Auteco Minerals Ltd’s (ASX:AUT) (OTCMKTS:MNXMF) successful March quarter, which saw drilling returning a host of high-grade results from the Pickle Crow Gold Project in Canada, will underpin a resource update planned for July.
The current 45,000-metre drill campaign remains on track for completion by mid-year with 30,000 metres completed by March 31, 2021, and this work continues to identify additional high-grade gold mineralisation outside the inferred resource.
Auteco is well-funded to continue its growth strategy with cash reserves of about A$26.8 million at the end of the quarter.
During the quarter, the company completed the Stage 1 earn-in expenditure requirements to secure 51% of Pickle Crow project.
A general meeting of shareholders is scheduled on May 13, 2021, to approve the issue of 100 million shares to First Mining Gold Corp (TSE:FF) (OTCMKTS:FFMGF) (FRA:FMG), as per the Pickle Crow earn-in agreement.
Auteco remains on track to secure 80% of the Pickle Crow project by the end of this year.
“Highly successful quarter”
Auteco executive chairman Ray Shorrocks said: “It has been a highly successful quarter, marked by the strong drilling results, which have extended the known mineralisation and led to the discovery of new veins.
“These results are high-grade and outside the existing 1 million ounces resource, meaning they will form part of the resource update set for July.
“We are continuing to drill flat-out, with several rigs targeting areas of known high-grade mineralisation to bring them into the resource, with mineralisation open in all directions.”
“We now have 496 square kilometres under-explored, highly prospective ground in one of Canada’s most prolific and high-grade gold districts.
“We have completed the Stage 1 earn-in requirements for a 51% stake in the Pickle Crow project, and it is a testament to the dedication of our team that we have achieved this within the first year of taking management responsibility for the project.
“We are well funded to deliver our exploration and growth plans at Pickle Crow, and look forward to continuing to grow the project.”
In January 2021, Auteco increased its land position along strike from the Pickle Crow project in Ontario, Canada to more than 496 square kilometres.
This additional staking adds 12 kilometres of the highly prospective Tarp Lake Shear Zone.
The increased land holding staked by Auteco is subject to the earn-in agreement with First Mining, which has the option to allow some or all the increased landholding to form part of the earn-in and joint venture on the Pickle Crow Gold Project.
Multiple occurrences of visible gold were observed with individual grades up to 315.4 g/t returned in AUDD0102.
Auteco completed a ground magnetic survey as part of its regional exploration program to identify geophysical signatures associated with high-grade, quartz-scheelite-tourmaline-gold bearing structures at Shaft 1.
This newly acquired data provides a greater level of detail and analogous geophysical target signatures have now been identified both to the South West of Vein 5 and in the Crowshore area to the northeast of the Albany shaft.
Neither of the target areas have been historically drilled, and represent compelling targets that will undergo preliminary testing by Auteco in coming months.
Limestone Well Vanadium-Titanium Project
As part of the earn-in expenditure commitment, Auteco completed a seven-hole 1,233 metres reverse circulation (RC) program during the quarter.
Assay results are pending.
Stage 1 earn-in completed
Auteco has completed the Stage 1 earn-in expenditure requirements for the Pickle Crow Gold Project.
It has the capacity to earn up to 80% of the project, and with the current planned expenditure, should see the 80% milestone achieved by the end of 2021.
Story by ProactiveInvestors
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