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Auxico Resources Announces Approval of Environmental License for Small Scale Open Pit Mining at Minastyc Project in Colombia
MONTREAL, June 5, 2023 /CNW/ - Auxico Resources Canada Inc. (CSE: AUAG) (OTCQB: AUXIF) (the "Company" or "Auxico") is pleased to announce that it has received a
About this update from Auxico Resources Canada, Inc.
[{"type":"text","content":" MONTREAL, June 5, 2023 /CNW/ - Auxico Resources Canada Inc. (CSE: AUAG) (OTCQB: AUXIF) (the \"Company\" or \"Auxico\") is pleased to announce that it has received approval for a temporary, 2-year, environmental license for small-scale open-pit mining from the Colombian Environmental Authority, the Regional Autonomous Corporation of the Orinoquía (Corporinoquia). This follows the recent approval of the Environmental Impact Assessment study (\"EIA\") for the Company's Minastyc property, as announced on April 12, 2023. The ability to exploit and commercialize the Minastyc property is a key advancement, with timing that coincides well with recent metallurgical testing developments for the separation of light and heavy rare earths. Auxico has demonstrated the ability to process concentrate samples taken from the Minastyc property into light and heavy rare earth commercial concentrates; dysprosium up to 16.1% (concentrated 20 times from its initial feed), and terbium up to 3.42% (refer to press release dated April 20, 2023). Dysprosium, one of the world's most magnetically susceptible elements, along with terbium, are two heavy rare earths crucial for weapons systems as well as EV motors, in order to maintain an electric powertrain magnet's coercivity through repeat cycles of heating and cooling. Only automotive manufacturers with access to heavy rare earths could expect to produce EVs in 2030, while those without them may be selling their EVs factories. Auxico's Minastyc property has one of the highest-grade heavy rare earth deposits globally according to industry expert, Jack Lifton. Nd Pr Dy Tb Y La Ce Sm Gd Er Light REE 46.9 % 14.0 % 1.0 % 0.49 % 1.1 % 23.1 % 1.3 % 8.7 % 2.8 % 0.2 % Heavy REE 14.9 % 0.0 % 16.1 % 3.42 % 12.4 % 0.0 % 8.5 % 9.8 % 10.3 % 7.5 % Table 1: Results of the testing on Colombian Minastyc property demonstrate the ability to produce commercial concentrates of light and heavy rare earths, per press release dated April 20, 2023. The Minastyc Project has received approvals for the exploitation and beneficiation of minerals including Niobium, Tantalum, Vanadium, Zirconium, Tin and Gold, and the noted minerals respective concentrates, per resolution number 500.36.22.2089 from the Col...