IRW-News: Aguia Resources Ltd: Aguia Resources Limited: Infill-Bohrprogramm auf Tres Estradas kiefert weiterhin sehr ermutigende Ergebnisse

IRW-PRESS: Aguia Resources Ltd: Aguia Resources Limited: Infill-Bohrprogramm auf Tres Estradas kiefert weiterhin sehr ermutigende Ergebnisse

INFILL-BOHRPROGRAMM AUF TRES ESTRADAS LIEFERT WEITERHIN SEHR ERMUTIGENDE ERGEBNISSE

Wichtige Ergebnisse:

- Bohrungen demonstrieren weiterhin die homogene Art und Kontinuität der Vererzung sowohl lateral als auch zur Tiefe.

- Infill-Bohrkampagne auf 14.000 Bohrmeter erweitert - letzte 1.300m werden bis Ende April niedergebracht.

- In der Tiefe sind viele Abschnitte mächtiger als im früheren Ressourcenmodell erwartet wurde.

o TED-16-091 durchteufte 90,10m mit 3,49% P2O5 ab 150,00m Tiefe.

o TED-16-094 durchteufte 61,84m mit 4,30% P2O5 ab 218,00m Tiefe.

o TED-16-098 durchteufte 26,73m mit 3,95% P2O5 ab 86,00m Tiefe.

o TED-16-104 durchteufte 64,40m mit 4,27% P2O5 ab 237,00m Tiefe.

- Weitere Entdeckungen einer hochgradigen oberflächennahen oxidierten Vererzung:

o TER-17-202 durchteufte 30,00m mit 13,67% P2O5 ab Oberfläche einschließlich 8,00m mit 18,85% P2O5.

o TER-17-203 durchteufte 24,00m mit 16,02% P2O5 ab Oberfläche einschließlich 10,00m mit 20,03% P2O5.

- Erste Ergebnisse der Arbeiten in Pilotanlage der Eriez Flotation Division werden in Kürze erwartet.

- Vergleichsstudie für bankfähige Machbarkeitsstudie nähert sich dem Abschluss.

- Bankfähige Machbarkeitsstudie macht gute Fortschritte, Vergleichsstudie und erweitertes Bohrprogramm werden laut Erwartungen das Wert-Angebot weiter erhöhen.

Das brasilianische Unternehmen mit Fokus auf die Entwicklung von Phosphatlagerstätten Aguia Resources Limited (ASX: AGR) (Aguia oder das Unternehmen - http://www.commodity-tv.net/c/mid,36622,VRIC_2017/?v=297284 ) berichtet den Aktionären über den neuesten Stand des Infill-Bohrprogramms auf ihrem Vorzeige-Phosphatprojekt Tres Estradas im Süden Brasiliens. Das Programm liefert weiterhin sehr ermutigende Ergebnisse, die die Homogenität und Kontinuität der Lagerstätte demonstrieren. Vier Kernbohrgeräte sind weiterhin vor Ort im Einsatz. Das Rückspülbohrprogramm wurde jetzt abgeschlossen.

Bis dato wurden Bohrungen mit einer Gesamtlänge von 12.680m niedergebracht, davon entfallen 8.465m auf Kernbohrungen und 4.215m auf Rückspülbohrungen. Nach Identifizierung einer neuen Vererzungszone entlang der Südgrenze der Lagerstätte entschied sich das Management zur Erweiterung des Bohrprogramms um 1.500 bis 2.000m (siehe Pressemitteilung vom 16. Februar 2017). Die Infill-Bohrungen entlang dieser Zone werden fortgesetzt und als Ergebnis der sehr positiven Ergebnisse wird das Programm jetzt insgesamt ungefähr 14.000 Bohrmeter umfassen, eine Zunahme um ungefähr 40% gegenüber dem ursprünglichen Plan. Der Abschluss der Bohrarbeiten wird bis Ende April erwartet. Die Ergebnisse werden in eine aktualisierte JORC konformen Ressourcenschätzung für Tres Estradas aufgenommen, die nach Fertigstellung veröffentlicht wird. Die Identifizierung der neuen Karbonatit-Zone besitzt das Potenzial für eine beachtliche Erhöhung der Gesamtressource auf Tres Estradas und rechtfertigt die Erweiterung der Bohrarbeiten.

