Lucena Phosphate Project: Initial Inferred Jorc Compliant Mineral Resource Estimate of 55Mt
April 8, 2013 (Source: Aguia Resources) — Aguia Resources Limited (ASX: AGR) (“Aguia” or “Company”) is pleased to announce an initial JORC compliant Mineral Resource Statement for the Lucena Phosphate Project (“LPP”) in the state of Paraiba in north eastern Brazil.
From August 2011 to October 2012, Aguia drilled 49 core drill holes in two separate drilling campaigns, 40 of which were used to estimate the JORC compliant mineral resource.
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The Company commissioned leading independent global consulting company, SRK Consulting (Canada) Inc, to prepare an initial JORC compliant Mineral Resource Statement. The mineral resources are reported within a conceptual pit shell at a cut-off grade of 3.0% P2O5. The summary report including competent person’s statement is attached to this release.
The LPP covers 73,361 hectares (734km2) all located within a 50km radius around the city of João Pessoa, capital of Paraiba state in north eastern Brazil.
The LPP area was first investigated by the CPRM (Brazilian Geological Survey) in the late seventies to early eighties and several intercepts containing P2O5 were defined during the drilling exploration program. This program also identified the Recreio – Acais Deposit located 25km south of the Project area and the Goiania deposit located 50km north of Olinda.
The Property was identified based on the historical phosphate occurrences reported by the CPRM. After initial analysis of the occurrences, geology and distribution the available areas were staked along the northern sector of the Paraiba Belt within the same geological setting that hosts the phosphate deposits discovered by CPRM. Prior to the Company’s activities no systematic exploration work had been conducted subsequent to the historical government program.
Aguia’s Managing Director, Simon Taylor, said: “This is another milestone for the Company with JORC compliant resources now achieved at both the Lucena and Tres Estradas phosphate projects in the last three months in a jurisdiction that is heavily reliant on imports of phosphate rock and phosphate based fertilisers. The property hosts excellent infrastructure including roads, water and energy and is located near fertilizer blenders and transportation hubs including the Cabedelo port facilities which can be accessed via 65km of paved roads.”
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