Aguia Resources Limited provided an update on regional exploration activities at the Mato Grande carbonatite target, located 80 km northeast from its Três Estradas project site in Rio Grande do Sul, Brazil. Aguia has been conducting an auger drilling program over the Mato Grande carbonatite to expand upon historical data that indicated up to 8.38% P2O5 in fresh carbonatite samples. The Mato Grande carbonatite is a 700m long by 200m wide intrusion in a structural setting similar to the mineralised carbonatite at the Três Estradas phosphate deposit. Results from 35 auger holes, totaling 110 assays, have been received and the results are very encouraging. The objective of this auger program is twofold: outline the extent of the carbonatite body and test for oxidised phosphate mineralisation at surface. While approximately 25 holes (42% of the planned program) still need to be completed and sampled, the initial data is positive as it includes individual auger samples grading up to 11.71% P2O5 and significant intercepts such as MGT-029 with 9 metres from surface grading 7.37% P2O5 and ending in mineralisation.