ASX-listed mineral exploration company AuTECO Minerals (ASX:AUT) reports it has intersected a ‘bonanza’ gold (Au) intersection of up to 1,020g/t Au from step-out diamond drilling (DD) at its Pickle Crow Au Project in Ontario, Canada.
The results, generated by an ongoing 50,000m drilling campaign, have returned the highest-grade Au intersection to date, with 1,020g/t Au over 0.4m from 809.9m (AUD0333), as well as other ‘high-grade’ intercepts, including 0.4m at 71.9g/t Au from 126.1m (AUDD0315).
These results are considered particularly important as they are outside of the existing inferred Mineral Resource Estimate (MRE) and demonstrate the opportunity for the company to continue growing the resource.
In addition, the ongoing drilling has reportedly delivered a ‘significant’ expansion to the known extent of the Tyson vein system, with mineralisation being intercepted about 200m below previous drilling.
This ‘high-grade’ vein system, which was identified by the company in October last year and is expected to be included in the project’s MRE for the first time, as part of a scheduled update set for the March quarter of next year.
Addressing the results, AuTECO Minerals CEO, Darren Cooke said: “The recent Tyson results continue to demonstrate that we are onto a ‘significant’ new mineralised system that has not been historically mined.
Not only have we extended the known depth of the vein system by more than 200 vertical metres, but the intersection of 1,020g/t gold is the highest grade intersection drilled by AuTECO to date.
“The recent Tyson results continue to demonstrate that we are onto a ‘significant’ new mineralised system that has not been historically mined”
The Tyson result is reminiscent of the intersections at Northern Star’s Jundee mine.
AuTECO is well funded to continue the exploration and growth campaign with two rigs planned to drill for the remainder of 2022.”
The company also notes that drillhole AUDD0333 also tested a zone of banded iron formation (BIF) situated to the west of the main Tyson vein system, returning an assay result of 6.2m at 3.0g/t Au from 138.8m.
This assay demonstrates potential for mineralisation to be amenable to bulk mining, however further drilling is planned to test the BIF in this area.
It is also reported recent drilling continued to test extensions to the Vein 5 structure and has successfully demonstrated that the vein continues along strike beyond the extents of historical mining.
The 50,000m DD campaign is expected to be completed in early 2023.
As of 11am (AEST) AuTECO Mineral’s share price has increased by 11.11%.
AuTECO Minerals is an Au exploration company focused on advancing its ‘high-grade’ Pickle Crow project in Canada’s world-class Uchi sub-province. The project currently boasts a JORC 2012 inferred MRE of 2.23Moz at 7.8g/t Au and commenced commercial production in 1935. The project also comprises the Pickle Crow mine, which represents one of Canada’s highest-grade Au mines and has historically produced 1.5Moz at 16g/t Au.
With the 50,000m DD campaign still ongoing, AuTECO Minerals announces that it has 2 drill rigs on site ahead of commencement of its winter regional drilling campaign.
Images: AuTECO Minerals Ltd & iStock
