- Auteco Minerals (AUT) makes a shallow high-grade gold discovery at its Pickle Crow gold project in Canada
- The new discovery, Carey, returned up to 39.3g/t gold and highlights the potential for open-pit mining at Pickle Crow
- Auteco has also extended the known high-grade underground mineralisation in the Shaft 3 area and intersected up to 42.9g/t gold
- In light of the high-grade results from Carey and Shaft 3, Auteco will complete additional drilling to drive resource growth and exploration targeting
- Auteco is up 8.99 per cent on the market and shares are trading at 9.7 cents at 11:03 am AEST
Auteco Minerals (AUT) has made a shallow high-grade gold discovery at its Pickle Crow gold project in Canada.
The new discovery, Carey, is of particular interest as it highlights the potential for open pit mining at Pickle Crow.
Best results from Carey include 20.4 metres at 5.3g/t gold from 102.7 metres, including 2.2 metres at 39.3g/t gold; and 6.5 metres at 4.6g/t gold from 86.5 metres.
Auteco will now undertake further drilling to determine the continuity of the mineralisation between the historical holes to the north and south.
In addition to the discovery of Carey, Auteco has extended the known high-grade underground mineralisation in the Shaft 3 area.
Results include 0.6 metres at 42.9g/t gold from 320 metres; 1.3 metres at 21.4g/t gold from 82.1 metres; and 3.3 metres at 8g/t gold from 836.4 metres.
These results will help support a resource update which currently reads one million ounces at 11.3g/t gold.
In light of the high-grade results from Carey and Shaft 3, Auteco will complete an additional 50,000 metres of drilling to drive resource growth and exploration targeting.
"The latest drilling program has been a huge success and we will further capitalise on this success with additional drilling," Executive Chairman Ray Shorrocks said.
"The high grades and the substantial widths of the new mineralisation highlight the potential for highly beneficial bulk mining methods to be used, either as wider stopes in an underground setting or as an open pit.
"We will now complete the resource update in parallel with starting the new drilling program, ensuring we maximise the opportunity to generate news flow and create vale for shareholders."
Auteco was up 8.99 per cent on the market with shares trading at 9.7 cents at 11:03 am AEST.