Amidst a sea of red on the ASX one stock is defying the gloom.
The share price of Gold miner, Auteco Minerals Ltd [ASX:AUT] is up 87.5% at time of writing. A massive surge stemming from an update on the company’s Canadian gold project.
Known as Pickle Crow, this site has a history of potential. Today though, Auteco may have confirmed it.
High grades and high hopes
Auteco reported an inferred mineralisation of 830,000 ounces at 11.6 g/t gold.
At least, that’s what the company has reported from its third-part review. A consultation that has relied primarily on old data up to this point.
However, the maiden drilling program is underway. With early signs hinting at the possibility of a monster find.
Nine holes have been made and early assays are pending analysis. The full results of which we can expect in the coming months.
As of right now, momentum is building. Auteco clearly want to capitalise on this find as quickly as possible. Executive Chairman, Ray Shorrocks, made that point very clear with his comments:
‘This maiden JORC Resource, which has been independently calculated, confirms Pickle Crow is a significant, high-grade deposit with immense growth potential,
‘Our confidence in the project has been strengthened by the visual results from the first few drill holes and as a result, we have added a second drill rig and increased the program from 5,000m to at least 10,000m.’
All that is left to do now is wait and see if their suspicions are confirmed.
For shareholders though, today’s result will come as a pleasant surprise. Perhaps the start of a new trend ever higher.
Bright future ahead for AUT
As Shorrocks notes, the growth potential for Auteco is huge.
One discovery is all it took to put themselves in this great position. A testament to the kind of overnight success these gold explorers can deliver.
However, finding these winning gold stocks isn’t easy. Auteco is truly one of the lucky ones.
For investors, trying to find companies with the potential to deliver double- or even triple-digit gains in one day is a rarity. But it is definitely possible.
If you have any interest in gold stocks, you need to read Greg Canavan’s guide. In it, he goes over the best ways to find and pick the best of bunch. Check out his ‘How to Pick Winning Gold Stocks’ report, for free, right here.
For The Rum Rebellion