Key Phosphate Tenements Granted At Tres Estradas South And Joca Tavares In Southern Brazil
May 1, 2013 (Source: Aguia Resources) — Aguia Resources Limited (ASX: AGR) (“Aguia” or “Company”) is pleased to announce that it has had confirmation from the National Department of Mineral Production that two key tenements in the southern state of Rio Grande do Sul, Brazil have now been granted.
The approval of the priority applications for tenements covering both the Três Estradas South and Joca Tavares projects is a significant development for the company.
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Aguia’s Managing Director, Simon Taylor, said “We are extremely pleased to have these tenements granted allowing us to further expand the JORC resource at Três Estradas and to also complete an initial drilling program at the exciting Joca Tavares project which is mineralised at surface and has had no drilling to date.”
“In particular at Três Estradas we will systematically drill test the outcropping phosphate target that extends into the new tenement as evident from surface reconnaissance mapping and airborne magnetics. The current JORC mineral resource is open to the southwest along the boundary into the newly granted tenement and thus there is significant potential to upgrade the size of the resource. We will complete scoping level economic studies to confirm our belief that the Tres Estradas project has the potential to develop into a significant and robust operation. Additionally Joca Tavares has never been drill tested and shows evidence at surface of phosphate bearing carbonatite host rock over an extensive area with rock chip samples grading up to 12.45% P2O5.”
The Três Estradas project represents a significant new phosphate discovery with characteristics similar to existing producers in Brazil. Importantly, the grade and mineralogy is similar to that of other operating mines globally including Yara’s Siilinjärvi mine in Finland and Vale’s Cajati mine in Brazil, both of which produce a high quality concentrate from phosphate within carbonatite host rocks.
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