Gold explorer AuTECO Minerals (ASX:AUT) has reported gold (Au) grades of up to 73.6 grams per tonne (g/t) from a maiden surface exploration program at its Sioux Lookout prospect in Ontario, Canada.
The company, which has a $64.75 million market capitalisation, says these ‘outstanding’ results from first-pass exploration work at Sioux point to the discovery of a potentially ‘significant’ and ‘high-grade’ gold system.
AuTECO reports this discovery of ‘high-grade’ gold comes from the same trend as Treasury Metals’ (ASX:TML) 2.9-million-ounce (Moz) Goliath Gold Project.
As a result, AuTECO announces follow-up sampling is underway, with results expected in the coming weeks. The company also announces regional ‘high-priority’ targeting will begin at its 2.8Moz Pickle Crow Gold Project in conjunction with the follow-up sampling.
This work at Pickle Crow will gather surface samples every 1km, traversing the entire 46km strike of the northern Pickle Lake greenstone belt, and is scheduled for completion by the end of October 2023.
Commenting on the results, AuTECO Minerals Chief Executive Officer (CEO) Darren Cooke said: “These are outstanding results which reveal the presence of high-grade mineralisation on the same trend as the adjacent 2.9Moz Goliath project. To find new high-grade outcrops on surface grading 74g/t gold highlights the enormous potential of the gold system so close to surface.
“To find new high-grade outcrops on surface grading 74g/t gold highlights the enormous potential of the gold system so close to surface”
We picked up this project through smart geology and our in-country knowledge. As a result, we are now looking at the potential for a discovery which would create immense value for AuTECO shareholders. Once the remainder of the exploration samples are returned, we will review the data and move towards testing of the project”.
AuTECO Minerals is an ASX-listed mineral explorer focused on advancing ‘high-grade’ gold resources at the Pickle Crow project in the world-class Uchi subprovince of Ontario, Canada.
The company’s Sioux Lookout prospect is located near the Goliath Complex in Ontario, Canada, within the Wabigoon greenstone belt along strike of the Goliath project, which hosts a current 2.9 Moz resource.
Write to Adam Drought at Mining.com.au
Images: AuTECO Ltd
