THE BOURSE WHISPERER: South America-focused potash and phosphate exploration and development company Aguia Resources has submitted an application for a tenement that covers the southern extension to the company’s recently discovered Tres Estradas (TE) phosphate project located in the state of Rio Grande do Sul in southern Brazil.
Aguia has lodged the application with the National Department of Mineral Production (DNPM) by way of a public tender process for the tenement south of TE.
Aguia said it has been advised by the DPNM that they were the only company to tender for the tenement and thus have priority on the application.
The company is now waiting to hear back from the DPNM to be advised as to when the tenement will be granted.
Location of the company’s projects in Rio Grande do Sul State, SE Brazil. Source: Company announcement
Aguia said the tenement in question hosts the southern extension of the magnetic feature co-incident with the phosphate carbonatite host rock it discovered while undertaking a recent program of diamond and auger drilling.
Results of this drilling have been previously released to the market in November 2011 and February 2012.
These demonstrated widths and grades of phosphate mineralisation over one kilometre and highlighted the area’s potential to host a near surface phosphate deposit in close proximity to infrastructure, primary agriculture customers and fertiliser blenders.
The new application has the potential to extend the prospective zone to 2.4 kilometres.
“We are excited by the recent discovery at TE and this recent application is another opportunity to expand our targeted resource.” Aguia Resources managing director Simon Taylor said in the company’s announcement to the Australian Securities Exchange.
“We look forward to announcing results of the beneficiation test work to the market in conjunction with our first Mineral Resource estimate from Tres Estradas.”