Auxico Resources Canada Inc (CSE:AUAG, OTCQB:AUXIF) reported significant findings from its 2023 exploration and sampling program on the Minastyc property in Puerto Carreño, Vichada, Colombia.
The company's 2023 sampling campaign covered a Phase 1 area and the western part of the property.
A total of 72 samples were collected from 27 pits, revealing the presence of Rare Earth Elements (REEs) in all samples, Auxico said in a statement.
Additionally, tantalum, niobium, tin, and lithium were identified in most pits.
A stratigraphic survey across 361 identified pits indicated that mineralization and the targeted minerals were predominantly present in gravel-sized fragments on the surface, with depths ranging between one and two meters.
Key findings from the analysis include the presence of various rare earth minerals such as cerium, dysprosium, praseodymium, neodymium, gadolinium, lanthanum, samarium, and erbium in all 64 samples. Rubidium was present in all samples, and terbium was found in 49 samples. Tin was identified in 46 samples, and lithium in 31 samples.
A previously issued NI 43-101 report on Minastyc highlighted a representative 3.2-tonne bulk sample from Area 50, with a 7.7 kg fine concentrate returning Total Rare Earth Oxide (TREO) grades of 68.32% and 65.67%, respectively, and a concentration ratio of approximately 425:1.
Auxico Resources told shareholders it is optimistic about the potential economic viability of Minastyc.
"The 72-sample campaign was an interesting insight into the vast potential of the Minastyc Property, with new critical minerals such as lithium that were previously not indicated in other result batches, enhancing the highly prospective nature of the project,” Mark Billings, chairman of Auxico Resources said in a statement.
Based in Montreal, Auxico is engaged in the acquisition, exploration and development of mineral properties in Colombia, Bolivia and the Democratic Republic of the Congo.