Die Zielsetzung des Programms ist die Umwandlung der geschlussfolgerten Ressource in die Ressourcenkategorien erkundet und angezeigt. Dies wurde bis jetzt erzielt, da die Infill-Bohrungen weiterhin Gehalte und Mächtigkeiten liefern, die mitunter besser sind als im ursprünglichen Modell für Tres Estradas, wie Abbildungen 2 und 3 unten demonstrieren. Zum Beispiel, Bohrung TED-16-091 durchteufte 90,1m Karbonatit, was um 50,1m bzw. 125% über den Erwartungen lag, und Bohrung TED-16-094 durchteufte 61,8m Karbonatit, was um 29,8m bzw. 93% über den den Erwartungen lag.

Die oxidierte Vererzung an der Oberfläche lieferte hohe Gehalte wie zum Beispiel in TER-17-202. Diese Bohrung durchteufte 30,00m mit 13,67% P2O5 ab Oberfläche einschließlich 8,00m mit 18,85% P2O5 und Bohrung TER-17-203 durchteufte 24,00m mit 16,02% P2O5 ab Oberfläche einschließlich 10,00m mit 20,03% P2O5 (siehe Tabelle 1 unten - Assay Results of the Drilling Campaign, Analysenergebnisse der Bohrkampagne).

Millcreek Mining Group, die Firma, welche die bankfähige Machbarkeitsstudie (Bankable Feasibility Study, BFS) betreut, führte vor Kurzem eine Projektbesichtigung als Teil ihrer Überprüfung des Ressourcenmodells durch und Aguia ist der Ansicht, dass die Berichte über diese Projektbesichtigung positiv waren und die Arbeiten des Unternehmens alle Qualitätskontrollmaßnahmen erfüllten und übertrafen.

Der technische Leiter Fernando Tallarico äußerte sich dazu: Wir könnten mit den Ergebnissen nicht zufriedener sein, diese Lagerstätte erfüllt weiterhin unsere Erwartungen, wie es das erweiterte Bohrprogramm demonstriert. Wir bestätigen nicht nur unser ursprüngliches Ressourcenmodell, sondern identifizieren auch Aspekte der Lagerstätte, die unserer Ansicht nach das Potenzial zur Ressourcenerweiterung auf Tres Estradas besitzen. Die Folge ist eine Reduzierung des erwarteten Abraumverhältnisses, was eventuell die Abbaukosten verbessern würde angesichts der größeren Mächtigkeit der Lagerstätte und dass die neue Zone innerhalb der früheren Grenzen der Tagebaugrube an die Oberfläche tritt.

Justin Reid, Managing Director von Aguia, fügte hinzu: Der Umfang und der Wert von Tres Estradas nimmt mit jedem weiteren Bohrmeter zu und die Ergebnisse sind einfach herausragend. Unser technisches Team hat während der letzten paar Monate hart gearbeitet, um diese Ergebnisse vorzulegen, und ich beglückwünsche es für dieses Ergebnis.

Da die Infill-Bohrungen jetzt abgeschlossen werden konzentrieren wir uns jetzt auf die Intensivierung des metallurgischen Programms in der Pilotanlage in Zusammenarbeit mit Eriez, den Abschluss der Vergleichsstudien, die laut Erwartungen wesentlich verbesserte Projektkosten demonstrieren werden, und avancieren die BFS bis zum Abschluss. Die Genehmigungsverfahren verlaufen planmäßig. Wir haben signifikante Fortschritte auf unserer Entdeckung Eastern Limb gemacht und und kommen voran mit unseren Plänen für eine Notierungszulassung an der TSX Venture Exchange als Teil unserer laufenden Strategie der globalen Marktausdehnung.

Für weitere Informationen kontaktieren Sie bitte:

Justin Reid, Managing Director

E-Mail: jreid@aguiaresources.com.au

Tel.: +1 416-216-5446

Catherine Stretch, Chief Commercial Officer

E-Mail: cstretch@aguiaresources.com.au

Tel.: +1 416-309-2695

Jan-Per Hole, Vice President Corporate Development Australia

E-Mail: jph@aguiaresources.com.au

Tel.: +61 (0) 414 899 732

In Europa:

Swiss Resource Capital AG

Jochen Staiger

info@resource-capital.ch

www.resource-capital.ch

Herausgegeben durch Ben Jarvis, