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AuTECO Minerals Ltd.: High-Grade Inferred Gold Resource Grows to 2.8Moz at 7.2g/t

Press Release

4 May 2023


  • An outstanding 2022 drilling campaign results in the Inferred Resource at Pickle Crow increasing by 530,000oz to 2.8Moz at 7.2g/t gold
  • Represents a 24% increase in ounces since the previous update (Feb 2022), and an increase of 2.0Moz (+244%) since project acquisition (Mar 2020)
  • Over 1Moz has been delineated in the top 250 metres from surface and remains open, paving the way for Open Pit mining investigations to unlock value for the project
  • Mineralisation remains open along strike and at depth, with recent high-grade drill results outside the Resource including:
  • 4m @ 92.1g/t gold from 468.2m downhole AUDD0348 o 0.6m @ 30.2g/t gold from 360.1m downhole AUDD0348 o 2.7m @ 16.1g/t gold from 309.6m downhole AUDD0347 o 2.3m @ 16.4g/t gold from 320.2m downhole AUDD0347
  • Discovery costs continue to be a low ~A$20 per ounce, making it one of the lowest cost discoveries in the gold industry
  • The update includes a maiden 133koz from satellite deposits – the new zones are significant as they demonstrate potential for further growth outside the main mine trend
  • Extensive regional exploration programs targeting key gold structures outside the main mine trend have started – this large area has had little to no previous historic testing
  • The Company remains well funded with A$10.4M (as at 31/3/23) to continue its strategy of defining high-grade gold near the ‘headframe’ and across its district scale underexplored landholding as well as evaluating mining options

AuTECO Minerals Ltd (ASX:AUT) (AuTECO or the Company) is pleased to report a 530,000oz increase in the Inferred Mineral Resource Estimate (MRE) at its Pickle Crow Gold Project in Canada, with the total now standing at 2.8Moz at 7.2g/t gold.

The majority of the Inferred Resource is comprised of high-grade quartz vein-hosted mineralisation totalling 2.1Moz at 9.8g/t gold. A further 510koz at 3.8g/t gold is contained within broader near-surface mineralisation potentially amenable to bulk mining methods.

Over 1Moz has been delineated in the top 250 metres from surface, above a 0.5g/t cut-off (refer Figure 3). A significant quantity of drill intersections outside of the Resource have been identified representing a significant exploration opportunity for further Resource growth in the top 250 metres, paving the way for Open Pit mining investigations to unlock value for the project.

Furthermore, the update contains a maiden Resource for near mine satellite deposits drilled on structures parallel to the main mine trend. A near-surface Resource of 133koz @ 4.1g/t has been estimated for the East Pat – Cohen MacArthur areas and remains open in all directions.

The MRE was prepared in accordance with the JORC Code (2012 Edition) by independent mining consultants Cube Consulting Pty Ltd.

The highly successful 50,000 metre drilling campaign has concluded with numerous recent high-grade gold intersections of up to 92.1g/t returned outside of the updated Resource, demonstrating the immense potential for future growth.

The Company will continue its strategy of defining high-grade gold near the ‘headframe’ and across its district-scale and underexplored landholding, with a current focus on unlocking the vast regional exploration potential of the 500sqkm of tenure in the Northern Pickle Lake greenstone belt. An extensive field mapping and sampling campaign will be conducted during the summer field season, followed by drill testing on new discoveries.

Not only will the company focus on cost effective value creation through exploration and the drill bit but it will also investigate the significant endowment of near surface gold mineralisation recently delineated as well as ways to leverage the existing significant underground infrastructure in order to access its high-grade gold resources.

AuTECO Chief Executive Officer Darren Cooke said: “This significant increase in the Resource confirms Pickle Crow as one of the best undeveloped high-grade gold Resources.

“There are very few 2.8Moz Resources at a grade of 7.2g/t gold globally, let alone in a Tier-One jurisdiction with the kind of upside we see at Pickle Crow, both near mine and regionally.

“The rate at which we’ve grown the Resource by investing in the drill bit and quality geology is impressive, having gone from our maiden Resource of 800,000oz to 2.8Moz in less than three years is an exceptional result.

“We are entering a very exciting phase with our strategy of defining high-grade gold near the ‘headframe’ and across our district scale underexplored landholding as well as investigating the best way to leverage off existing significant underground workings and open pit material.”

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