AuTECO signs pivotal Exploration Agreement with Ontario First Nation

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Image credit: AuTECO Minerals

The Mishkeegogamang Ojibway First Nation (MOFN) and AuTECO Minerals Ltd. announced the inking of an exploration agreement between the two parties.

In a statement, AuTECO said the Agreement gives AuTECO continuing MOFN support for access to tenure for exploratory reasons while also giving the MOFN trust in commercial, social benefit, and cultural considerations. Both sides are committed to generating mutual benefits while respecting the MOFN’s traditional areas, activities, values, and rights.

The new Agreement supersedes the 2009 exploratory Memorandum of Understanding (MOU) and now includes all AuTECO tenure within MOFN traditional regions. The previous MOU included an area close to the historic Pickle Crow mine, and all work undertaken by AuTECO up to this point has been limited to the zone designated in the 2009 agreement. Since taking over management in March 2020, the Company has greatly enlarged the project area to 500km2, and this amended Agreement assures that all tenure, including critical regional exploration targets for the next winter drill program, is included.

The Agreement’s completion supports exploratory and advanced exploration efforts at the Pickle Crow Project and lays the groundwork for an Impact Benefit Agreement if the Company decides to pursue commercial development of the mine.

Adertisement

In addition, AuTECO welcomes the MOFN as shareholders with the issuing of 5 million ordinary shares to the community fund. The shares will be issued for no monetary consideration using the Company’s available Listing Rule 7.1 placement capacity.

The Agreement is subject to no significant conditions prior. The Agreement’s remaining terms and conditions are commercially sensitive and secret.

AuTECO CEO Darren Cooke expressed AuTECO’s delight to ink the agreement with MOFN.

“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 people 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,” Cooke stated. 

According to Mishkeegogamang Ojibway First Nation Chief David Masakeyash, MOFN is glad to have reached an agreement with AuTECO over their operations in MOFN territory, demonstrating the robust and mutually respected partnership that has resulted from the discussions.

“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,” Masakeyash said.