New Drilling Results Reveal Significant Thickening of Mineralisation at Depth

Highlights:

  • Highlights:
  • Drilling continues to demonstrate homogeneous nature and strong continuity of mineralisation both laterally and at depth
  • At depth some intercepts are returning thicker than anticipated in the previous resource model:
    • TED-16-090 intercepted 94.20 metres grading 3.96% P2O5 from 160.45 metres
    • TED-16-089 intercepted 131.35 metres grading 3.28% P2O5 from 118.00 metres
  • Oxidized mineralisation continues to return high-grade material near surface:
    • TER-16-167 intercepted 20.00 metres grading 6.31% P2O5 from surface including 7.00 metres grading 12.98% P2O5
    • TER-16-173 intercepted 31.00 metres grading 9.00% P2O5 from surface including 8.00 metres grading 11.12% P2O5 and 5.00 metres grading 11.53% P2O5
  • Samples of fresh rock have arrived at Eriez and the Pilot Plant Program now underway

Brazilian fertiliser developer Aguia Resources Limited (ASX: AGR) (“Aguia” or “Company”) is pleased to update shareholders on the infill drilling program at its flagship Três Estradas Phosphate Project in southern Brazil.

To date, 8,500 metres of drilling, or 89% of the total of 9,500 metres originally planned, has been completed. The program will be extended to include another 1,000 metres of infill drilling, as recommended by Millcreek Mining Group to ensure a robust audit of the mineral resource statement for inclusion in the Bankable Feasibility Study (the “BFS”). Thus, the final program will total 10,500 metres of drilling.

The current program is demonstrating that the mineralised carbonatite is very consistent and continuous both along strike and at depth. These latest drill results, as well as those reported to shareholders on 17 January 2017, reveal that certain parts of the deposit are thicker than predicted in the previous resource model. Drilling sections 1250NE (Figure 1 below) and 600NE (Figure 2 below) are examples of the thicker mineralised intercepts relative to the previous resource model.