Drilling has since returned a host ofhigh-graderesults from outside this Inferred Resource
Auteco lift stake in Pickle Crow Gold Project to 51%. (Credit: Khusen Rustamov from Pixabay.)
Auteco Minerals is pleased to announce that as a result of the expenditure incurred in its highly successful exploration program, the Company has completed the Stage 1 Earn In expenditure requirements for the Pickle Crow Gold Project in Ontario, Canada pursuant to the terms of the Earn In Agreement announced on 28 January 2020.
Auteco has funded and operated the exploration campaign, which has delivered an Independent JORC 2012 Inferred Resource of 1Moz at 11.3 g/t gold on the Pickle Crow Gold Project, as first announced by the Company on1 September 2020.
Drilling has since returned a host of high-graderesults from outside this Inferred Resource, as announced to the ASX on 19 January 2021. Assays from recent drilling are being finalised and further results are expected to be published shortly.
Auteco Executive Chairman, Ray Shorrocks, said:“The 1Moz Inferred Resource we have established,and its tier-1 location demonstrate that the Pickle Crow Gold Project is a superb gold asset with immense growth potential.We are delighted to have completed the Stage 1 expenditure requirements,as it marks a significant milestone in the development of this exciting project,and we look forward to unlocking further value”.
To complete the 51 per cent Stage 1, Earn In, Auteco will now proceed to issue100millionordinary shares to First Mining Gold Corp (“First Mining”),which will be subject to shareholder approval. Subject to completion of the share issuance, Auteco will have earned a 51%equity interest in PC Gold Inc., First Mining‘s wholly-owned subsidiary that currently owns the Pickle Crow Gold Project.Full details of the proposed issuance of shares to First Mining will be included in the Company’s notice of meeting to be provided to Company shareholdersshortlyand anticipatesholding the meeting in late May 2021
Source: Company Press Release