Aguia Resources advances Copper Belt activities with 24 new permits

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Image Credit: Aguia Resources

Aguia Resources Limited announced today that it has secured 24 new exploration permits within the Rio Grande Copper Belt, laying the cornerstone for the agricultural company’s progress in Brazil. 

The news comes with updates on several key developments that should strengthen the company’s position as a supplier of both copper and phosphate.

On the latest developments, Managing Director Fernando Tallarico, commented: “Aguia is making excellent progress adding further value to and expanding its portfolio of copper assets in Brazil.”

The permits, which were acquired in December 2020, expanded Aguia’s land coverage within the Rio Grande Copper Belt by 37,451 hectares to a total of 81,700 hectares.

Adertisement

“Over a number of years, we have painstakingly assembled a highly prospective land package and these new permits further strengthen the asset base and take the total holding well over 800 km2,” Tallarico added.

Copper’s ‘unrealised value’

Aguia holds a number of tenements within the belt’s region, including a seventh Copper Target – the Lagoa Parada Target.

Initial rock sampling along Lagoa Parada returned 4.22% copper and >100 g/t silver, which the company described as “encouraging copper and silver results.”

Meanwhile, a soil sampling program along the southeastern portion of the Passio Feio Target revealed a potential copper resource. Prior to this, previous exploration work at this region returned assays of up to 4.53% copper and 34 g/t silver.

The company is also undertaking a scoping study for its Andrade tenement. Nearing completion by February 2021, the Andrade Copper Project Scoping Study will launch the production of metallic copper via heap leaching, and copper sulphate production. 

The rapid rise of metallic copper in prices, however, is encouraging Aguia to reconsider its position on the production of metallic copper as opposed to copper sulphate.

These efforts are concurrent with the Três Estradas Phosphate Project (‘TEPP’) which remains as Aguia’s top priority. 

Nevertheless, Tallarico opined that the ongoing copper work could “unlock significant unrealised value” for Aguia.

“The samples we are reporting from the newly secured Lagoa Parada Target are highly encouraging, so too are the soil samples from Passo Feio. Both warrant more extensive exploration.”