MONTREAL, July 10, 2018 (GLOBE NEWSWIRE) -- Auxico Resources Canada Inc. (CSE:AUAG) is pleased to announce that it has entered into eight option agreements to acquire a 70% interest in the profits from the production of precious metals, base metals and coltan, originating from properties in Colombia and Venezuela.
The Company is pleased to report the following sampling results, which were analyzed for their metal content at the Centre de Technologie Minérale et de Plasturgie in Thetford Mines (Quebec):
| Sample | % Ta | % Nb | g/t Sc | % Sn | % TiO2 |
| V - M-8355_1 | 7.97 | 2.36 | 3,200 | 72.08 | 4.54 |
| C - M-8355_2 | 1.03 | 3.78 | / | / | 49.02 |
| C - M-8355_12 | 35.66 | 7.57 | 6,200 | 8.29 | 23.93 |
| V - M-8355_234 | 26.66 | 7.70 | 4,200 | 5.35 | 23.32 |
| C - M-8246_7 | 35.15 | 39.63 | / | / | 3.92 |
| C - M-8246_8 | 31.14 | 36.99 | / | / | 3.33 |
The Company has also received copper/silver results for one of the option properties, as follows:
| C - M-8246_1 | C - M-8246_2 | C - M-8246_4 | C - M-8246_6 | |
| % Cu | 2.41 | 8.68 | 62.62 | 68.84 |
| g/t Ag | / | / | 600 | 500 |
The Company is currently conducting the metallurgical testing that targets the selective extraction of tantalum, niobium, scandium and copper on selected samples using the Ultrasound Assisted Extraction (UAEx) process.
Coltan is a metallic mineral composed of niobium and tantalite, which is refined to produce tantalum. Tantalite ore currently sells for US$186 per kg. Niobium currently sells for approximately US$50 per kg. Tantalum from coltan is used to manufacture batteries for electric cars, as well as almost every kind of electronic device, including cell phones and computers. Niobium is used in superconducting alloys. Scandium oxide sells for US$4,000 per kg. Added to various aluminum alloys, scandium has high-value commercial uses, especially in the automotive and aerospace industries. Tin presently sells for US$19 per kg, and the selling price of titanium dioxide ranges from US$1,700 per metric tonne to US$2,700 per metric tonne, depending on its quality and the application.
Auxico is currently preparing to establish detailed grids over the properties for extensive sampling using augers. The program will be supervised by Auxico’s Qualified Person and will commence shortly. All of the samples will be sent to Quebec for metallurgical analysis, as well as to an accredited lab in Colombia.
Engagement of Buffalo Associates Limited
Auxico is also pleased to announce that it has engaged the services of Buffalo Associates Limited (“Buffalo Associates”). Buffalo Associates will advise Auxico on matters relating to European strategic partners and investors. Marc Bamber, the CEO of Buffalo Associates, has extensive experience in the financial industry of London, including the financing of mining companies.
Qualified Person
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.
Disclaimer: The samples described above were all selected by the property owner. These samples were shipped to a laboratory in Quebec selected by Auxico. It is the opinion of the Qualified Person that an independent grid sampling program be established with proper control and chain of custody, and therefore the values presented above are not in compliance with NI 43-101. Because the chain of custody cannot be independently established from the above samples, the Company cautions the reader as to the reliability of the samples and the results thereof. The Company and the Qualified Person do not take any responsibility for the values presented in this news release. The results presented above are being referred to for general information purposes only, and to demonstrate the potential that these properties hold.
ON BEHALF OF THE BOARD OF DIRECTORS
| « signed » | « signed » |
| Pierre Gauthier | Mark Billings |
| CEO, Auxico Resources Canada Inc. | President, Auxico Resources Canada Inc. |
| pg@auxicoresources.com | mb@auxicoresources.com |
| Cell: +1 514 299 0881 | Cell: +1 514 296 1641 |
About Auxico Resources Canada Inc.
Auxico Resources Canada Inc. (“Auxico”) is 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 Colombia and Mexico.
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.