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First Mining Provides an Update on the Pickle Crow Gold Project
Auteco Completes Initial Expenditure Payment Requirement VANCOUVER, CANADA / ACCESSWIRE...
About this update from First Mining Gold Corp.
[{"type":"text","content":"First Mining Provides an Update on the Pickle Crow Gold ProjectAuteco Completes Initial Expenditure Payment Requirement VANCOUVER, CANADA / ACCESSWIRE / August 11, 2020 / First Mining Gold Corp. (\"First Mining\" or the \"Company\") (TSX:FF)(OTCQX:FFMGF)(FRANKFURT:FMG) is pleased to announce that Auteco Minerals Ltd (\"Auteco\")(ASX:AUT) has notified First Mining that it has fulfilled the initial $750,000 exploration expenditures requirement under the earn-in agreement on the Pickle Crow Gold Project (\"Pickle Crow\") located in Northern Ontario, regarding the first portion of Auteco's stage 1 earn-in requirements. Auteco commenced an aggressive exploration program in May at Pickle Crow , which included an extensive drill campaign, and as a result its initial exploration expenditures, which were required to be completed within 12 months, have now been completed in 4 months.\"We are delighted with the progress that our partners at Auteco have made in advancing the Pickle Crow Gold Project\" stated Dan Wilton, CEO of First Mining. \"This partnership has already surfaced significant value for First Mining shareholders and highlights the potential value of each of the projects in our robust portfolio of Canadian gold assets. With a well-funded strategy, which included Auteco raising A$30.4 million last month, Auteco continues to increase their understanding of the Pickle Crow district as they advance an expanded drill program, now planned for 10,000 metres.\"In order to complete the remaining requirements of the stage 1 earn-in and thereby earn a 51% interest in PC Gold Inc. (\"PC Gold\"), the Company's wholly-owned subsidiary that owns Pickle Crow, Auteco will need to incur a further $4.25 million in expenditures relating to Pickle Crow within the next two years, and Auteco will need to issue a further 100 million shares to First Mining on or before the date these expenditures have been completed.Auteco announced on July 30, 2020, that a second diamond rig had recently arrived on site to test shallow, high-grade targets. As of that date, 3,800 metres of the expanded 10,000-metre program has been drilled. Since then, Auteco has established a 24-person camp at the Pickle Crow site to ensure that exploration can continue year-round. First Mining plans to update the market on the results from Auteco's ongoing drilling as they are relea...