AuTECO Minerals Completes $9M Placement to Fast-Track Regional Exploration

THE DRILL SERGEANT: AuTECO Minerals (ASX: AUT) has received firm commitments from institutional, sophisticated and professional investors to raise approximately $9 million.

The cash arrives through a placement of 180 million fully paid ordinary shares at an issue price of five cents.

Proceeds will be spent to fast-track seasonal exploration work focused on targeting new discoveries at the company’ Pickle Crow gold project in Ontario, Canada.

The Pickle Crow gold project currently hosts a JORC 2012 Inferred Mineral Resource of 2.23 million ounces at 7.8 grams per tonne gold, with a 50,000 metres drilling program underway to advance growth.

“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 2.2 million ounces at 7.8 grams per tonne gold inferred resource at Pickle Crow,”AuTECO Minerals executive chairman Ray Shorrocks said in the company’s ASX announcement.

“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 square kilometres 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.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE