AuTECO Minerals (ASX:AUT) has received firm commitments from institutional, sophisticated and professional investors to raise about A$9 million to fast-track activities at its promising Pickle Crow gold project in Ontario, Canada.
The company will use the proceeds from the placement to fast-track seasonal exploration work targeting new discoveries at Pickle Crow, as well as to further increase the size and quality of the existing high-grade 2.2Moz at 7.8g/t gold inferred resource.
AuTECO enjoyed a successful drilling campaign at Pickle Crow in 2022, including its highest-grade gold intersection to date of 1,0202 g/t.
Funds from the Placement will enable us to fast-track regional exploration work during the winter drill season, in addition to further increasing the size and quality of our existing 2.2Moz at 7.8g/t gold inferred resource at Pickle Crow,” Executive Chairman, Ray Shorrocks, said.
“The quality of the institutions attracted signals the market’s confidence in our dual strategy of growing the high-grade gold resource in the shadow of the mine’s historic headframe, while also drilling our 500 sq. km of exploration claims to test the scale of the system.
“The regional exploration potential is immense, and we are just starting to unlock the discovery potential geologically.
“The significant interest in the Placement, which was well supported, also reflects the work delivered to date at Pickle Crow, which has demonstrated the potential to significantly grow resources in the short-term and long-term.”
Pickle Crow is one of Canada’s highest-grade gold mines – historically producing 1.5 Moz at 16.1g/t gold.
The company also holds 90% interest in the Limestone Well Vanadium-Titanium Project in Western Australia.
