Aguia Resources’ (ASX:AGR) March quarter high on action at copper and phosphate projects

Highlights:

• Aguia Resources received excellent results from the first agronomic tests of Pampafos® and Lavrato® being applied to wheat crops.
• The Company commenced an infill drilling program at the Andrade Copper Project to improve the resource category of the deposit.
• AGR closed the March quarter with a cash balance of AU$4.78 million.

Multi-commodity company Aguia Resources Limited (ASX:AGR) has concluded the March quarter of 2022 with a flurry of initiatives and significant results. The Australian resources company is dedicated to advancing its Três Estradas Phosphate Project (TEPP) and the Andrade Copper Project into production.

During the last quarter, AGR made notable progress with significant results received from the application of its branded natural phosphate fertiliser from the TEPP to the wheat crop. The Company also advanced an infill drilling program at its copper Project.

 RELATED READ: Why are Aguia Resources’ (ASX:AGR) copper and phosphate projects set for an exciting year ahead?

Let us look at the events marking the Company’s progress for the reported period ended 31 March 2022.

Natural phosphate fertiliser product delivers excellent productivity

The quarter saw excellent results from the first agronomic tests of the Company’s Direct Application Natural Fertiliser (DANF) phosphate products Pampafos® and Lavrato® being applied to wheat crops.

Moreover, application of Pampafos® to wheat crops exceeded the productivity of chemical fertilisers.

Learn more: Aguia Resources’ (ASX:AGR) Pampafos® beats chemical fertilisers; What’s Ahead?

Wheat grain production resulting from each treatment (Source: AGR ASX 02/05/2022)

AGR believes that the growers will receive ongoing environmental benefits of improved soil quality with the application of its products. The products offer potential cost efficiencies in comparison to conventional chemical phosphate fertilisers.              

ALSO READ: Aguia Resources (ASX:AGR) makes headway with DANF phosphate products

Drilling progress at Andrade Project

AGR commenced the first phase, 2,000-metre diamond drilling program at the Andrade deposit in the Rio Grande Copper Belt. The program targets shallow and high-grade ore body portions of the deposit.

Earlier holes in these parts delivered substantial high-grade mineralisation, comprising intercepts of 28.77 metres grading 1.83% copper from 63.63 metres with a higher-grade zone of 19.39 metres grading 2.55% copper.

Source: AGR ASX 02/05/2022

AGR is seeking significantly higher grades than the present Indicated and Inferred through the current drilling program, aimed at enhancing the resource category of the deposit to Measured & Indicated (M&I). This improvement is necessary to progress the engineering studies and economic model for the project.

After the quarter end, ARG collected core samples from the first phase of drilling and sent them to the lab for assaying. The Company anticipates receiving results from these 155 samples in early May 2022.

RELATED READ: Aguia Resources (ASX:AGR) develops innovative solutions for TEPP ore drying

Strengthened leadership team

During the quarter, AGR also made significant changes to its leadership team. Ms Christina McGrath was appointed the Executive Chair of the Company in January 2022.

Ms McGrath joined the Board and was appointed Non-Executive Chair in June 2019. Since then, she has acted effectively in her role as Executive Chair, offering significant corporate support across a wide range of areas.

RELATED READ: Aguia Resources’ (ASX:AGR) Pampafos® beats chemical fertilisers; What’s Ahead? 

Financial stance and forward plan

Operating expenditure during the quarter totalled AU$541,000 with an increase in cash outflows due to exploration activities related to the Andrade Copper Project.

AGR held a cash balance of AU$4,780,000 at the end of the quarter.

RELATED READ: Aguia Resources (ASX:AGR) well-funded to unlock value of copper assets

Moving forward, the Company plans to continue the comprehensive infill drilling program at Andrade with a view to boosting the tonnes and grade of the deposit. Moreover, AGR continues to extend its copper leases and remain in pursuit of prospective targets throughout the Rio Grande Copper Belt.

AGR is continuing agronomic trials across its TEPP, being conducted with the Federal University of Rio Grande do Sul and the Federal University of Pelotas.

AGR shares traded at AU$0.050 on 09 May 2022.