20% Increase In Inferred Resource To 1Moz
Auteco Minerals’(ASX: AUT) JORC 2012 compliant Inferred Resource at its Pickle Crow Gold Project in Canada has increased 20 per cent to one million ounces at 11.3 g/t gold.
The Company is also pleased to advise that the new drilling program at Pickle Crow has intersected high- grade extensions to mineralisation in several areas up to 250m away from the existing Resource.
The results of this latest drilling are not included in the new Resource Estimate and therefore highlight the strong potential for further increases in the Pickle Crow inventory.
Auteco Executive Chairman Ray Shorrocks said the Resource increase and the latest drilling results provided more evidence of the vast potential of Pickle Crow.
“Our drilling results are outstanding because they increase our geological confidence in the historically- identified areas of mineralisation and they are also extending the known mineralisation,” Mr Shorrocks said.
“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.
“Our confidence is increased by the reconnaissance drilling within the Core Mine Trend, which has resulted in what looks like multiple new, near-surface, high-grade early stage discoveries within a few hundred metres of current mine infrastructure. These exciting new discoveries have abundant visible gold and have returned assays up to 137.3 g/t gold.
“This early success supports Auteco’s investment assumption that historical exploration activity at the Pickle Crow Gold Mine had been constrained by prevailing geological assumptions that were open to challenge through an open-minded approach to old datasets and a return to first principals geological techniques.
“In light of these results, we have added a third drill rig and increased the program from 10,000m to at least 45,000m.”
The Resource Estimate finalises additional review work of the existing data at Pickle Crow, including previous non-JORC compliant resources, with follow up drilling to confirm orientations and ongoing review of the lodes by Auteco geological staff. The estimation has been completed by Perth-based independent group Cube Consulting.
Auteco commenced its maiden drilling program at Pickle Crow in late May this year and now has a 45,000m diamond core drill programme underway. The Company anticipates updating the Resource in early 1H 2021.
• Mineralisation is open on all lodes along strike and at depth.
• Resources are from surface and are adjacent to existing underground mine development and infrastructure.
A third diamond drill rig has been scheduled for arrival in September 2020 to supplement Auteco’s maiden diamond drilling campaign. Based on initial exploration results and observations, the drill program has been expanded to 45,000m with a 24-person, all-season camp to now established on site to support exploration activities. There is significant scope for resource expansion through new discoveries ‘in the shadow of the headframe’ as well as along strike and at depth. Recent reconnaissance exploration drill results from targets outside of the Resource Estimate include the following high-grade drill results