AuTECO Minerals Limited has acquired the Green Bay Copper-Gold project in Newfoundland, Canada, from Rambler Metals and Mining Canada Limited, significantly advancing its status as a copper entity. Announced on August 31, 2023, the deal involves the high-grade Ming Mine and Nugget Pond processing facility, with a total transaction value of approximately $55 million.

The project features a resource estimate of 39.2 million tonnes at 2.1% copper equivalent (811,000 tonnes of contained metal), a 950m accessible decline, a 650m shaft, and substantial existing infrastructure, enhancing its value. AuTECO plans an extensive exploration campaign, including 40,000 meters of drilling, to rapidly expand the resource base.

Funding the acquisition and exploration, AuTECO has organized a A$50 million capital raise, led by Canaccord Genuity and co-managed by Argonaut Securities, Euroz Hartleys, and Shaw and Partners. This financial strategy supports the initial purchase and the subsequent resource development program.

The executive team, now including Steve Parsons as Managing Director, aims to replicate their previous success at Bellevue Gold. Legal advice was provided by Hamilton Locke in Australia and Osler, Hoskin & Harcourt LLP in Canada. This acquisition positions AuTECO for significant growth in a top-tier mining jurisdiction, promising considerable returns for stakeholders.