AuTECO Minerals Ltd (ASX:AUT, OTC:MNXMF) may literally be sitting on a gold mine following the discovery of high-grade gold up to 73.6 g/t close to the surface at its Sioux Lookout property in Ontario, Canada.
The company carried out its maiden ground-based mapping and sampling program in May to test high-priority structural targets identified by a heli-magnetic survey conducted in 2022.
The latest program, which included a combination of soil sampling, till sampling and outcrop rock chip sampling, returned high-grade outcrop samples within a broad sulphide alteration zone.
Importantly, the discovery is along the same trend as Treasury Metals’ 2.9-million-ounce Goliath Gold Project.
Tremendous potential
“These are outstanding results which reveal the presence of high-grade mineralisation on the same trend as the adjacent 2.9-million-ounce Goliath project,” AuTECO chief executive officer Darren Cooke said.
“To find new high-grade outcrops on surface grading 74 g/t gold highlights the enormous potential of the gold system so close to surface.
“We picked up this project through smart geology and our in-country knowledge.
“As a result, we are now looking at the potential for a discovery that would create immense value for AuTECO shareholders.
“Once the remainder of the exploration samples are returned, we will review the data and move towards testing of the project.”
Up next
The ASX-lister has completed follow-up sampling around the areas of significance and results are expected in the current quarter.
Multi-element analysis of soil and till samples is also expected imminently.
Elsewhere, AuTECO’s geological team has been mobilised to the Pickle Crow project to undertake systematic 1-kilometre surface sampling traversing the entire 46-kilometre strike of the northern Pickle Lake greenstone belt.
This work is expected to be completed by the end of October.
The Pickle Crow Gold Project, one of Canada’s highest-grade gold mines, currently hosts a JORC-compliant inferred mineral resource of 2.8 million ounces at 7.2 g/t gold.