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Successful exploration sees Auteco lift stake in Pickle Crow to 51%

18th March 2021

By: Mariaan Webb

Creamer Media Senior Deputy Editor Online

     

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ASX-listed Auteco Minerals has completed the $5-million expenditure requirement to earn it a 51% interest in TSX-listed First Mining’s Pickle Crow gold project, in Ontario.

Auteco will proceed to issue 100-million ordinary shares to First Mining Gold, subject to shareholder approval, to complete the earn-in.

The company completed its $5-million spend in one year, even though it had three years to do so.

Auteco has funded and operated the exploration campaign, which delivered a Joint Ore Reserve Committee-compliant inferred resource of one-million ounces at 11.3 g/t gold on the Pickle Crow project in September 2020.

Drilling has since returned to a host of high-grade results from outside this inferred resource. Assays from recent drilling are being finalised and further results are expected to be published shortly.

Edited by Creamer Media Reporter

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