AuTECO secures funding to fast track exploration at Pickle Crow

The proceeds of the placement, which was supported by leading domestic and international institutions, will be used to fast-track seasonal exploration work focused on targeting new discoveries at the world-class Pickle Crow gold project as well as to continue to step out on the high-grade 2.2 million oz @ 7.8 g/t gold inferred resource. The issue price represents a 12.3% discount to the last traded price of US$0.057 on 30 January 2023 and a 16.1% discount to the 15-trading day volume weighted average market price of shares, which was US$0.0596.

AuTECO Executive Chairman Ray Shorrocks said:

“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 oz at 7.8 g/t gold inferred resource at Pickle Crow.

“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 km² 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.”

Read the article online at: https://www.globalminingreview.com/mining/06022023/auteco-secures-funding-to-fast-track-exploration-at-pickle-crow/