Aguia Resources Limited has two well-advanced mining projects in southernmost Brazil: cathode green copper and organic phosphate. The company confirms strong assay results from its diamond drilling program at Aguia's Copper Project in the Rio Grande Copper Belt. As previously announced, the objective of the initial phase of the drilling program1 (which was to infill the drilling grid of the existing mineral resource2) was successfully completed.

The drilling program concentrated on the shallow and high-grade portions of Aguia's copper mineral deposit. Previous holes in that portion returned significant high-grade mineralisation, including its then-best intercepts of 38.20 metres grading 1.42% copper from 76 metres. The company has now received further assays of high-grade copper zones, confirming Aguia's existing Copper Mineral Resource model: Hole AND-22-026 returned 14m @ 1.20% Cu & 16.69 g/t Ag (from 111m).

Hole AND-22-022 returned 9.70m @ 0.91% Cu & 4.43 g/t Ag (from 50.70m), including 4.05m @ 1.44% Cu & 3.56 g/t Ag (from 52.35m). Hole AND-22-027 returned 14m @ 0.78% Cu & 9.35 g/t Ag (from 72m), including 6m @ 1.34% Cu & 13.62 g/t Ag (from 75m). The Company has now completed the entire infill drilling program, comprising 25 drill holes totalling 2,646 metres.

Aguia's Copper Project can now proceed to a Preliminary Feasibility Study. Also, on the copper front, the company announced that its Cathode Green Copper Project is in the final stages of approval for an AUD 600,000 research and development grant from the Federal Research Fund ­ FINEP.