THE BOURSE WHISPERER: Emerging fertiliser development company Aguia Resources (ASX: AGR) has received confirmation from the National Department of Mineral Production of Brazil that a further seven tenements have been granted close to the company’s phosphate discovery at Três Estradas (TE project) located in the state of Rio Grande do Sul, southern Brazil.
Location of Rio Grande Projects, SE Brazil. Source: Company announcement
Aguia announced the discovery of the TE project in November 2011, after which the company applied for an additional 13 target areas in close proximity to the project.
The company said these areas were targeted based on similar geological and magnetic signatures to the TE discovery.
“We are very pleased to have seven of these tenements granted and will begin reconnaissance field checking once the geological team has finished sampling and logging of the recently completed drilling program,” Aguia Resources managing director Simon Taylor said in the company’s announcement to the Australian Securities Exchange.
“Significantly the seven tenements granted are in the Brazilian border control zone.
“As such we look forward to further tenements in this zone being granted, in particular the southern extension to the phosphate carbonatite host rock discovery at TE where we announced an initial JORC resource in June this year.”