Aguia Resources releases ‘sizeable’ resource for Brazilian green metallic copper project
Infill drilling and geological modelling at Aguia Resources’ (ASX: AGR) metallic green copper project in Brazil has produced what the company describes as a “sizeable” measured and indicated mineral resource estimate.
The estimate sits at 22.6 million tonnes grading 0.43% copper and 2.11 grams per tonne silver, plus an inferred total of 3Mt at 0.43% copper and 1.85g/t silver.
It was based on recent infill drilling of 25 core holes for 2,646 metres, which aimed to convert the resource classification.
Aguia said the resource statement was a “significant milestone” for its copper story – requiring no further high-cost drilling and indicating the potential for an economically-viable copper mine.
It will allow the company to proceed to a pre-feasibility study and environmental impact assessment prior to final permitting.
Managing director Dr Fernando Tallarico said the company had a lot of work ahead.
“Moving forward, we will review the current resource model, using different cut-off grades, to determine the optimum reserve pit,” he said.
“The data will allow us to improve the engineering of this project and will lead us to a more robust economic model in the form of a pre-feasibility study, which we expect to announce to our shareholders in the next quarter.”
‘Just the beginning’
The metallic green copper resource estimate is believed to be “just the beginning” for Aguia’s copper potential.
The company has 10 satellite targets in proximity to the project and 1,500 square kilometres of copper tenements in southern most Brazil’s regional Rio Grande copper belt, where studies show unique geological similarities which suggest it once joined the famed African Kalahari Copper Belt that hosts many copper deposits and has been mined for decades
Last month, Aguia received a non-refundable $570,000 project grant from Brazil’s Ministry of Science and Technology to help fund its work into green copper processing technologies including bioleaching and ore sorting.
The company will be collaborating with researchers from Itatijuca Biotech and the Federal University of Rio Grande do Sul to advance these technologies.
The grant has a budgeted cost of approximately $770,000 and is expected to take two years.
Aguia’s contribution will be approximately $200,000.