AuTECO Minerals Ltd (ASX:AUT, OTC:MNXMF) has confirmed that its bid to acquire the Green Bay Copper-Gold Project in Newfoundland, Canada, has been approved.
The Supreme Court of Newfoundland and Labrador has approved AuTECO’s bid to acquire the project via the purchase of the Rambler Group, which comprises Rambler Metals and Mining Canada Limited and 1948565 Ontario Inc.
This acquisition still remains subject to the approval of AuTECO shareholders and a vote has been scheduled for October 11. If all goes to plan, the acquisition should be completed by mid to late October.
Upon completion of the acquisition, the company intends to implement its growth strategy, headlined by an extensive underground drilling campaign and development of a 700-metre exploration drive.
This project will diversify AuTECO’s commodity base and position the company as a leading high-grade copper-gold explorer and developer in North America.
The project comprises numerous assets, including the fully operational Ming underground mine, the Little Deer exploration project, Nugget Pond processing plant and a concentrate storage facility at Goodyear’s Cove port.
AuTECO team on-site
AuTECO has a clear strategy to rapidly grow the existing copper resource (39.2 million tonnes at 2.1% for 811,000 tonnes copper equivalent) at Ming via drilling and to demonstrate the size and scale of a globally significant high-grade copper-gold asset.
It intends to rapidly expand the already impressive resource at the Ming underground mine through investment in drilling. The existing underground infrastructure will fast-track work, with drill positions immediately accessible.
In anticipation of the transition of ownership, the AuTECO management team is on-site at Green Bay.
Phase 1 will involve the development of a 700-metre exploration drive in addition to 40,000 metres of diamond drilling. This program will test the down-plunge extension of the Lower Footwall Zone, where the deepest hole completed to date returned 102 metres grading 1.7% copper.