Aguia REsources is looking for southern Brazilian phosphates

Rio Grande Projects
The TE (Três Estradas) and JT (Joca Tavares) Carbonatite Projects are located 325 km and 377 km respectively from the city of Porto Alegre, the capital of the State of Rio Grande do Sul, the southernmost Brazilian state towards the border with Uruguay.
The region is well developed, being well serviced by roads, power, port and services. The two carbonatites were discovered by the Brazilian Geological survey (“CPRM”) and are now held by Companhia Brasileira do Cobre (“CBC”) via one exploration permit (TE) and one application permit (JT) over the carbonatite pipes.
Aguia have an exclusive option to acquire 100 per cent of the Tres Estradas (“TE”) and Joca Tavares (“JT”) carbonatite style phosphate projects from Companhia Brasileira do Cobre (“CBC”).
The projects being acquired are located within the Brazilian border control zone (150 kilometres from the international border) restricting foreign ownership of the tenements to 49 per cent. Should the option be exercised to acquire the tenements at the conclusion of the exploration program, the Company will be required to enter into a joint venture with a Brazilian owned company to develop the tenements. This arrangement is not expected to materially alter the Company’s potential economic return on the funds invested as part of the exploration program.
Tres Estradas
The TE project was historically explored for gold in a Joint Venture between CBC and Santa Elina. Three diamond drill holes that were targeting gold, intersected broad zones of carbonatites with associated phosphate mineralisation. Drill hole FD3E-03 returned 80 metres @ 3.41% P₂O₅ (from 16 metres) including 17 metres @ 4.94% P₂O₅ (from 56 metres) and drill hole FD3E-01 returned 96 metres @ 2.56% P₂O₅ (from 39 metres) including 35 metres @ 3.45% P₂O₅ (from 68 metres).
The first 15 metres of these holes were never sampled and have the potential to host higher grade oxide ore as indicated by grab surface rock samples collected by Aguia that have returned assays up to 31.70%, 25.80% and 22.90% P₂O₅.
Exploration programs of surface sampling and drilling will test the TE target over a strike length of one kilometre and widths up to greater than 100 metres.