Auxico Announces Results Of A 2023 Sampling Campaign On The Minastyc Property

MONTREAL, Jan. 9, 2024 - Auxico Resources Canada Inc. (CSE: AUAG), (OTCQB: AUXIF) (the "Company" or "Auxico") is pleased to announce results from the Company's 2023 exploration and sampling program conducted on the Minastyc Property, a Company-controlled critical mineral project located in Puerto Carreño, Vichada, Colombia. A total of 72 samples (64 samples excluding control samples) were collected across 27 pits over a distance of 2 km on the Minastyc Property. The results indicate the presence of Rare Earth Elements in all samples. The majority of pits identified other critical minerals such as tantalum, niobium, tin and lithium.

The Company's sample campaign ("2023 sampling campaign") conducted on the Minastyc Property was conducted by Ricardo Sierra and Julian Salgado, the Company's Qualified Persons. Samples were taken across a Phase 1 area, a section of the Property previously defined in the Company's issued PTO Report (work program submitted to the Colombian National Mining Agency in February 2022), prepared by Ambiente y Comunidad Consultores S.A.S (AMCO) from Bogota. The western part of the Minastyc Property was also sampled during this campaign.

Summary of the 2023 sampling campaign:

• A project visit was conducted under the direction of Wilder Quiceno, mining engineer, and Ricardo Sierra, the Company's geologist, to identify and georeference various pits where points were selected to systematically cover the project area and then a stratigraphic survey was carried out.
• A total of 361 pits were identified on the Minastyc Property (refer to Figure 1) based on compiled data; according to what was observed, mineralization and the minerals of interest are hosted in gravel-size fragments primarily found on surface, with a depth of between 1 and 2 metres, where the majority of samples taken were in this stratum. Other stratigraphic horizons containing fine sands and clays also contain rare earth elements.
• A total of 72 samples were taken across 27 pits (refer to Figure 2), from different geological horizons, extending across a strike length of ~2 km on the Minastyc Property, with sample sizes between 2-5 kg/tonne.
• Analyses were conducted via the Inductively Coupled Plasma-Mass Spectrometry (ICP-MS) method by the certified laboratory of Impact Global Solutions (IGS), located in Delson, Quebec. ICP-MS is a highly sensitive chemical analysis method that yields quantitative results on elements and their isotopes in parts per million. The following conclusions have been made:
  • Rare earth minerals including cerium, dysprosium, praseodymium, neodymium, gadolinium, lanthanum, samarium, and erbium are present in all 64 samples, including rubidium present in 64 samples, and terbium found in 49 samples.
  • Tin was present across 46 samples and lithium across 31 samples.
  • These samples have yet to be concentrated, and the average silica content for the 64 samples exceeds 37%. A simple silica elimination screening method can be used to concentrate the larger fraction size gravels.
• Data from previous work conducted on the Property outline that the highly-prospective TA Area and Area 50, which lie ~1.6 km apart, both returned various high grades in concentrates. The previously issued NI 43-101 Report indicated a representative 3.2-tonne bulk sample taken from two locations on Area 50. A 7.7 kg fine concentrate returned TREO with grades 68.32% and 65.67%, respectively, and a concentration ratio of approximately 425:1.
• A report as it relates to the 2023 sampling campaign will be subsequently filed on SEDAR+ (www.sedarplus.ca) and will be available on Auxico's website following receipt of final results.

Figure 1: Total of 361 pits identified in the Minastyc Property, classified by depth.

Figure 2: Total of 27 pits selected for stratigraphic survey and 2023 sampling campaign at the Minastyc Property.

Mark Billings, Chairman of Auxico Resources Canada commented, "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. The updated and new NI 43-101 Reports provide the necessary insight into the projects' potential feasibility and aggregate data collected across various work programs to paint a picture of Minastyc's potential, further validating the economic possibilities and concepts of operation."

Mr. Ricardo Sierra, B.Sc. of Science a member of the Australian Institute of Mining and Metallurgy (MAusIMM 3078246), is a qualified person (QP) as defined by National Instrument 43-101 and has reviewed and approved the technical information contained in this news release and in relation to the Minastyc Project in Vichada Colombia. Mr. Ricardo Sierra is an independent technical consultant to 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.com) under "Auxico Resources Canada Inc."

ON BEHALF OF THE BOARD OF DIRECTORS

« signed. »

Mark Billings
Chairman, Auxico Resources Canada Inc.
mb@auxicoresources.com
Cell: +1 514 296 1641

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.

The CSE has neither approved nor disapproved the contents of this press release. Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this press release.

This press release contains statements that constitute "forward-statements." Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements.

Although the Company believes, in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. When used in this press release, the words "estimate", "project", "belief", "anticipate", "intend", "expect", "plan", "predict", "may" or "should" and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. The forward-looking statements and information in this press release include information relating to the planned studies, drill program and the development of the Minastyc Project, its sampling program, indications and other mining projects and prospects thereof, related to the Company's operations in Bolivia, Colombia and/or the Democratic Republic of Congo. Such statements and information reflect the current view of the Company. Risks and uncertainties that may cause actual results to differ materially from those contemplated in those forward-looking statements and information.

By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.

The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. The Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.

The Company cautions investors that any forward-looking information provided by the Company is not a guarantee of future results or performance, and that actual results may differ materially from those in forward-looking information as a result of various risk factors. These factors include, among others, uncertainties arising from the COVID-19 pandemic, and general economic conditions or conditions in the financial markets. The reader is referred to the Company's public filings for a more complete discussion of such risk factors, and their potential effects, which may be accessed through the Company's profile on SEDAR at www.sedar.com. Except as required by securities law, the Company does not intend, and does not assume any obligation, to update or revise any forward-looking information, whether as a result of new information, events or otherwise.

SOURCE Auxico Resources Canada Inc.