Auteco Minerals (ASX: AUT) has debuted a high-grade maiden gold resource for its Pickle Crow project in Canada, which Auteco executive chairman Ray Shorrocks claims has “immense growth potential”.
The resource is based on existing data from the project, including previous non-JORC estimates, and runs from the surface immediately adjacent to existing underground and surface infrastructure.
Auteco noted the resource mineralisation remains open along strike and at depth.
Today’s maiden JORC-compliant estimate totals 2.3 million tonnes at 11.6 grams per tonne gold for 830,000 ounces.
“This maiden JORC resource, which has been independently calculated, confirms Pickle Crow is a significant, high-grade deposit with immense growth potential,” Mr Shorrocks said.
“The resource validates the geological model of our technical team, which, in turn, supports their view about the scope for further resource growth.”
Advancing Pickle Crow
Auteco already has a drilling program underway at the project to upgrade the maiden resource. It kicked-off last month, with nine holes now completed and assays pending.
In carrying out inspections of the latest drill intersections, Auteco noted visible gold had been identified.
Due to the positive observations in the drill core, Auteco has mobilised a second diamond drill rig to site and has expanded the campaign from 5,000m to 10,000m.
“This is just the beginning of work at Pickle Crow,” Mr Shorrocks said.
“Our active exploration has three goals, firstly near-term resources growth focused on adding geological confidence to already identified areas of mineralisation that can be brought into the resource inventory.”
“Secondly, extensions to the current known resources which remain open in both along strike and down dip.”
Mr Shorrocks added high-priority targets outside of the core trend would also be tested in the hopes of making a new discovery.
An updated resource is planned for later this year.
Mr Shorrocks said the company was carrying out the first systematic exploration at Pickle Crow in 50 years.
Prior to its closure in 1996, Pickle Crow produced 1.5Moz gold at 16g/t.