Read the story here. Advertise at Before It's News here.
Profile image
By ProactiveInvestors (Reporter)
Contributor profile | More stories
Story Views
Last Hour:
Last 24 Hours:

First Mining Gold says its earn-in partner at Pickle Crow has already completed required initial exploration spend

% of readers think this story is Fact. Add your two cents.

First Mining Gold Corp (TSE:FF) (OTCQX:FFMGF) said its partner Auteco Minerals (ASX:AUT) is progressing apace with efforts to earn up to an 80% stake in the Pickle Crow gold project in Ontario and has already fulfilled an initial exploration spend of C$750,000 in the first stage of the deal.

Auteco began exploration in May, including an extensive drill campaign and initial expenditure requirements have been completed in just four months, compared to 12 required, noted First Mining. In addition, on July 30, a second diamond rig was added to the program to test for shallow, high-grade targets.

READ: First Mining Gold and Treasury Metals close deal to merge the Goldlund and Goliath gold projects in Ontario

“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,” said Dan Wilton, CEO of First Mining in a statement.

“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.”

So far, around 3,800 metres (m) of an expanded 10,000m program have been completed, highlighted First Mining.

To complete stage 1 and earn into 51% interest in PC Gold Inc, the subsidiary that owns Pickle Crow, Auteco will need to incur a further C$4.25 million within the next two years and issue a further 100 million shares to First Mining.

Auteco is now well funded to execute on the C$10 million earn-in requirements to earn up to an 80% interest in PC Gold, said First Mining. At that point, First Mining will hold the remaining 20% interest and will have a free carry until either the agreement is terminated or there is a production decision.

Once Auteco has completed its Stage 2 earn-in requirements to get up to 70%, First Mining will be granted a 2% net smelter returns (NSR) royalty by Auteco on Pickle Crow, of which 1%  can be bought back by Auteco for US$2.5 million.

First Mining is focused on advancing the Springpole gold Project in Ontario – one of the largest undeveloped gold projects in Canada. It also has a large equity position in Treasury Metals Inc, which is advancing the Goliath-Goldlund gold project in the province towards construction.

Contact the author at [email protected]

Story by ProactiveInvestors


Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world.

Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.

"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.

Please Help Support BeforeitsNews by trying our Natural Health Products below!

Order by Phone at 888-809-8385 or online at

Order by Phone at 888-809-8385 or online at

Get our Free Ebook, "Suppressed Health Secrets"  with  Natural Cures THEY don't want you to know!

Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!

Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.

MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser!  Cleans out toxic buildup with oxygen! 
Organic Hemp Extract (CBD) - Full Spectrum high CBD (3300mg) hemp extract eases stiff joints, relieves stress and more!
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover -  Reduces Smart Meter radiation by 96%!  (See Video)

Immusist Beverage Concentrate - Proprietary blend, formulated to reduce inflammation while hydrating and oxygenating the cells.

Report abuse


    Your Comments
    Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

    Load more ...




    Email this story
    Email this story

    If you really want to ban this commenter, please write down the reason:

    If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.