AuTECO Minerals Limited (ASX:AUT) has discovered high-grade mineralisation at its Sioux Lookout property in Ontario, Canada.
The company acquired the 160 sq. km project in 2021 based on a detailed geological review of the Western Superior Craton. In 2022, AuTECO conducted a detailed heli-magnetic survey over the property that highlighted significant structural targets.
These are outstanding results which reveal the presence of high-grade mineralisation on the same trend as the adjacent 2.9Moz Goliath project,” CEO, Darren Cooke, said.
“To find new high-grade outcrops on surface grading 74g/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 which 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.”
The company commenced the first ground-based mapping and sampling program in May 2023 to test the high priority structural targets. Sampling methods varied based on the surface cover, with a combination of soil sampling, till sampling and outcrop rock chip sampling completed.
The first results from the rock chip sampling have been received and include high-grade assays of 73.6g/t and 15.1g/t gold. These results are highly significant given the early-stage of the exploration activities and the fact that such high grades are present on surface. Furthermore, the targets are within the interpreted Sioux Lookout Deformation Zone which hosts the 2.9Moz Goliath gold project owned by Treasury Metals Inc.
Follow up sampling around the areas of significance has been completed by AuTECO geologists with results expected during the current quarter. Multi-element analysis of soil and till samples are also expected imminently.
The geological team has now mobilised to the Pickle Crow project, undertaking systematic one km surface sampling traversing the entire 46km strike of the northern Pickle Lake greenstone belt. This work is expected to be completed by the end of October 2023.