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.