Located in Rio Grande do Sul, the southernmost state of Brazil, Aguia’s Andrade Copper Sulphate Project (Andrade) is a low capital expenditure (CAPEX) and lower operating expenditure (OPEX) copper sulphate project that provides Aguia with a core copper project and fast track route into production. Aguia is aiming to have Andrade in production by Q4 2024.

PROJECT HIGHLIGHTS

10.8 MILLION TONNES
Inferred mineral resource of 10.8 million tonnes

JORC COMPLIANT
JORC Compliant

0.56% CU & 2.56 G/T AG
Average grade of 0.56% Cu and 2.56 g/t Ag

EXPANSION POTENTIAL
Resource upgrade with additional drilling

LICENSING
Simplified environmental licensing

HIGH SALES PRICE
Attractive sale price (A$4,000 per tonne)

MARCH 2020
DRILLING RESULTS

During March 2020, a diamond drilling program was completed that confirmed north and south extensions of the high-grade copper zone within the existing Andrade Mineral Resource area. Other than intercepting mineralisation, these results were encouraging as they further proved Aguia’s 3D modelling of a plunging high-grade zone to remain valid and correct.

Initial metallurgical test work is currently being undertaken to investigate the behaviour of the copper mineralisation to see if it is amenable to leaching. If so, there is confidence that Andrade could be a relatively low CAPEX, fast start-up copper sulphate heap leaching operation.

Full ASX Announcement

WHAT IS COPPER
SULPHATE USED FOR?

Copper sulphate is a copper salt that has an extensive range of uses in a number of industries. Global copper sulphate consumption in 2019 was just over 296,000 tonnes per annum. This is projected to grow to over 377,000 tonnes per annum in 2024.

Aguia will be targeting the agriculture sector which is by far the largest segment in the copper sulphate market accounting for 79% of consumption in 2019. Copper sulphate’s primary use in agriculture is in fungicides but it is also used for treating copper deficient soils and for animal nutrition.

Source: Global Copper Sulphate Market 2020-2024 – Technavio

CRYSTALLISATION
PROCESS

TIMELINE &
KEY MILESTONES

RESOURCE STATEMENTS

MINERAL RESOURCE ESTIMATE AS AT 13 MARCH 2019
Aguia Resources Limited – Andrade Deposit

Notes:

  1. CIM (2014) definitions were followed for Mineral Resources. Mineral Resources also conform to JORC (2012) Code.
  2. Open pit resources are stated within a resource pit shell, above a cut-off grade of 0.20% Cu.
  3. Underground resources are reported above a cut-off grade of 1.00% Cu.
  4. Cut-off grades were calculated using a copper price of US$3.50/lb and a silver price of US$20/oz.
  5. Average bulk densities of 2.68 t/m3 for high grade domains and 2.60 t/m3 for low grade and waste domains were applied.
  6. Resources are reported on a 100% basis. No mining loss or mining dilution factors have been applied to the reported figures.
  7. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.
  8. Totals may not sum due to rounding.