Brazilian fertiliser developer Aguia Resources Limited (ASX: AGR) (“Aguia” or “Company” - www.commodity-tv.net/c/search_adv/) is pleased to update shareholders on the ongoing infill drilling program at its flagship Três Estradas Phosphate Project in southern Brazil. The program continues to return positive results that demonstrate the homogeneous and continuous nature of the deposit.
One diamond rig and one reverse circulation rig continue to operate at site. To date, a total of 13,775 metres have been drilled, which includes 9,495 metres of diamond drilling and 4,280 metres of reverse circulation drilling.
As announced on 16 February 2017, the Company has identified a new shallow zone of mineralisation along the southeast border of the proposed Três Estradas pit shell. Drilling has proven continuity of this zone for at least 700 metres of strike with the NE extension remaining fully open. Geological modelling of the results along this zone indicate that the folded structure is plunging to the southwest, thus the northeast extension that remains open should reach the surface and potentially develop oxidized high-grade material. This northeast extension is currently being tested with an additional 500 meters of reverse circulation drilling targeting potential near surface oxidized material.
Infill drilling along these 700 metres of strike continues with the objective of producing a measured and indicated category resource from surface to a depth of only 100 metres. The technical team’s strategy has been to target shallow mineralisation that can be added to the current resource. It is expected that the inclusion will not only improve the overall strip ratio of the proposed operation, but ultimately reduce mining costs. Results of this zone continue to indicate that thicknesses and grades are in accordance with the bulk of the deposit as reflected in hole TED-17-128 returning 78.25 metres grading 4.12% P2O5.
Technical Director Dr. Fernando Tallarico commented, “As we approach the completion of this very significant drilling program, we couldn’t be more pleased as the results clearly prove the steadiness of the deposits morphology and grades. Holes like TED-17-128 that returned 78.25 metres of near-surface mineralisation indicate that this new southeast zone could substantially improve our strip ratio.”
Managing Director Justin Reid added, “The impact of our new Southeast zone discovery, coupled with the incredibly successful infill program, will be incorporated into an updated reserve statement very shortly. RC drilling of the surface oxide manifestation of the new discovery may also have an impact on our ultimate mine model as we complete our trade-off studies and BFS. We look forward to updating the market on meaningful corporate developments very shortly that also add considerable value to Três Estradas.”
Aguia also advises that it continues to move forward with its application for a dual listing on the TSXV with the majority of documentation now submitted for review by the regulators. The Company will continue to provide updates as to anticipated timing of the Canadian listing as information becomes available.
For further information, please contact:
Justin Reid, Managing Director
T: +1 416-216-5446
Catherine Stretch, Chief Commercial Officer
T: +1 416-309-2695
Jan-Per Hole, Vice President Corporate Development Australia
T: +61 (0) 414 899 732
Released through: Ben Jarvis, Six Degrees Investor Relations: +61 413 150 448
Follow Aguia on Twitter: @ Aguia_Resources
Aguia Resources Limited, (“Aguia”) is an ASX listed company whose primary focus is on the exploration and development of phosphate projects in Brazil. Aguia has an established and highly experienced in-country team based in Belo Horizonte, Brazil with corporate offices in Sydney, Australia. Aguia’s key projects are located in Rio Grande do Sul, a prime farming area which is 100% dependent on phosphate imports. The Rio Grande phosphate deposits exhibit high quality and low cost production characteristics, and are ideally located with proximity to road, rail, and port infrastructure. Aguia’s experienced management team has a proven track record of advancing high quality mining assets to production in Brazil.
The information in this announcement that relates to Exploration Targets, Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Dr Fernando Tallarico, who is a member of the Association of Professional Geoscientists of Ontario. Dr Tallarico is a full-time employee of the company. Dr Tallarico has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Dr Tallarico consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.