Aguia (ASX:AGR) identifies 11th copper target in Rio Grande Copper Belt

By - Manisha

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Highlights 

  • Aguia Resources Limited (ASX:AGR) has announced results from the initial rock scout sampling conducted at its Cota target in the Rio Grande Copper Belt.
  • The samples were studied at ALS Laboratory, delivering results up to 3.72% copper for the target.
  • The Cota target is the 11th copper target of the company in the Rio Grande Copper Belt, in addition to the Andrade copper project.
  • According to the firm, this target ‘reinforces the great potential of the Rio Grande Copper Belt to host further copper discoveries’.

In the latest ASX announcement, Aguia Resources (ASX: AGR) has reported the identification of a new copper target in the Rio Grande Copper Belt.

The company revealed results from an initial rock scout sampling conducted at the new target, Cota, its 11th copper target in the Rio Grande Copper Belt. The collected samples were examined at ALS Laboratory and delivered results up to 3.72% copper for the target.

“Cota” is a new highly prospective target identified by Aguia at a distance of about 35km from its existing copper project, Andrade.

Andrade is one of the two 100% owned advanced mining projects of the company in southernmost Brazil.

Data source: AGR ASX announcement dated 29 March 2023

An overview of Cota Target

Aguia had announced the identification of three copper targets in the Rio Grande Copper Belt after receiving 24 new exploration permits for expansion of its land holdings in the Rio Grande Copper Belt by 375 km², in December 2020. The three new targets were Salso, Piquiri and Estuque. Recently, Aguia identified the fourth new target, Cota. Along with other eight copper assets, the company’s total land copper position now stands at 1,550km2.

Located 35 km to the southwest of the Andrade Project, the Cota Target is surrounded by other copper assets. As per the initial geological mapping, the target is associated with the contact between volcanic rocks with a fine-grained granite intrusion.

Copper is present as disseminations in the matrix of the volcanic rock and filling fractures. The main copper mineral is malachite and minor azurite, demonstrating the weathering at surface of possible pristine copper minerals at depth. Initial reconnaissance and geological mapping delivered a rock assay grading 3.72% copper and over-limit assays for silver (more than 100 g/t).

 

Data source: AGR ASX announcement dated 29 March 2023 

AGR shares were trading at AU$0.046 midday on 30 March 2023, with a market capitalisation of AU$21.69 million.