AuTeco Minerals Ltd has successfully increased the inferred mineral resource for the Pickle Grow Gold Project in Canada by 500,000 ounces to 2.23 million ounces at 7.8 g/t, an over 30% increase just six months after the last resource update.
Since September 2020, AuTeco has added some 1.2 million ounces of inferred resource at an exploration cost of A$17.58 per resource ounce, upgrading its project to what it considers ‘world-class’.
The resource is categorised based on two distinct styles of mineralisation:
the high-grade quartz vein component, which has increased to 1.92 million ounces at 9.3g/t; and
the alteration-hosted near-surface resource, which is predominantly within Banded Iron Formation (BIF). This has increased to 304,000 ounces at 3.8g/t gold.
“Immense potential for ongoing increases”
“Pickle Crow has joined an exclusive club of global gold companies with a resource base of more than 2 million ounces in a tier-one location,” AuTeco Minerals executive chair Ray Shorrocks said.
“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 per ounce.
“This means we have created substantial value for shareholders and also demonstrates the immense potential for ongoing increases in the inventory.”
AuTeco says the speed and low cost with which the resource has been grown highlights the quality and huge remaining growth potential of the Pickle Crow mineralised system.
The company’s extensive 50,000-metre drilling campaign is ongoing, with more assays expected to be returned in the coming weeks.
A regional exploration program is also ramping up, with three drill rigs assigned solely to a host of regional exploration targets with potential to add further ounces to the resource of the project.
The company is well funded to continue these exploration activities, given it holds some $10.5 million in cash as of December 31, 2021.
About AuTeco Minerals
AuTECO Minerals is an emerging mineral exploration company focused on advancing high-grade gold resources at the Pickle Crow Gold Project in the world-class Uchi sub-province of Ontario, Canada.
Pickle Crow is one of Canada’s highest-grade gold mines – historically producing 1.5 million ounces at 16 g/t gold.
The company also has a joint venture on the Limestone Well Vanadium-Titanium Project in Western Australia.
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