Highlights:
- Sampling and mapping of Big Ranch Target in Rio Grande do Sul returned up to 7.74 g/t Au from a gossan sample, a strong indicator of possible copper-bearing sulfide minerals at shallow depth
- Soil sampling along the Big Ranch Target outlines a copper anomaly in excess of 6 km flanking the northern border of the Caçapava Granite
- Aguia is infilling the initial reconnaissance soil survey lines and has begun detailed soil sampling where the gold-rich gossans occurred
- Next step will be a ground geophysical survey to follow-up soil geochemical anomalies using induced polarization (IP) techniques
- Preparations underway for the upcoming public hearings as part of the environmental permitting process of its Flagship Três Estradas phosphate project
TORONTO, April 19, 2018 (GLOBE NEWSWIRE) -- Aguia Resources Limited (ASX:AGR) (TSXV:AGRL) (“Aguia” or “Company”) is pleased to announce that ongoing mapping and sampling along the Big Ranch target has returned up to 7.74 grams per tonne Au in a gossan sample. As announced previously, the Company has discovered a new zone of copper mineralisation on ground staked within the Rio Grande Copper Belt, as a result of regional exploration activities in the State of Rio Grande do Sul, Brazil.
The Big Ranch target is located along the northern edge of the Caçapava Granite and consists of an 8-km-long by 4-km-wide alteration zone where multiple zinc and copper showings have been identified including multiple outcrops of gossans within a mineralised and alteration aureole along the northern margin of the intrusion (Figure 1). Further mapping and rock sampling along this zone has identified multiple gossan occurrences that define a corridor extending at least 3 km in length along the northern margin of the granite (Figure 2). Wide spaced reconnaissance soil lines returned a continuous copper anomaly in excess of 6 km in length and up to 1 km wide. Aguia is now completing detailed soil sampling lines to follow up on the gold-rich gossan occurrences and to infill the initial reconnaissance lines. The Company plans to initiate a ground geophysical survey shortly to identify detailed drilling targets within these broad geochemical anomalies.
Três Estradas Project
With the positive Bankable Feasibility Study completed at the flagship Três Estradas Phosphate project, Aguia is now concentrating its efforts preparing for the upcoming public hearings that are a decisive step towards the environmental permitting of the project.
Commentary
Technical Director Fernando Tallarico commented: “Big Ranch is developing very quickly and we are highly encouraged by the results to date. We now have a copper-in-soils anomaly of over 6 km of strike and up to 1 km wide and multiple gossan showings to follow up. The ground geophysical survey will allow us to define detailed drilling targets, which we expect to initiate shortly. We are extremely encouraged by the gossan sample that returned 7.74 gpt gold. The supergene nature and texture of this particular sample provides us with a strong indication of the possible presence of copper-bearing sulfide minerals at shallow depth, underneath the weathering profile. As sulfide minerals are weathered the base metals are leached out and gold is then relatively enriched and fixated in the gossan, which is the product of the alteration of primary sulfides. This interpretation also extends to the reminder of the gossan samples mapped in the Big Ranch Target, which can potentially reveal a zone of undercover sulfide minerals. We are now working to follow up these occurrences and determine the extent and depth of the gossan zone.”
Managing Director Justin Reid added: “These promising results from Big Ranch are a great follow up to the zone of copper mineralisation at the nearby Canhada target that we announced in February. With a successful $5 million capital raising completed last week, we are now very well capitalised for the next 12 months to continue exploring these exciting new targets.
“Três Estradas is also advancing to plan with finalisation of the environmental permitting process anticipated very soon. This is a major milestone and value event for Aguia. Our community events, workshops and consultations in Lavras do Sul have been proceeding well and we are focused on building strong relationships with our neighbours and local stakeholders.”
A photo accompanying this announcement is available at http://resource.globenewswire.com/Resource/Download/08238856-47e0-4e6f-9e64-95f8aaa7d4e1
A photo accompanying this announcement is available at http://resource.globenewswire.com/Resource/Download/9c58908a-712f-44ee-8570-fd3f01360a04
Table 1. Rock sampling results from the Big Ranch Target - Rio Grande Copper Belt.
