The Pickle Crow property is located in the mining friendly jurisdiction of northwestern Ontario about 400 km north of Thunder Bay and 11 km east of the town of Pickle Lake. The property covers an area of 13,184 ha and includes the historic Pickle Crow gold mine site which operated for 31 years from 1935 to 1966. The mine produced some 1.4 million ounces of gold from 3.1 Mt with an average grade of 16.14 g/t gold (0.47 oz/t). Sandstorm’s royalty includes the historic mine and the surrounding 1,583 ha.
An updated Inferred Mineral Resource on the Pickle Crow project was announced in February 2022. The JORC Inferred Resource estimate was released with 2,230,000 ounces of gold contained in 8.9 million tonnes at a grade of 7.8 g/t gold (3.5 and 2.5 g/t cut-off grade, effective date of December 31, 2021).
Extensive infrastructure in place or proximal to the Pickle Crow property includes a 225 tpd gravity mill on site, generators and fuel storage, gravel road access to the property, and a regional airport at Pickle Lake approximately 10 km from the property.
Auteco Minerals Ltd. entered into an option agreement with First Mining Gold in January 2020 whereby they can acquire up to 80% of Pickle Crow. As of August 2021, Auteco completed earn-in requirements to hold a 70% interest in Pickle Crow.
Approximately 42,000 m of the current 50,000 m program has been drilled, with the final 8,000 m forecasted to be completed in March 2022. The initial focus of the program was on near mine discovery, extension and infill drilling, which was used in the recent Resource update. The drilling program is now focused on regional targeting, with three of the five active drill rigs testing targets outside of the Resource area.
Auteco Minerals completes earn-in for Pickle Crow, increasing its ownership in the project to 70% interest. The company can acquire a further 10% interest by paying $3 million.