AuTECO Minerals (ASX: AUT) has bolstered the Inferred Mineral Resource Estimate at its Pickle Crow Project in Canada by 514,000oz, resulting in a total of 2.23Moz @ 7.8 g/t Au.
The company reports that it has added 1.2Moz of Inferred Resource since September 2020 at a discovery cost of A$17.58 per Resource ounce, in a result which it says transforms Pickle Crow to ‘world-scale’ status.
Commenting on the upgrade, AuTECO Minerals Executive Chairman Ray Shorrocks said: “Pickle Crow has joined an exclusive club of global gold companies with a resource base of more than 2Moz in a tier-one location.
It speaks volumes about the quality of the Pickle Crow system that we added more than half-a-million ounces to the resource in just six months and at a cost of less than A$20/oz. This means we have created substantial value for shareholders and also demonstrates the immense potential for ongoing increases in the inventory”.
“It speaks volumes about the quality of the Pickle Crow system that we added more than half-a-million ounces to the resource in just six months and at a cost of less than A$20/oz”
A total of 30,000m of additional drilling data was used to inform the revised year-end estimate, which was prepared in accordance with the JORC-2012 Code by independent mining consultants Cube Consulting.
According to the company, the speed and low cost at which the Resource has grown highlights the quality and ‘huge’ remaining growth potential of the Pickle Crow mineralised system.
The project is located in the ‘world-class’ Uchi sub-province of Ontario, and is one of Canada’s highest-grade gold mines, with historical production of 1.5Moz @ 16 g/t Au.
Following results reported in the mid-2021 Resource update, AuTECO’s board had approved an additional 50,000m of drilling to expedite Resource growth. Work commenced in June 2021, and was focussed on near-mine discovery, extension, and infill drilling.
To date, approximately 42,000m of the current program has been drilled, with the remaining 8,000m forecast to wrap-up by March 2022. There are currently five diamond drill rigs on site, and more assays are expected over the coming weeks.
The company reports that focus has now shifted to regional targeting, with three of five active drill rigs testing targets outside of the Resource area. Results from the regional campaign are expected in Q2 2022.
Images: AuTECO Minerals Ltd