| Sample | UTM_E | UTM_N | Elevation(m) | Auppm | Cu% | Zn% | Pb% |
| 57483 | 269116 | 6635374 | 154 | <0,01 | 0.02 | 0.07 | 0.04 |
| 57484 | 268452 | 6635516 | 154 | <0,01 | 0.01 | 0.21 | 0.06 |
| 57485 | 269199 | 6635015 | 159 | <0,01 | 0.01 | 0.01 | 0.00 |
| 57486 | 269462 | 6634100 | 194 | <0,01 | 0.01 | 0.05 | 0.00 |
| 57487 | 268909 | 6635895 | 142 | <0,01 | 0.02 | 0.01 | 0.00 |
| 57488 | 268586 | 6635663 | 148 | <0,01 | 0.00 | 0.01 | 0.00 |
| 57489 | 268570 | 6635605 | 152 | <0,01 | 0.00 | 0.11 | 0.07 |
| 57490 | 267674 | 6635262 | 187 | <0,01 | 0.00 | 0.06 | 0.01 |
| 57491 | 267795 | 6635328 | 187 | <0,01 | 0.01 | 0.09 | 0.12 |
| 57492 | 267831 | 6635435 | 208 | <0,01 | 0.00 | 0.09 | 0.01 |
| 97976 | 268414 | 6636282 | 166 | <0,01 | 0.00 | 0.01 | 0.00 |
| 97977 | 268414 | 6636282 | 166 | <0,01 | 0.00 | 0.01 | 0.00 |
| 97978 | 268350 | 6633482 | 185 | <0,01 | 0.00 | 0.01 | 0.00 |
| 97980 | 268443 | 6633386 | 176 | <0,01 | 0.01 | 0.01 | 0.00 |
| 97981 | 263797 | 6634504 | 163 | 0.01 | 0.18 | 0.11 | 0.15 |
| 97982 | 263798 | 6634545 | 151 | <0,01 | 0.22 | 0.32 | 0.11 |
| 97983 | 263780 | 6634538 | 154 | 0.01 | 0.11 | 0.07 | 0.06 |
| 97984 | 262850 | 6634524 | 164 | 7.74 | 0.13 | 0.03 | 0.01 |
| 97985 | 262997 | 6634401 | 180 | 0.02 | 0.10 | 0.14 | 0.09 |
| 97986 | 262987 | 6634395 | 180 | 0.02 | 0.13 | 0.08 | 0.02 |
| 97987 | 262955 | 6634407 | 178 | 0.02 | 0.18 | 0.29 | 0.23 |
| 97988 | 263098 | 6634291 | 166 | <0,01 | 0.09 | 0.01 | 0.01 |
| 97989 | 269025 | 6635480 | 135 | <0,01 | 0.01 | 0.01 | 0.00 |
| 97990 | 269009 | 6635511 | 137 | <0,01 | 0.00 | 0.02 | 0.01 |
| 97991 | 269013 | 6635520 | 136 | <0,01 | 0.00 | 0.02 | 0.00 |
| 97992 | 269015 | 6635533 | 136 | <0,01 | 0.00 | 0.02 | 0.01 |
| 97993 | 269011 | 6635532 | 135 | <0,01 | 0.01 | 0.01 | 0.00 |
| 97994 | 268993 | 6635590 | 135 | <0,01 | 0.01 | 0.24 | 0.08 |
| 97995 | 268959 | 6635654 | 143 | <0,01 | 0.00 | 0.00 | 0.00 |
| 97996 | 268979 | 6635738 | 141 | <0,01 | 0.01 | 0.01 | 0.00 |
| 97997 | 268970 | 6635754 | 144 | <0,01 | 0.01 | 0.30 | 0.08 |
| 97998 | 263504 | 6634425 | 180 | <0,01 | 0.04 | 0.02 | 0.01 |
| 62995 | 268289 | 6636140 | 168 | <0,01 | 0.01 | 0.01 | 0.01 |
| 62996 | 268248 | 6636127 | 168 | <0,01 | 0.01 | 0.01 | 0.00 |
| 62997 | 268885 | 6636290 | 133 | <0,01 | 0.00 | 0.01 | 0.00 |
| 62998 | 269220 | 6636088 | 148 | <0,01 | 0.01 | 0.01 | 0.00 |
| 62999 | 268884 | 6635954 | 133 | <0,01 | 0.00 | 0.01 | 0.00 |
| 63000 | 268757 | 6636097 | 133 | <0,01 | 0.01 | 0.01 | 0.00 |
| 82595 | 265043 | 6634256 | 197 | <0,01 | 0.02 | 0.01 | 0.00 |
| 82596 | 266985 | 6637029 | 178 | 0.42 | 0.19 | 0.00 | 0.00 |
| 82597 | 266984 | 6637037 | 179 | 0.32 | 0.14 | 0.00 | 0.00 |
| 82598 | 266987 | 6637020 | 179 | 0.06 | 0.00 | 0.01 | 0.00 |
| 57497 | 265127 | 6634321 | 196 | <0,01 | 0.01 | 0.01 | 0.00 |
| 57498 | 265088 | 6634273 | 203 | 0.01 | 0.42 | 0.18 | 0.15 |
| 57499 | 265106 | 6634315 | 200 | <0,01 | 0.02 | 0.01 | 0.00 |
| 57500 | 268386 | 6633398 | 176 | <0,01 | 0.02 | 0.01 | 0.00 |
| 74997 | 268511 | 6633475 | 199 | 0.01 | 0.10 | 0.06 | 1.52 |
| 74998 | 268529 | 6633574 | 182 | <0,01 | 0.03 | 0.01 | 0.00 |
| 98967 | 266973 | 6635084 | 234 | 0 | 0.00 | 0.00 | 0.02 |
| 98968 | 266846 | 6635128 | 245 | 0 | 0.00 | 0.00 | 0.01 |
| 98969 | 266818 | 6635027 | 246 | <0,01 | 0.00 | 0.01 | 0.00 |
| 98970 | 266890 | 6634934 | 257 | 0 | 0.00 | 0.00 | 0.00 |
| 98971 | 266930 | 6634814 | 249 | <0,01 | 0.00 | 0.01 | 0.00 |
| 98972 | 266933 | 6634782 | 243 | 0 | 0.11 | 0.01 | 0.07 |
| 98973 | 267073 | 6634633 | 225 | <0,01 | 0.01 | 0.01 | 0.00 |
| 98974 | 267149 | 6634425 | 239 | <0,01 | 0.01 | 0.01 | 0.00 |
| 98975 | 266931 | 6635040 | 237 | 0 | 0.00 | 0.00 | 0.01 |
| 98976 | 267580 | 6633574 | 203 | <0,01 | 0.01 | 0.01 | 0.00 |
| 98977 | 267508 | 6633783 | 190 | <0,01 | 0.02 | 0.00 | 0.00 |
| 98978 | 266219 | 6635287 | 192 | <0,01 | 0.00 | 0.04 | 0.00 |
| 98979 | 266224 | 6635177 | 191 | <0,01 | 0.01 | 0.01 | 0.00 |
