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Auxico Resources Announces Purchase of Additional Property in Colombia
MONTREAL, Dec. 8, 2021 /CNW/ - Auxico Resources Canada Inc. (CSE: AUAG) is pleased to announce the acquisition of the surface rights to 1,293 hectares of land t
About this update from Auxico Resources Canada, Inc.
[{"type":"text","content":" MONTREAL, Dec. 8, 2021 /CNW/ - Auxico Resources Canada Inc. (CSE: AUAG) is pleased to announce the acquisition of the surface rights to 1,293 hectares of land titled Agualinda, located in the municipality of Puerto Carreño, in the department of Vichada, Colombia. The land adjoins the Mynastic property which the Company purchased in December 2020. The Mynastic property has been the subject of several previous news releases announcing the discovery of rare earths, tantalum, tin and platinum group metals. The Company made a discovery of high-grade rare earth concentrates on the Mynastic property, with a total rare earth oxide content of 56.87% in concentrates, as well as an additional discovery at a distance of 1.6 kilometres from the initial discovery (total rare earth oxide content of 55.03% in concentrates). This purchase significantly increases the Company's land position in Colombia, from the initial 189 hectares to 1,482 hectares. The two properties, both now controlled by the Company, are located within a strategic area that has been defined by the Colombian Government for its potential for tantalum, niobium and rare earths. As per the signed agreement, the Company will pay to the vendors a purchase price of three hundred fifteen thousand American dollars (US$ 315,000), in addition to a yearly fee in the amount of one hundred thousand American dollars (US$ 100,000) for a period of three years following the signing of the agreement. The Agualinda property has been the subject of a satellite imagery interpretation study (remote sensing study), which resulted in the identification of 20 sampling and exploration targets based on the artificial intelligence interpretation of the satellite data. These targets have the same signature as those on the Mynastic property. As reported previously, the Company has signed a memorandum of understanding to earn a 70% interest in 20,000 hectares of land owned by the indigenous community of Guacamayas-Maipore, for the exploitation of industrial sands (tantalum ore). The Company also previously reported the discovery of high-grade rare earth metals at a distance of 9 kilometres from the Company-controlled property (total rare earth oxide content of 63.21% in concentrates), within the permit area held by the indigenous community i...