ounces. It currently sits at 2.8 million tonnes at 11.3g/t gold for one million ounces.

Since May last year, 84 holes, for 19,423 metres, have been drilled and the program will continue as Auteco looks to increase the inferred resource once more.

This second phase of drilling has not only discovered new mineralisation outside the current resource, but has also extended known mineralised structures.

Best results include 5.6 metres at 33.4g/t gold from 20.3 metres, 1.6 metres at 16.7g/t gold from 12.7 metres, two metres at 8.2g/t gold from 396.5 metres and four metres at 5.9g/t gold from 420 metres.

These results build on previous high-grade results announced in September 2020. They include 0.6 metres at 99.4g/t gold from 167.4 metres, 1.6 metres at 19.6g/t gold from 372 metres and 1.53 metres at 26.6g/t gold from 8.53 metres.

"These latest results provide more evidence of the strong potential to grow the one-million-ounce resource at Pickle Crow," Executive Chairman Ray Shorrocks said.

"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 added.

Once this second phase of drilling has been completed, Auteco will transition to the third drilling phase, which will focus on resource definition and infill drilling. Ultimately, this will culminate in an updated mineral resource estimate, which is planned for the end of the June 2020 quarter.

"With three drill rigs currently operating and given the strength of the latest results, we remain on track to meet our intended resource upgrade in the June quarter of 2021," Ray concluded.

Auteco's shares are up 4.55 per cent and trading at 11.5 cents at 10:08 am AEDT.

AUT by the numbers
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