Aguia Resources (ASX:AGR) on schedule with drilling at Andrade Copper Project, shares jump 14%

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Aguia Resources (ASX:AGR) on schedule with drilling at Andrade Copper Project, shares jump 14%

ASX:AGR drilling for copper
Image source: © Tifonimages | Megapixl.com

Highlights

  • Aguia Resources (ASX:AGR) has drilled 262m as part of the 2,000m first phase diamond drilling program at the Andrade project.
  • The drilling campaign aim is to enhance the resource category of the Andrade Deposit to Measured & Indicated.
  • AGR looks to benefit from the growing demand and increasing price of copper, which is being increasingly used in the clean and renewable energy space.

AGR shares traded over 14% higher today to AU$0.065 after an update on its Brazilian copper project. Aguia Resources Limited (ASX:AGR) is advancing well with the first phase diamond drilling program at its Andrade copper project. The company commenced this initial phase of the four-phase infill drilling program in mid-February 2022.

The company is excited about the ongoing drilling program at its most advanced copper project amid the surging demand for copper and healthy commodity price.

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Andrade drilling to improve mineral resource category

The first phase diamond drilling program targets a total of 2,000m, of which AGR has currently completed 262m of drilling. Moreover, the program is progressing as per the plan.

Through the drilling program, AGR intends to enhance the mineral resource category and possibly extend the current copper resources. The resource category of the Andrade Deposit is expected to improve to Measured & Indicated (M&I), which is necessary to progress the engineering studies and economic model for the project.

Andrade drilling plan map

Source: AGR Announcement 13/04/22

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Focus of the drilling program

AGR is focused on the shallow and high-grade ore body portions of the deposit under the current drilling program.

Earlier holes in that part delivered notable high-grade mineralisation, including intercepts of 28.77m grading 1.83% Cu from 63.63m with a higher-grade zone of 19.39m grading 2.55% Cu.

Presently, the Mineral Resource Estimate (MRE) is classified, in conformity with the JORC Code 2012, as an Indicated Resource of 18.03Mt at 0.41% Copper and 1.87g/t Silver and an Inferred Resource of 3.98Mt at 0.53% Copper and 2.06g/t Silver.

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Source: AGR Announcement 13/04/2022 

First assays expected in May

The initial 115 core samples have been sent to the laboratory for assaying. The company expects the initial results in early May 2022.

The program is expected to continue for the coming six months, with phases 2, 3 and 4 to be kicked off based on the results from phase 1.

Resource model with the areas to be drilled in each phase of the 2022 drilling program

Source: AGR Announcement 13/04/2022

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AGR believes that the completion of the program and enhancement of the resource will allow the company to develop a more detailed mining and processing plan and enhance its economic model.

In tandem with the drilling, AGR has also planned to progress a range of test work developed to enhance the beneficiation route of its copper mineralisation. This includes testing the efficiency to extract copper from the ore through bioleaching, which is in line with the company’s intention to design sustainable and environmentally friendly projects.

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Bottom Line

All in all, AGR has carefully gathered a significantly large portfolio of tenements in a proven copper belt. The company remains confident about positive results to be delivered through the next phases of drilling, given the extent of the mineralisation present.  

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