The Company is pleased to confirm that it has successfully secured a strategic land package along the Rio Grande Copper Belt, totaling 34,000 hectares across 23 tenements. Aguia has identified two mineralised targets within the belt: Canhada and Big Ranch (see Figure 1 below).
The Canhada and the Big Ranch targets are both extremely promising large-scale mineralised and altered zones that merit further exploration. The core of the Canhada anomaly consists of a 2.4 km x 1.4 km copper-in-soil anomaly that is juxtaposed on an airborne potassium anomaly with rock samples from early sampling grading up to 4% Cu. It is part of a bigger anomalous system of about 9 km x 3 km.
The work in Big Ranch is just beginning with most of the rock assays still pending, but we have identified breccias bearing up to 2% Zn from early sampling and gossan outcrops along a zone in excess of 3 km bordering the margins of the Caçapava Granite.”
Meanwhile, we continue to move forward with development of the Três Estradas phosphate project, with our BFS targeted for release in March and this remains our primary focus. Community consultations are ongoing and we are now looking forward to approval of the Environmental Impact Assessment for the project which will come in the form of the Preliminary License, allowing us to move forward towards the construction phase.”
Background to Geological Setting
The mineralisation is hosted within a 100-km long by 60-km-wide belt that hosts numerous base metals deposits and past producers which in this geological environment typically occur flanking the borders of Neoproterozoic granites (Figure 1). The geological environment is highly prospective and includes the past producing Camaqua copper mine, a new Zn-Pb project currently being licensed by Nexa Resources of the Votorantim Group and the Andrade copper deposit owned by Brazilian based Referencial.
Figure 1 is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/7bab1e93-7ff3-4b37-b9ea-30c144c5d5e2
Figure 2 is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/e498aff0-0f81-4011-9c1b-17e4c682b0be
Figure 3 is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/d5005c9b-4178-4755-a2af-587c0a513546
Figure 4 is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/c554e7f9-cb0f-46cc-8288-67acc380a8be
Table 1. Rock sampling results from the Canhada Target - Rio Grande Copper Belt.
SAMPLE | UTM_E | UTM_N | Elevation (m) | Cu% |
85449 | 232057 | 6570472 | 285 | 0.51 |
85450 | 232059 | 6570466 | 286 | 0.97 |
85451 | 232066 | 6570472 | 289 | 0.92 |
85452 | 232072 | 6570469 | 286 | 0.93 |
85453 | 232093 | 6570488 | 283 | 0.85 |
85455 | 232418 | 6571145 | 259 | 0.13 |
85457 | 232580 | 6571252 | 260 | 4.09 |
85458 | 232585 | 6571243 | 257 | 2.70 |
85460 | 232760 | 6571410 | 269 | 0.29 |
85461 | 232805 | 6571370 | 271 | 0.14 |
85463 | 232677 | 6571071 | 265 | 0.26 |
96241 | 233199 | 6571467 | 258 | 0.50 |
96242 | 233222 | 6571464 | 258 | 0.23 |
96243 | 233193 | 6571469 | 258 | 0.33 |
Table 2. Rock sampling results from the Big Ranch Target - Rio Grande Copper Belt.
Sample | UTM_E | UTM_N | Elevation(m) | Cuppm | Pbppm | Zn% |
96238 | 269002 | 6635559 | 145 | 188 | 252 | 1.33 |
96239 | 268989 | 6635586 | 144 | 148 | 839 | 2.00 |
96246 | 268965 | 6635769 | 137 | 97 | 41 | 0.23 |
For further information, please contact:
Justin Reid, Managing Director
E: jreid@aguiaresources.com.au
T: +1 416-216-5446
Spyros Karellas, Investor Relations North America
E: spyros@pinnaclecapitalmarkets.ca
T: +1 416-433-5696
Released through: Ben Jarvis, Six Degrees Investor Relations: +61 413 150 448
Follow Aguia on Twitter: @ Aguia_Resources
About Aguia:
Aguia Resources Limited, (“Aguia”) is an ASX and TSXV 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.
Qualified Person
The technical information in this press release has been reviewed and approved by Dr. Fernando Tallarico, who is a member of the Association of Professional Geoscientists of Ontario, Technical Director for Aguia and a Qualified Person as defined by National Instrument 43-101. Dr. Tallarico consents to the inclusion of his name in this release.
Cautionary Statement on Forward Looking Information
This press release contains "forward-looking information" within the meaning of applicable Canadian and Australian securities legislation. Forward-looking information includes, without limitation, statements regarding the results of exploration activities at the Canhada and Big Ranch Targets, soil and assay results, , progress of the BFS, plans for future drilling and exploration programs, the mineral resource estimates, production targets, the anticipated timetable, permitting, forecast financial information, bankable feasibility study and ability to finance the project, and the prospectivity and potential of the Canhada and Big Ranch Targets.
Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved".
Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including risks inherent in the mining industry and risks described in the public disclosure of the Company which is available under the profile of the Company on SEDAR at www.sedar.com, on the ASX website at www.asx.com.au and on the Company's website at www.aguiaresouces.com.au. These risks should be considered carefully.
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Persons reading this news release are cautioned that such statements are only predictions and there can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company disclaims any intent or obligation to update or revise any forward looking statements whether as a result of new information, estimates, options, future events, results or otherwise and does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
NEITHER THE AUSTRALIAN STOCK EXCHANGE, TSX VENTURE EXCHANGE NOR THEIR REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.