Auteco Minerals Ltd (ASX:AUT) has been granted a trading halt ahead of a resource update announcement.
The trading halt will remain in place until the beginning of trade on Wednesday, September 2, or when an announcement is released to the market, whichever occurs earliest.
Auteco is focused on advancing its strategy to update the gold inventory at its Pickle Crow Project in Ontario, Canada.
Upgrading Pickle Crow inventory
A further resource increase is scheduled for the second half of the year after an extensive drilling campaign with 3,800 metres completed by June 30.
This strategy is well-funded with Auteco closing the June quarter with $4.8 million cash on hand and $30.4 million raised via a share placement in July 2020.
In June, the company announced a maiden JORC 2012 compliant inferred resource of 830,000 ounces at 11.6 g/t gold at Pickle Crow.
The resource runs from the surface immediately adjacent to existing underground and surface infrastructure, with mineralisation open along strike and at depth.
There are also numerous walk-up targets to be tested.