Auxico Announces Discovery of Scandium and Gold on the Metalor Property, Colombia
MONTREAL, March 13, 2018 (GLOBE NEWSWIRE) -- Auxico Resources Canada Inc. (CSE:AUAG) is pleased to announce the sampling results taken from the Metalor property in Colombia. A total of six selected samples were taken. Five of the six samples contain scandium within an average content of 1,300 grams of scandium per tonne. Five of the six samples contain gold with an average gold content of 21 g/t. Scandium oxide currently sells at $4,200 US per kilogram and scandium metal sells at $15,000 US per kilogram. The selected samples were taken over a distance of approximately 481m. This fault can now be observed over a width of at least 480m on the property and the high-grade scandium and gold values are associated with the fault, which is represented by an exhalative shale sequence containing disseminated to massive sulphide strata. On February 16th, 2018, the Trump administration declared scandium as a strategic metal (“Critical Minerals”) for the United States, to be considered “vital for the Nation’s security and economic prosperity”.
|Sample||Analysis / |
|Sc (ppm) |
|Au (ppm) |
Table 1: Recoveries of scandium and gold from the Metalor Property
All of the samples were taken by Jesus Eduardo Pimienta González, independent consulting mining engineer. They were tagged, located using a handheld Garmin GPS unit, put into separate sample bags, and brought into the Symtek laboratory in Bogota. The samples are characterized by a combination of river floats, subcrop at the base of the mountains adjacent to the river, and also outcrop, and are not necessarily representative of the mineralization throughout the property, however, Auxico is planning a reconnaissance prospecting and sampling campaign which will begin shortly. This campaign will include detailed exploration work in the area of the fault where these samples were collected.
The samples were analyzed in Bogota, Colombia by Symtek, an SGS affiliate, using a Thermo Scientific Niton XL5 handleld XRF Analyzer, a mass spectrometer which measures 68 elements including gold and scandium in parts per million (ppm) with a 99.7% confidence interval. The samples were tested in the lab in three different modes as shown on the table above i.e. (1) rare earth mode, (2) soil mode and (3) geological mode. These same samples were just sent to SGS laboratory in Medellin for sample preparation and will be analyzed for gold by fire assay with a gravimetric finish, and will also be analyzed using sodium peroxide fusion with an ICP-AES finish on 29 elements including Scandium. Results of the selected samples will be disclosed as soon as they become available from SGS.
This news release was reviewed and approved by Joel Scodnick, P.Geo., an independent consultant to Auxico, in his capacity as a Qualified Person, as defined by National Instrument 43-101.
ON BEHALF OF THE BOARD OF DIRECTORS
« signed »
President, Auxico Resources Canada Inc.
Cell: +1 514 296 1641
About Auxico Resources Canada Inc.
Auxico Resources Canada Inc. (“Auxico”) in a Canadian company that was founded in 2014 and based in Montreal. Auxico is engaged in the acquisition, exploration and development of mineral properties in Mexico. The Company has a 100% interest in the Zamora Silver-Gold Property in Sinaloa, Mexico. Auxico will continue to identify and potentially acquire additional property interests and conduct exploration and evaluation of these properties to assess their potential.
The Canadian Securities Exchange (CSE) has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents of this release.