Auteco Minerals Resource increases by 500,000oz to 2.23Moz at 7.8g/t in 6 months

KEY POINTS  

• Highly successful drilling campaign results in the Inferred Resource at Pickle Crow increasing by 514,000oz to 2,230,000oz at 7.8 g/t gold
• The +30% increase comes just six months after the previous resource update
• Since September 2020, AuTECO has added 1.2Moz of Inferred Resource at a discovery cost of A$17.58 (US$12.59^[1]) per Resource ounce
• The speed and low cost at which the Resource has grown highlights the quality and huge remaining growth potential of the Pickle Crow mineralised system
• The Resource is categorised based on two distinct styles of mineralisation: - The high-grade quartz vein component, which has increased to 1.92Moz at 9.3g/t - The alteration-hosted near-surface Resource, which is predominantly within Banded Iron Formation (BIF). This has increased to 304,000oz at 3.8g/t gold
• The 50,000m drill campaign continues, with more assays expected over coming weeks
• Regional exploration program ramping up, with three rigs allocated solely to a host of regional exploration targets
• AuTECO has $10.5M cash as at 31 December 2021

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.