Auxico Resources Canada Inc (CSE:AUAG, OTCQB:AUXIF) announced that its Minastyc project in Colombia has received a Mining Registration Certificate from the National Mining Agency related to the property title that secures the company’s right to explore the property until 2040.
Further, the company said it has executed an Exclusive Operating Agreement and Security Interest Contract for Future Production with the mining title holder which gives it the right to commence production during the mining title transfer period.
This will allow Auxico to advance an exploitation plan which includes mining key areas of the Minastyc property related to high-grade samples of tin collected during previous work programs, the company said.
The company highlighted that the 188-hectare Minastyc project mining title covers a prolific critical minerals property, with sampled grades up to 62.13% tin, among rare earth elements, tantalum, niobium, and other minerals.
“We are very pleased to announce the successful conclusion of the mining title registration process and exclusive operating agreement for the Minastyc project; having received the right to exploit the property for the next two decades greatly reduces project risk,” Auxico CEO Pierre Gauthier said in a statement.
“We believe that our investment in the future expansion of Minastyc's mining operations will benefit all stakeholders including our shareholder base, the nation of Colombia, the department of Vichada and the local community of Puerto Carreño.”
Auxico is engaged in the acquisition, exploration and development of mineral properties in Colombia, Brazil, Mexico, Bolivia and the Democratic Republic of the Congo.
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