THE BOURSE WHISPERER: Auteco Minerals (ASX: AUT) completed a $5.1 million raising, enabling it to commence exploration at the company’s Pickle Crow gold project in the Uchi sub-province of Ontario, Canada.
Auteco Minerals said the placement of approximately 1456 million shares at 3.5 cents per share was underpinned by new leading domestic and international institutions and Auteco’s existing institutional and sophisticated shareholders.
The company indicated the proceeds of the placement will fund a maiden drilling campaign at Pickle Crow that is intended to include 5,000m of drilling to test high potential immediate walk up targets, regionally and in the mine surrounds.
Auteco identified multiple shallow high-grade gold targets outside of the core mine trend during a data review, which are to be a focus of the campaign.
Auteco said it expects to complete a JORC complaint Resource in Q2 2020 which will incorporate the extensive geological review of the Pickle Crow gold project undertaken by Auteco, focusing on the high-grade and underground mineable resource areas.
“We are very pleased to announce the successful commitments for a very well supported placement to raise $5.1 million,” Auteco Minerals executive chairman Ray Shorrocks said in the company’s announcement to the Australian Securities Exchange.
“The strong interest shown by leading institutional investors is a huge endorsement of the Pickle Crow gold project and the current gold market environment.
“The proceeds raised enable us to begin our maiden drilling program at Pickle Crow, where we will initially be focusing on high-grade gold targets.
“We look forward to releasing these assay results as received.
“In addition, we are expecting to release a JORC 2012 compliant resource during this calendar quarter.”