Aguia provides drill program update for Três Estradas Project, Brazil
- First phase Diamond and Reverse Circulation drilling programs at Três Estradas South have intersected excellent widths of phosphate mineralization.
- To date 1,595 meters of Diamond Drilling has been completed and results returned from six holes include:
- 53.94 meters grading 5.27% P2O5, from 17.50 meters
- 62.65 meters grading 4.32% P2O5, from 9.15 meters
- 74.00 meters grading 4.11% P2O5, from 12.00 meters
- In addition 1,010 meters of Reverse Circulation drilling was also completed and results from six holes returned the following intercepts:
- 22.00 meters grading 14.07% P2O5, from 13.00 meters
- 33.00 meters grading 13.85% P2O5, from 5.00 meters
- 38.00 meters grading 10.74% P2O5, from 1.00 meters
- 44.00 meters grading 10.07% P2O5, from surface
Aguia Resources Limited (ASX: AGR) (“Aguia” or “Company”) is pleased to announce that the Company has received excellent results from the first batch of assays from the ongoing reverse circulation and diamond drilling programs testing the southern extension to the Três Estradas project located in the state of Rio Grande do Sul in southern Brazil. This is a part of the current extensive drill program at the flagship phosphate assets of the Company that comprises Três Estradas South and the adjoining Joca Tavares project.
Três Estradas South forms the southwest strike extension of the previously announced Três Estradas in‐pit resource of 30.5 million tons grading 4.3% P2O5, which includes indicated resources of 9.9 million tons grading 5.03% P2O5 and inferred resources of 20.6 million tons grading 3.94% P2O5. Previously announced auger drilling at Três Estradas South has returned several encouraging results, including 10 meters grading 10.6% P2O5, 12 meters grading 9.8% P2O5, 7.9 meters grading 12.0% P2O5, all ending in mineralization indicating that the high grade oxide zone extends further to the south-west from the current resource.
In December 2014 the Company initiated a drilling program to systematically test the mineralization at Três Estradas South. The planned program consists of a combination of at least 1,000 meters of reverse circulation drilling to outline the oxide mineralization and 3,000 meters of diamond drilling designed to test the extension of the mineralization at depth. The program is ongoing and to date 1,595 meters of diamond drilling and 1,010 meters of reverse circulation have been completed.
“The initial assay results from this program are extremely encouraging as they confirm the extension of the Três Estradas mineralization to the southwest at surface and also at depth. Both oxide mineralization and fresh carbonatite are identical in texture and grade to the current pit-constrained resource that was delineated in the previous programs.
These initial results are consistent with those from the previous shallow auger drilling and demonstrate that mineralization continuously extends to the southwest. The initial results for the oxide mineralization have returned thicker intercepts, up to 44 meters from surface. At depth the carbonatite-hosted mineralization is consistent and predictable along strike indicating that this program has the potential to substantially increase the resource at Três Estradas”, commented Technical Director Fernando Tallarico.
“These results validate the potential for a high quality, world class phosphate asset in South Brazil to service the growing demand for phosphate nutrients in the farm belts in Brazil. We will continue to explore the region to finish the drill program that commenced in December 2014 to cover Três Estradas South and also include the adjoining properties in Joca Tavares”, added Managing Director Prakash Hariharan.