Latest Drilling Results Point To More Growth In Canada
Auteco Minerals (ASX: AUT) is pleased to announce more outstanding drilling results which point to further growth in the 1.7 million ounce Resource at its Pickle Crow gold project in Ontario, Canada.
Follow-up drilling at the recent Carey discovery continues to confirm the geological model for the area, with an intersection of 9.8m @ 3.1g/t gold returned in hole AUDD150 from a vein array adjacent to the southern contact of the Albany Porphyry.
This is in a similar structural setting to the discovery hole at Carey (Hole AUDD0158, 20.4m @ 5.3g/t gold). Final assays for hole AUDD0141 were returned, with a broad mineralised zone of 36.7m @ 1.5g/t gold from 150.8m, including a zone of 16.5m @ 2.2g/t gold. Further drilling is underway with additional results expected during this quarter.
Executive Chairman, Ray Shorrocks, said drilling in the near-mine area continued to deliver high grade results outside of the 1.7Moz Resource.
A new zone of alteration-hosted mineralisation in banded iron was discovered north of the Shaft 3 area. Assays from the first hole into the target returned an intersection of 10.5m @ 3.6g/t from 126 metres in hole AUDD0140. Additionally, drilling in the shaft 3 area intersected a high-grade vein grading 0.5m @ 88.7g/t gold. This is interpreted to be the same vein structure initially discovered in Hole AUDD0152 (4.9m @ 7.5g/t gold).
Drilling at shaft 1 confirmed the crown pillar between the upper level and surface remains intact, with an intersection of 3.3m @ 15.9g/t gold. This pillar is not included in the 1.7Moz Resource.
Meanwhile, Auteco’s second stage expenditure requirement of the earn-in agreement between Auteco and First Mining Gold (TSX:FF) has been satisfied, with Auteco to move to 70% equity ownership of the Pickle Crow project. Auteco can elect to acquire a further 10% interest by paying C$3M to First Mining Gold at any time.
“These results are very strong and pave the way for another increase in the Resource,” Mr Shorrocks said.
“The intersections at Carey are particularly significant because they sit between two areas of known mineralisation and Carey is excluded from the Resource.
“With the 50,000m drilling program well underway, we look forward to further growth in the Resource and further growth in shareholder value.”
Mr Shorrocks said Auteco has a considered strategic approach to provide continued organic growth and a pathway to production for the Pickle Crow deposit. The three-staged approach to work activities will continue to focus on exploration, preparing for a year end Resource estimate and completing activities that potentially demonstrate a pathway to production for the Pickle Crow deposit.
In June 2021, the stage two 50,000m drill campaign commenced. To date 7,990m of drilling for 35 diamond drill holes have been completed from the new program. Assay results have been partially received for nine holes, and assays are yet to be received for a further 16 holes. There are currently four drill rigs on site.
The dual strategy of driving near-mine Resource growth combined with early-stage exploration targeting will continue to be the focus of the programme.
The near-mine Resource drilling will contribute to a planned Resource update at the end of 2021.
Pathway to Production Activities
In July 2021, open pit optimisations were completed on the mid-year Resource block model to determine the potential for Inferred Resource that could be mined from surface. These results were successful and further work will be completed to increase confidence in the plan.
For further information please visit: https://www.autecominerals.com.au/
