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.