KEY POINTS
PERTH, Australia, Feb. 16, 2022 /PRNewswire/ -- AuTECO Minerals Ltd (AUT.ASX) is pleased to report a 30 per cent increase in the Inferred Mineral Resource estimate at its Pickle Crow Project in Canada, taking it to 2.23 million ounces at a grade of 7.8g/t gold.
This estimate comprises a high-grade quartz vein component of 1.92Moz at 9.3 g/t and a broader near-surface alteration / banded iron hosted mineralisation style that contains 304,000oz at a grade of 3.8 g/t.
AuTECO 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".
A total of ~30,000m of additional drill information was used to inform the revised year-end estimate that was prepared in accordance with the JORC Code (2012 Edition) by independent mining consultants Cube Consulting Pty Ltd.
In the 16 months between September 2020 and December 2021, AuTECO has added 1.23Moz of gold to the Inferred Resource at a total discovery cost of A$17.58 (US$12.59) per Resource ounce.
AuTECO is now ramping up drilling to test some of the early-stage regional targets on the 500sqkm of tenure managed the Company in the Pickle Lake district. Three drill rigs are currently engaged on early-stage regional programs, with results expected in the June quarter.
[1] Calculated at a AUD to USD exchange rate of 0.72 |