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Milestone agreement provides certainty regarding all pre-mining exploration activities on AuTECO mining claims within the traditional territories of the Mishkeegogamang Ojibway First Nation
AuTECO Minerals Ltd (ASX: AUT) and the Mishkeegogamang Ojibway First Nation (“MOFN”) are pleased to jointly announce the signing of an Exploration Agreement between the parties (the “Agreement”).
The Agreement provides AuTECO with continued MOFN support for access to tenure for exploration purposes, while providing confidence to the MOFN regarding commercial, social benefit and cultural matters. Both parties have a strong commitment to create mutual benefits while continuing to respect the traditional territories, activities, values and rights of the MOFN.
The revised Agreement replaces the 2009 exploration Memorandum of Understanding (“MOU”) and now incorporates all AuTECO tenure that is located within MOFN traditional territories. The previous MOU covered an area adjacent to the historic Pickle Crow mine and all work completed by AuTECO to date has been restricted to the region defined under the terms of the 2009 agreement. The Company has significantly expanded the project area to ~500km2 since assuming management control in March 2020 and this updated Agreement ensures all tenure, including key regional exploration targets for the upcoming winter drill campaign, are included.
Completion of the Agreement ensures support of exploration and advanced exploration activities at the Pickle Crow Project and outlines a path forward for an Impact Benefit Agreement should the Company decide to pursue commercial development of the mine.
Additionally, in a sign of partnership, AuTECO welcomes the MOFN as shareholders via the issuance of 5 million ordinary shares to the community fund. The shares will be issued under the Company’s available Listing Rule 7.1 placement capacity for nil cash consideration.
There are no material conditions precedent to the Agreement. The remaining terms and conditions of the Agreement are commercially sensitive and confidential.
AuTECO Chief Executive Officer Darren Cooke said: “We are delighted to sign this exploration agreement with the Mishkeegogamang Ojibway First Nation.
“I would like to pay tribute to Chief David Masakeyash and the Council for the spirit in which the discussions have taken place.
“We will continue to respect the land, tradition and culture of the First Nations peoples whilst doing our best to share the economic and social benefits of our investment in the Pickle Lake area.
“This is just the beginning of the partnership. With the Mishkeegogamang becoming shareholders of AuTECO, the community will benefit from our ongoing success at Pickle Crow.”
Chief David Masakeyash of the Mishkeegogamang Ojibway First Nation said: “We are pleased to have reached agreement with AuTECO regarding their operations in our territory, which represents the strong and mutually respectful relationship that has resulted from our engagements.
“In this agreement, we have developed a strong framework for the protection of our land, and certainty our members will fairly benefit from the work undertaken. Each of these qualities are fundamental to building a relationship with our nation.”
For and on behalf of the Board.
Mr Ray Shorrocks
AuTECO Minerals Ltd
Phone: +61 8 9220 9030
+61 8 9388 1474
ABOUT AUTECO MINERALS
AuTECO Minerals Ltd (ASX:AUT) is an emerging mineral exploration company focused on advancing high-grade gold resources at the Pickle Crow Gold Project in the world-class Uchi sub-province of Ontario, Canada.
The Pickle Crow Gold Project currently hosts a JORC 2012 Mineral Resource of 2.23 Moz at 7.8g/t gold, with a 50,000m drilling program underway to expedite Resource growth. Pickle Crow is one of Canada’s highest-grade gold mines – historically producing 1.5 Moz at 16g/t gold.
The Company also holds 90% interest in the Limestone Well Vanadium-Titanium Project in Western Australia.
For further information regarding AuTECO Minerals Ltd please visit the ASX platform (ASX:AUT) or the Company’s website https://www.autecominerals.com
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