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First Mining's Partner, Auteco Minerals, Increases Land Package at the Pickle Crow Gold Project
VANCOUVER, BC / ACCESSWIRE / February 18, 2020 / First Mining Gold Corp. ("First Mining" or t...
About this update from First Mining Gold Corp.
[{"type":"text","content":"First Mining’s Partner, Auteco Minerals, Increases Land Package at the Pickle Crow Gold ProjectVANCOUVER, BC / ACCESSWIRE / February 18, 2020 / First Mining Gold Corp. (\"First Mining\" or the \"Company\") (TSX:FF) (OTCQX:FFMGF) (FRANKFURT:FMG) is pleased to announce that its partner, Auteco Minerals Ltd (\"Auteco\") (ASX: AUT), has increased its landholding near the Pickle Crow Gold Project (\"Pickle Crow\" or the \"Project\"). Auteco staked an additional 130 km2 of land contiguous to Pickle Crow, increasing the combined property's land package to over 320 km2.Dan Wilton, CEO of First Mining, stated \"We are pleased to see such quick progress being made by the Auteco team to advance the regional potential of Pickle Crow. The team has added vacant, underexplored and prospective greenstone belt to the property, securing more than 30 km of strike length in a past-producing, high-grade gold district. We are excited about our partnership with Auteco, an accomplished group with a strong technical team and track record of generating value through exploration success.\"Ray Shorrocks, Auteco's Executive Chairman, stated \"The exploration team at Auteco is looking forward to getting started on the Pickle Crow asset and the Auteco management team is currently in Ontario establishing relationships with the key stakeholders and readying for the commencement of exploration at the property. We look forward to keeping the market updated as work progresses.\"First Mining entered into a binding term sheet with Auteco on January 27, 2020 whereby Auteco may earn up to an 80% interest in Pickle Crow. Auteco can earn a full 80% interest in the Project by incurring a total of $10 million in exploration expenditures over five years, making cash payments to First Mining totaling $4.1 million, and issuing 125 million shares of Auteco to First Mining. Upon completion of the second stage of the earn-in (at which time Auteco would have a 70% interest in the Project), First Mining will be granted a 2% Net Smelter Returns (\"NSR\") Royalty, 1% of which can be bought back for US$2.5 million. Further details are set out in the announcement news release available here.First Mining has a right of first refusal over the increased landholding that has been staked by Auteco, with the option to allow some or all of the increased landholding to form part of th...