| 98980 | 264571 | 6634015 | 159 | <0,01 | 0.01 | 0.01 | 0.00 |
| 98981 | 264625 | 6634072 | 159 | <0,01 | 0.02 | 0.01 | 0.00 |
| 98982 | 264651 | 6634144 | 159 | <0,01 | 0.02 | 0.01 | 0.00 |
| 98983 | 264659 | 6634228 | 158 | <0,01 | 0.01 | 0.01 | 0.00 |
| 98984 | 263976 | 6634867 | 138 | 0 | 0.15 | 0.17 | 0.01 |
For further information, please contact:
Justin Reid, Managing Director
E: jreid@aguiaresources.com.au
T: +1 416-216-5446
Spyros Karellas, Investor Relations North America
E: spyros@pinnaclecapitalmarkets.ca
T: +1 416-433-5696
Released through: Ben Jarvis, Six Degrees Investor Relations: +61 413 150 448
Follow Aguia on Twitter: @ Aguia_Resources
About Aguia:
Aguia Resources Limited, (“Aguia”) is an ASX and TSXV listed company whose primary focus is on the exploration and development of mineral projects in Brazil. Aguia has an established and highly experienced in-country team based in Belo Horizonte, Brazil with corporate offices in Sydney, Australia. Aguia’s key projects are located in Rio Grande do Sul, a prime farming area which is 100% dependent on phosphate imports. The Rio Grande phosphate deposits exhibit high quality and low cost production characteristics, and are ideally located with proximity to road, rail, and port infrastructure. Aguia’s experienced management team has a proven track record of advancing high quality mining assets to production in Brazil.
The information in this announcement that relates to Exploration Targets, Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Dr Fernando Tallarico, who is a member of the Association of Professional Geoscientists of Ontario. Dr Tallarico is a full-time employee of the company. Dr Tallarico has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Dr Tallarico consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
Qualified Person
The technical information in this press release has been reviewed and approved by Dr. Fernando Tallarico, who is a member of the Association of Professional Geoscientists of Ontario, Technical Director for Aguia and a Qualified Person as defined by National Instrument 43-101. Dr. Tallarico consents to the inclusion of his name in this release.
Cautionary Statement on Forward Looking Information
This press release contains "forward-looking information" within the meaning of applicable Canadian and Australian securities legislation. Forward-looking information includes, without limitation, statements regarding the results of exploration activities at the Canhada and Big Ranch Targets, soil and assay results, plans for future drilling and exploration programs, the mineral resource estimates, production targets, the anticipated timetable, permitting, forecast financial information, bankable feasibility study and ability to finance the project, and the prospectivity and potential of the Canhada and Big Ranch Targets.
Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved".
Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including risks inherent in the mining industry and risks described in the public disclosure of the Company which is available under the profile of the Company on SEDAR at www.sedar.com, on the ASX website at www.asx.com.au and on the Company's website at www.aguiaresouces.com.au. These risks should be considered carefully.
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Persons reading this news release are cautioned that such statements are only predictions and there can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company disclaims any intent or obligation to update or revise any forward looking statements whether as a result of new information, estimates, options, future events, results or otherwise and does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
NEITHER THE AUSTRALIAN STOCK EXCHANGE, TSX VENTURE EXCHANGE NOR THEIR REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.