Aguia Resources: Quarterly Report March 2013
April 23, 2013 (Source: Aguia Resource) — Aguia Resources Limited (ASX: AGR) (“Aguia” or “Company”) is pleased to present its March 2013 quarterly activities report.
Milestones During the March 2013 quarter, Aguia achieved a number of significant milestones including:
- A resource tonnage increase of 34% at its flagship Três Estradas phosphate project in southern Brazil for an updated JORC compliant Indicated and Inferred mineral resource of 28.5Mt grading 4.3% P2O51.
- An Initial JORC compliant Inferred mineral resource at the Lucena Phosphate Project of 55.1Mt @ 6.42% P2O52
- Discovery of new phosphate bearing carbonatite named Porteira in close proximity to the Três Estradas and Joca Tavares projects
Phosphate At the Três Estradas phosphate project the Company announced an upgrade to the JORC compliant Indicated and Inferred mineral resource to 28.5Mt @ 4.3% P2O5, a 34% increase on tonnage from the initial resource announced in June 2012. This includes a higher grade oxide zone from surface of 1.6Mt @ 10.5% P2O5.
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The Company commissioned leading independent global consulting company SRK Consultants (Canada) Inc. (“SRK”) to prepare the JORC Mineral Resource Statement Upgrade. The mineral resources are reported within a conceptual pit shell at a cut-off grade of 3.0% P2O5. Significantly, 78% of the higher grade oxide zone that extends from surface has been upgraded to an Indicated category.
First pass beneficiation test work from the higher grade oxide zone has confirmed commercial concentrate grades up to 36% P2O5 supporting future project development opportunities including a potential early start up.
At the Lucena Project, the Company, subsequent to the end of the period, announced an initial JORC-compliant Inferred mineral resource estimate of 55.1Mt @ 6.42% P2O5. This inferred resource statement was prepared by SRK, with the resources reported within a conceptual pit shell at a cut-off grade of 3.0% P2O5. This resource is based on 40 out of a total of 49 diamond drill holes that the Company has drilled since August 2011.
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