Auxico Resources hails exploration results at Colombian REE project

Auxico Resources (TSXV: AUAG; US-OTC: AUXIF) has reported positive reports form its sampling program at the Minastyc property in Colombia, where it has found what it calls “significant” concentrations of rare earth elements and other critical minerals.

The Montreal-based company obtained the environmental permit to explore the Minastyc property, located in eastern Colombia, in April last year.

Results from a 2021 campaign included important concentrations of various critical minerals, including niobium, gallium, rubidium, praseodymium, dysprosium, germanium, cerium, and samarium, Auxico said.

Observations from channel sampling across eight pits indicate the prevalence of mineralization within the clayish-rich conglomerate, particularly rich in tantalum, niobium, scandium and other critical minerals.

“The extensive sampling data not only validates the property’s potential but also facilitates the development of an accurate plan with key targets as Auxico progresses towards production,” chairman Mark Billings said.

Auxico initially discovered rare earth oxide (TREO) content of 56.81% at Minastyc, likely the product of an asteroid impact in close proximity to the property.  

Studies carried out since 2019 prompted Auxirico to buy two adjoining properties; Agualinda and the Minastyc. These assets are located within a strategic area designated by the Colombian government for its potential for tantalum, niobium and rare earths. 

Auxico, which is the exclusive trade agent for rare earth concentrates from the Democratic Republic of Congo (DRC), believes Minastyc is a critical mineral-rich project that can quickly be developed into a small-scale mine.

Auxico shares rose 5% to 5.2¢ on the news, having traded in a 12-month range of 3.7¢ and 75¢. It has a market cap of $11.8 million.