Aguia (ASX:AGR) hits key milestone with ‘sizable’ resource estimate for green copper project

Highlights

• Aguia Resources (ASX:AGR) has announced sizeable resource estimate for its Brazilian green copper project, Andrade, backed by successful 2022 infill drilling campaign.
• The company has reported Measured & Indicated Mineral Resources of 22.6 Mt at 0.43% Cu and 2.11 g/t Ag and Inferred Mineral Resources of 3.0Mt at 0.43% Cu and 1.85 g/t Ag.
• The development has paved way for the company to hold Pre-Feasibility Study, following which Environmental Impact Assessment will begin.

ASX-listed multi-commodity company Aguia Resources Limited (ASX:AGR) has ticked off a significant milestone in its copper story.

With a successful 2022 infill drilling campaign and geological modelling at its Andrade copper project in southernmost Brazil, the company has released an updated resource statement for the green copper project.

The company has announced sizable Measured & Indicated Mineral Resources of 22.6 Mt at 0.43% Copper (Cu) and 2.11 g/t Silver (Ag) and Inferred Mineral Resources totalizing 3.0Mt at 0.43% Cu and 1.85 g/t Ag.

With the updated resource statement, Aguia suggests the company doesn’t need to conduct any further high-cost drilling as the development adds to the certainty relating the copper resource. Also, it allows the company to move forward to the next stage, the Pre-Feasibility Study (PFS). The study will enable the commencement of the Environmental Impact Assessment (EIA), further leading to permitting.  

Mineral Resource Table (Image source: AGR update) 

Details of the Updated Resource Statement

Brazil-based independent consulting firm GE21 Consultoria Mineral Ltda conducted the Resource Statement update on the basis of the results of Aguia’s 2022 infill drilling campaign. Total 25 core holes were drilled for about 2646 metres. The company successfully concluded the drill program, converting the earlier reported Indicated & Inferred Resources to the Measured & Indicated Mineral Resource category.

The revised Measured and Indicated Resource includes a range of cutoffs which can potentially be applied to the future resource modelling.

Management commentary

As per the company statement, Aguia has an economically viable copper project in Andrade, as indicated in the scoping study completed in March 2021.

Aguia’s copper potential

The closure of the exploration phase for the project marks the beginning of Aguia’s copper potential. There are 10 other satellite targets in proximity as well as 1,500 sq km of Cu tenements in the Rio Grande Copper Belt. The belt reflects unique geological similarities hinting that it once joined the famed African Kalahari Copper Belt, which hosts numerous copper deposits and has been mined for decades.

The company’s largely Government funded, R&D, Green Copper Processing Project, is advancing with the Environmental Impact Assessment work.

AGR shares traded at AU$0.052 on 10 February 2023.