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Auxico Resources Canada Inc
Symbol AUAG
Shares Issued 100,165,191
Close 2023-12-13 C$ 0.115
Market Cap C$ 11,518,997
Recent Sedar Documents

Auxico Resources to focus on Minastyc

2023-12-19 16:04 ET - News Release

Mr. Pierre Gauthier reports


Auxico Resources Canada Inc. has provided an update to its shareholders on priorities that have been set during the meeting of the company's board of directors held on Dec. 14, 2023, as well as the related resolutions that have been adopted during the meeting with regard to the development of Auxico's key assets and the reporting requirements with the Autorite des marches financiers (AMF) pursuant to their continuous disclosure review.

The focus of the Company will be centred on developing the Minastyc Project, located in Puerto Carreno, department of Vichada, Colombia; the authors of the report have amended the NI 43-101 Technical Evaluation Report on the Minastyc Project dated March 28, 2022, and amended on December 17, 2023, based on comments by the AMF and in order to meet the requirements of the related National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). In particular, certain additions and clarifications have been made to Item 1 (Summary), Item 6 (History), Item 12 (Data Verification), Item 23 (Adjacent Properties), Item 25 (Interpretation and Conclusions), Item 26 (Recommendations) and all pertinent information for Items 1-14 and 23-27 have been amended. The amended report has been filed under the Company's issuer profiled on SEDAR+ (www.sedarplus.ca) and can be found on the Company's website at www.auxicoresources.com.

The second project of focus for the Company will be the El Benton Mine, located in the Province of Nuflo de Chavez, Department of Santa Cruz in Eastern Bolivia, a past-producing mine which previously exported tantalum and niobium concentrates, and contains lithium, cesium, and rubidium occurrences.

As a result of the newly agreed corporate strategy and prioritizing the development of key projects in Colombia and Bolivia, the Company's Board of Directors has decided not to allocate any further capital to the Zamora Gold-Silver Project located in the state of Sinaloa, Mexico, and to the Massangana Project located in the state of Rondonia, Brazil. In relation to the Massangana Project, Auxico will proceed with terminating the joint venture agreement with the Cooperativa Estanifera de Mineradores da Amazonia Legal LTDA ("CEMAL"). As a result, the Company wishes to retract all written disclosure related to the Massangana Project contained in the interim management discussion and analysis for the six months ended May 30, 2022 and its corporate presentation. Also, the Company advises investors to not take the Zamora Property NI 43-101 technical report as accurate and current.

At the request of the AMF, the Company filed on SEDAR+ (www.sedarplus.ca) the geological report on the Obaye monazite project in the Democratic Republic of the Congo ("DRC"), prepared by Richard Dufour, P.Eng. in December 2020 for Central America Nickel Inc. ("CAN"), for which the author concluded it is in compliance with related NI 43-101 regulation; the original report in French is titled "Report des travaux de reconnaissance geologique projet de la monazite d'Obaye - PE 71 Territoire de Walikale, Nord-Kivu, Republique Democratique du Congo". The Company is the exclusive sale agent of CAN for the export of monazite (rare earth concentrates) out of the DRC. To the best of the Company's knowledge, information and belief, there is no new material, scientific or technical information that would make the disclosure of the mineral resources, mineral reserves or results of a preliminary economic assessment inaccurate or misleading. This report can also be found on the Company's website at www.auxicoresources.com.

Auxico has received a failure-to-file cease trade order in respect of the Company's securities, under section 2 of the Multilateral Instrument 11-103 Failure-to-File Cease Trade Orders in Multiple Jurisdictions due to the failure to file technical reports pursuant to NI 43-101. The Company has filed the amended technical report on the Mynastic Project and the technical report on the Obaye monazite project on SEDAR+. The Company will remain attentive and continue to work on complying with applicable securities laws.

About Auxico Resources Canada Inc.

Auxico Resources Canada Inc. ("Auxico") is a Canadian company that was founded in 2014 and based in Montreal, trading on the Canadian Stock Exchange (CSE) under symbol AUAG and on the OTCQB Market under symbol AUXIF. Auxico is engaged in the acquisition, exploration and development of mineral properties in Colombia, Bolivia and the Democratic Republic of the Congo.

Additional information on Auxico can be found on the Company's website (www.auxicoresources.com) or on SEDAR+ (www.sedarplus.ca) under "Auxico Resources Canada Inc."

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