Auteco Minerals Ltd (ASX:AUT) (OTCMKTS:MNXMF) is set to deliver a new generation of growth after a productive eight months since acquiring the Pickle Crow Gold Project in Ontario, Canada.
Drilling to further grow the resource is ongoing and the company is testing numerous high-grade walk-up targets.
“Immensely promising asset”
Describing Pickle Crow as a “forgotten but immensely promising asset”, Auteco chairman Ray Shorrocks said the company had started unlocking the vast potential of one of Canada’s highest-grade gold mines.
“We are only just getting started at Pickle Crow and it is an excellent time to be advancing a high-grade gold project in a tier-one jurisdiction such as Ontario when the gold price is at record highs.
“We have an extensive, high-grade gold resource which is open in every direction, two rigs on-site, a third rig mobilising and strong newsflow expected over this financial year.”
Shorrocks said the company was working towards delivering more outstanding drilling results and resource growth at Pickle Crow.
Auteco bought Pickle Crow - one of Canada’s highest-grade gold mines, producing 1.5 million ounces at 16 g/t until its closure in 1966 – in January this year.
It increased the landholding in February and the project now consists of more than 320 square kilometres of tenure in highly prolific terrane and has been consolidated for the first time since 2014 from previously fragmented tenure around Pickle Crow.
The spectacular drilling results being generated within and outside the resource areas demonstrate the high quality of the mineralised system.
Pickle Crow is surrounded by multi-million-ounce gold deposits, including Evolution Mining Ltd’s (ASX:EVN) Red Lake, Newmont Corp’s (TSE:NGT) (NYSE:NEM) Musselwhite and First Mining Gold Corp’s (TSE:FF) (OTCMKTS:FFMGF) Springpole.
The company is using comprehensive datasets from previous exploration and production to deliver a new generation of growth.
Excellent historical gold recoveries of 98.8% indicate that mineralisation is amenable to conventional processing.
In September, the company updated the inferred JORC resource for Pickle Crow to 1 million ounces at 11.3 g/t gold.
This high-grade resource runs from the surface immediately adjacent to the existing underground and surface infrastructure and is open along strike and at depth.
Limestone Well Project
An asset review of the Limestone Well Project in Western Australia is in progress with further exploration activities to be potentially executed through alternate funding opportunities or other transactions.
Further reverse circulation drilling is proposed to follow-up on intersections of significant vanadium-titanium results from maiden drilling in 2019.
Well-funded to advance exploration
The company recently completed two highly successful share placements, raising $5.1 million in April and $30.4 million in July.
These fundraising exercises have left Auteco well-funded to advance the 45,000-metre aggressive exploration program underway.
As part of the placement, the company welcomed two offshore global resource specialist funds to its register, including 1832 Asset Management, one of Canada’s largest asset managers with more than $140 billion in assets under management.
“This is a significant endorsement of the progress that has been made so far at Pickle Crow and a vote of confidence in the project’s future,” Shorrocks added.