Business
Auxico Resources: National Mining Agency of Colombia Grants Mining Permit (Work Plan Authorization) for Minastyc Property
MONTREAL, May 16, 2022 /CNW/ - Auxico Resources Canada Inc. (CSE: AUAG) is pleased to announce that the National Mining Agency of Colombia ("ANM" or Agencia Nac
About this update from Auxico Resources Canada, Inc.
[{"type":"text","content":" MONTREAL, May 16, 2022 /CNW/ - Auxico Resources Canada Inc. (CSE: AUAG) is pleased to announce that the National Mining Agency of Colombia (\"ANM\" or Agencia Nacional de Minería) has granted a mining permit for the Minastyc Property in Vichada, Colombia, which is controlled by Auxico; more specifically, the ANM has authorized the Company's work plan (\"PTO\" or Programa de trabajo y obras). This is a very significant development for the Company. Auxico will now be able to move forward with the formal purchase of the Minastyc Property from its current owner and continue the Company's work to develop the Property. The approval of the PTO was the last condition in the purchase agreement. Auxico has initiated the process of transferring the title of the Minastyc Property to the Company. During the past week, several members of the Auxico team were in Bogotá, Colombia, for meetings with the ANM, the Ministry of Mines, the Canadian Embassy and others. Auxico management is very encouraged by the support it has received from all parties in regards to its development plan at Minastyc. In addition to the approval of the PTO, the Company is required to have the authorization from Corporinoquia, which is the Colombian environmental agency. The last step in this process is a site visit by representatives of this agency to the Minastyc Property. The Company is presently coordinating this visit with Corporinoquia and expects the visit to occur near term. Once the authorization from Corporinoquia is obtained, the Company will be able to move equipment on site, including heavy machinery for bulk sampling and a processing facility, which will enable Auxico to move towards making a production decision for small-scale mining operations. The goal of the Company is to produce and export rare-earth elements, transition metals, post-transition metals and actinoid concentrates from the Minastyc Property. Update on Work at the Minastyc Property Under the supervision of Auxico's Qualified Person, Joel Scodnick, P. Geo., an exploration program is currently being conducted on the Minastyc Property. A systematic initiative of digging approximately 250 pits using shovels is being executed via a grid system. This program is estimated to span about four weeks, after which the samples will be shipped to an accredited lab. The purpose of this exercis...