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INTERIM FINANCIAL REPORT
FOR THE HALF
YEAR ENDED
31 DECEMBER 2021
CORPORATE DIRECTORY
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Auteco Minerals Ltd
ACN 110 336 733
ABN 96 110 336 733
Executive Chairman
Ray Shorrocks
Non-Executive Directors
Stephen Parsons
Michael Naylor
Chief Operating Officer
Darren Cooke
Company Secretary
Nicholas Katris
Registered and Principal Office
Ground Floor, 24 Outram Street
West Perth, Western Australia 6005
T: +61 8 9220 9030
- info@autecominerals.com
- www.autecominerals.com
Securities Exchange Listing
ASX Code: AUT
Share Registry
Computershare Investor Services Pty Limited
Level 11, 172 St Georges Terrace
Perth, WA 6000
T: 1300 850 505
- +61 3 9415 4000 (International)
- www.computershare.com.au Investor Centre: www.investorcentre.com
Legal Adviser
Hamilton Locke
Australia Square
Level 42, 264 George Street
Sydney NSW 2000
Auditor
Ernst & Young
11 Mounts Bay Road
Perth, WA 6000
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INTERIM FINANCIAL REPORT FOR THE HALF YEAR ENDED 31 DECEMBER 2021 | 1 |
CONTENTS
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BOARD OF DIRECTORS............................................................................... | |
REVIEW OF OPERATIONS........................................................................... | |
CORPORATE ................................................................................................. | 7 |
EVENTS AFTER THE REPORTING DATE ................................................... | 8 |
AUDITOR'S INDEPENDENCE DECLARATION............................................ | 8 |
AUDITOR'S INDEPENDENCE DECLARATION .............................................. | 10 |
INTERIM FINANCIAL STATEMENTS .............................................................. | 11 |
INTERIM CONSOLIDATED STATEMENT OF PROFIT OR LOSS | |
AND OTHER COMPREHENSIVE INCOME ................................................ | 12 |
INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION ...... | 13 |
INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY ...... | 14 |
INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS ................... | 15 |
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS 16 | |
DIRECTORS' DECLARATION ......................................................................... | 22 |
INDEPENDENT AUDITOR'S REVIEW REPORT ............................................. | 23 |
DIRECTORS' REPORT
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The directors' of AuTECO Minerals Ltd ("Auteco" or "the Company") and its controlled entities (collectively, the Group) present their half year report together with the interim financial statements of the Group for the half year period ended 31 December 2021.
BOARD OF DIRECTORS
The Directors of the Company in office during the half year and until the date of this report are set out below. Directors were in office for the entire period unless otherwise stated.
Ray Shorrocks
(Executive Chairman)
Stephen Parsons
(Non-executive Director)
Michael Naylor
(Non-executive Director)
PRINCIPAL ACTIVITIES
The principal activities of the Company during the period consisted of mineral exploration and evaluation at the Pickle Crow Gold Project in Ontario, Canada.
REVIEW OF OPERATIONS
PICKLE CROW PROJECT
Auteco's Pickle Crow Gold Project is located in the world-class tier 1 mining jurisdiction of Ontario, Canada.
Geologically, the project is set within the Uchi sub-province of the Archean Superior Craton. The Uchi sub- province has an endowment exceeding 40Moz of gold, hosting significant deposits including Red Lake (Evolution Mining), Madsen (Pure Gold), Springpole (First Mining) and the emerging Dixie discovery (Great Bear).
The Auteco land holding encompasses the high-grade Pickle Crow gold mine that produced 1.5Moz of gold at grade of 16.1g/t between 1935 and 1966, making it one of Canada's highest-grade historical gold mines.
Following the recent consolidation of tenure, Auteco has embarked on the first systematic camp-scale exploration program undertaken in the northern Pickle Crow district.
STRATEGIC WORK PLAN
Based on the outstanding results achieved in the mid-year 2021 Resource update, the board of Auteco approved an additional 50,000 metres of drilling that commenced in June 2021. The key strategic objectives of the drill program (Figure 1) demonstrate Auteco's continued commitment to the dual pathways of driving near-mine Resource growth combined with early-stage exploration and discovery drilling on the 500 square kilometres of regional tenure.
To date ~42,000 metres of the current program has been drilled, with the final 8,000 metres of the program forecast to be completed in March 2022. There are currently 5 diamond drill rigs on site taking advantage of favourable drill access conditions over the Canadian winter.
The initial focus of program was on near mine discovery, extension and infill drilling that was used to calculate the Resource estimate as at 31 December 2021.
INTERIM FINANCIAL REPORT FOR THE HALF YEAR ENDED 31 DECEMBER 2021 | 3 |
Focus has now shifted to the regional targeting, with three of the five active drill rigs testing targets outside of the Resource area. Results from the regional campaign are expected in the June quarter.
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Figure 1: Current Auteco strategic work plan and key objectives from July 2021 until the release of the year end Resource update in February 2022. Please note that time frames are indicative.
MINERAL RESOURCE UPDATE
A Mineral Resource update was released in February 2022. Since September 2020, Auteco has added 1.2Moz of inferred resource at a discovery cost of A$17.58 per resource ounce, upgrading the project significantly. The Inferred Resource has increased by 514,000oz to 2.23Moz at 7.8 g/t gold1 resulting in a 30% increase in just 6 months. This comprises of both a high-grade quartz vein component that has increased to 1.92Moz at 9.3 g/t and a broader near-surface alteration / banded iron hosted mineralisation style that contains 304,000oz at a grade of 3.8 g/t.
Table 1: Auteco Inferred Mineral Resource Estimate as at 31 December 2021. Note that all numbers are rounded.
Mineralisation Domain | Lower | Tonnes | Gold Grade | Gold | Variance to 30 June |
Cut-off | (Mt) | (g/t) | (Million oz) | 2021 Resource | |
Quartz Lodes | 3.5g/t | 6.4 | 9.3 | 1.92 | +0.45Moz |
Alteration Hosted (BIF) | 2.0g/t | 2.5 | 3.8 | 0.30 | +0.06Moz |
TOTAL | 8.9 | 7.8 | 2.23 | +0.51Moz (+30%) | |
1 As announced on 15 February 2022, Resource Grows to 2,230,000oz at 7.8 g/t gold. Gold at Pickle Crow. Auteco confirms that it is not aware of any new information or data that materially affects the information included in the original announcement and that all material assumptions and technical parameters underpinning the estimates in the announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons' findings are presented have not been materially modified from the original market announcement.
INTERIM FINANCIAL REPORT FOR THE HALF YEAR ENDED 31 DECEMBER 2021 | 4 |
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Auteco Minerals Limited published this content on 13 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 March 2022 21:33:07 UTC.