Auteco Minerals Ltd (ASX:AUT) (OTCMKTS:MNXMF) is advancing its strategy to upgrade the gold inventory at its Pickle Crow project in Ontario, Canada, with the arrival of a second rig and the setting up of a 24-person camp for year-round exploration.
A further resource increase is scheduled for the second half of the year after an extensive drilling campaign with 3,800 metres completed by June 30.
This strategy is well-funded with Auteco closing the June quarter with $4.8 million cash on hand and $30.4 million raised via a share placement in July 2020.
In Tier-1 location
Auteco executive chairman Ray Shorrocks said: “We have established Pickle Crow as a significant high-grade gold project in a Tier-1 location.
“There is clearly outstanding potential to grow the inventory rapidly and this is why we are now sending another diamond rig to site.
“Large high-grade deposits in Tier-1 locations are in huge demand. We believe Pickle Crow can join this select club and in the process, create substantial value for Auteco shareholders.
“We look forward to providing a resource update in the second half of the year.”
Intersections being followed up
In June, the company announced a maiden JORC 2012 compliant inferred resource of 830,000 ounces at 11.6 g/t gold at Pickle Crow.
The resource runs from the surface immediately adjacent to existing underground and surface infrastructure, with mineralisation open along strike and at depth.
There are also numerous walk-up targets to be tested.
Intersections outside the current resource estimate being followed up, include:
➢ 10.7 metres at 50.9 g/t - Vein 13 (hole 3-4-179)
➢ 1.1 metres at 150 g/t - Vein 13 (hole PC99-12)
➢ 6.9 metres at 17.7 g/t - Vein 2 Footwall (hole 3-2-112)
➢ 1.5 metres at 444.4 g/t – Vein 22 (hole PC-11-251)
➢ 2 metres at 69.1 g/t - Vein 22 (hole PC-12-253)
➢ 0.9 metres at 878.7 g/t – Vein 23 (hole PC-14-283).
Work at Pickle Crow
Auteco said during the quarter, it had installed a 24-man camp, complete with kitchen and dining rooms for the drilling contractors and staff.
The new camp will allow the continuation of year-round exploration on the site and is part of the company’s COVID-19 management plan.
So far, no COVID-19 cases have been recorded at Pickle Crow.
The Pickle Crow project’s 12-month rolling average Lost Time Injury Frequency Rate (LTIFR) as at June 30, 2020, remained at zero.