THE DRILL SERGEANT: Auteco Minerals (ASX: AUT) has raised approximately $30.4 million via the issue of approximately 225 million new fully paid ordinary shares in the company.
Auteco Minerals announced the funds would be funding ongoing exploration activities at the company’s Pickle Crow gold project, which recently received a maiden JORC 2012-compliant inferred resource of 830,000 ounces at 11.6 grams per tonne gold.
Auteco recently commenced drilling at Pickle Crow, with nine holes already drilled and assays pending analysis.
The placement will enable Auteco drill resource growth with a second diamond drill rig scheduled to arrive in July 2020 to test multiple walk-up targets.
Numerous high-grade targets have been identified for drilling, and Auteco is working towards a resource update that it intends to announce this calendar year.
“The significant support that we have received from the two offshore global resource specialist funds, along with support from our existing shareholders is extremely pleasing, and a significant endorsement of the progress that has been made at Pickle Crow and the enormous opportunity in the project,” Auteco Minerals executive chairman Ray Shorrocks said in the company’s announcement to the Australian Securities Exchange.
“Following our maiden Inferred Resource at Pickle Crow, we are very excited to accelerate our exploration program.
“We have identified numerous high-grade gold targets to test, and expect that we will be able to provide a resource update later this year.”
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