Latest from Shaws (today)Shaw ReportsAuteco Minerals Ltd...

Latest from Shaws (today)

Shaw Reports
Auteco Minerals Ltd (AUT)Rating: Buy | Risk: High | Price Target: $0.14
High-grade (16g/t) gold intercepts at Pickle Crow extend the Tyson vein system
Event: Pickle Crow is one of the highest-grade gold exploration projects on the ASX. The current resource stands at 2.23Moz and includes 1.92Moz at 9.3g/t in the high-grade quartz vein system. AuTECO has today released further assay results from the recent drilling program on the Tyson Vein system. Step-out drilling has extended the mineralisation and has also intercepted a new zone of mineralisation in the banded iron formation. These results bode well for another substantial Resource upgrade in 1H23. There are currently two rigs on site for the winter drilling program which are following up results at the new Talia and Cohen-MacArthur discoveries.

Recommendation: We maintain our Buy recommendation. Our price target has reduced from A$0.21ps to A$0.14ps due to lower peer-group comparative multiples. Share prices of most emerging gold companies have declined 40-50% over the past twelve months. 2023 looks set be a more constructive year for the sector.AuTECO is a gold exploration company focused on the high-grade Pickle Crow Gold Project in Ontario, Canada.

AuTECO has now established a 2.23Moz resource, including 1.92Moz at 9.3g/t which makes it one of the highest-grade gold explorers on the ASX. Catalysts for the stock to reach our price target include further drilling results and a resource upgrade in early 2023.