Auteco Minerals Ltd (ASX:AUT) (OTCMKTS:MNXMF) has completed the Stage 1 earn-in expenditure requirements for the Pickle Crow Gold Project in Canada and is set to lift its stake in the project to 51% as per the terms of the agreement announced on January 28, 2020.
The requirements were met as a result of the expenditure incurred in the company’s highly successful exploration program, which delivered an independent JORC 2012 inferred resource of 1 million ounces at 11.3 g/t gold in September 2020.
Drilling has since returned a host of high-grade results from outside this inferred resource, with further assays pending and results expected to be published shortly.
“Significant milestone for Pickle Crow”
Auteco executive chairman Ray Shorrocks said: “The 1-million-ounce 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.”
Completing the stage 1 earn in
Once the shares are issued, 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 will be included in the company's notice of meeting which will be provided to shareholders shortly.
The company anticipates that the meeting will be held in late April or early May 2021.
Surface plan showing selected Auteco intersections to date from the Pickle Crow Gold Project.
Drilling program underway
Auteco is undertaking a 45,000-metre drilling program at Pickle Crow to expedite resource growth.
Five rigs are now on-site at the project and in parallel to the near-mine program, the company also plans to test several regional opportunities including the Springer Shaft (2 metres at 37 g/t), SW Powderhouse (6 metres at 7 g/t), F Vein (4.6 metres at 9 g/t), Tarp Lake (36 metres at 1.5 g/t), and Metcalf (1.8 metres at 70 g/t and 1.8 metres at 29 g/t).
The project has a strong operating history (producing 1.5 million ounces at 16.1 g/t) with the company confident there is potential for further discoveries.