REPORTS
REPORTS
MEMBER OF
AUXICO'S COLOMBIA MINASTYC PROPERTY
AUXICO holds mineral and surface rights to the Minastyc Property located in the municipality of Puerto Carreño, along with a mining production permit awarded by National Mining Agency of Colombia (ANM). On April 12, 2023 the Company received approval of the Environmental Impact Assessment study (“EIA”) for its Minastyc Property, from the Colombian Environmental Authority, the Regional Autonomous Corporation of the Orinoquía (Corporinoquia). This approval of the EIA follows the authorization of the Company’s work plan by the National Mining Agency (ANM), and automatically grants the Company a small-scale mining permit for Minastyc by the ANM.
RARE EARTHS IN COLOMBIA
AUXICO has made a significant rare earth (REE) discovery of total rare earth oxide (TREO) content of 56.81%, likely attributed to a historical asteroid impact point in close proximity ~150 km from the property, with asteroid mineralization rich of REE extending past Puerto Carreño. Subsequent to a sampling program of 23 pits, samples were sent to and analyzed by Coalia Research Institute in Thetford Mines, Canada. Test results on a sample from a separate pit on the property resulted in up to 47% tin content, in addition to tantalum, niobium, scandium and rare earth metals. This results from a satellite imagery interpretation study which identified in excess of 20 priority exploration targets in the process of being sampled.
AUXICO acquired the surface rights to 1,482 hectares of land between two adjoining properties; Agualinda and the Minastyc property. The properties are located within a strategic area designated by the Colombian Government for its potential for tantalum, niobium and rare earths. A systematic initiative of digging ~250 pits using shovels has been executed via a grid system to determine key areas of focus.
Subsequent discoveries adjacent to the Company-controlled property; at a distance of 1.6 km from the initial discovery with total rare earth content of 55.03% in concentrates, confirming the presence of a host of rare earth minerals along this mineralized zone; and the discovery of high-grade rare earth minerals within the 20,000-hectares of neighbouring indigenous communities dedicated to artisanal mining activities, for reference, please see on the right Sample 2 with a total rare earth oxide content of 63.21%.
HIGH-VALUE METAL DISCOVERY
Gold, platinum, titanium, zirconium and hafnium test results were indicated in samples taken from the Company-controlled Minastyc property in the department of Vichada, Colombia:
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Within the first meter from surface, a 14-sample campaign from these areas gave an average head grade of 9.5 grams of gold, and 13.5 grams of platinum (from 8 of the 14 samples that returned grade). The presence of thorium has not been observed within the top meter;
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Discovery of 24.5% titanium, 7.8% zirconium, and 2.4 kilograms of hafnium - results from fine concentrates taken at various sample points;
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A satellite imaginary study confirms an area of ~150 hectares with the identical signature as Area 50. The rare earth content has been identified in layers of mineralized below the surface layer;
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Previous samples from the property contained high-grade titanium rock sample, with 42.85% titanium, 25.44% niobium and 8.28% tantalum (among other minerals). Samples found in a different zone on the property, originating from a rock sample contained 30.41% tantalum, 23.30% niobium and 24.47 titanium.
TIN DISCOVERY AND TRADING
A NI-43101 report on the Company-controlled Minastyc property exhibits samples of total rare earth oxide concentrates grading 68.25%* and 65.57%*, and surface discovery of high-grade gold, platinum, titanium, zirconium and hafnium. Samples from pits on the Minastyc property displayed test results of 33.75 to 62.13%* tin content, inferring the development potential of a major tin operation in Colombia. The Minastyc property lies near South America’s largest probable meteorite impact occurrence, the 30 million-year-old Vichada Structure is a 50-km diameter impact crater, which is a key reason why the property is so rich in critical minerals.
AUXICO also has the ability to engage in the local purchasing of ore rich in tin content, sourced from and hosted in alluvial sands on surface, on properties in close proximity to Auxico’s Minastyc property. A series of tests including magnetic gravity and optical separation on the above samples to produce separate concentrates of tin, tantalum, scandium and hafnium in order to optimize the value of each concentrate. AUXICO intends to commence small-scale production on its Minastyc property during 2024 to provide for a previously executed bankable tin off-take agreement with Cuex (Swiss subsidiary of Shangai Qunxian Industrial Group Co), Chinese commodity trading company, and a tantalum off-take agreement with Lasell Company.
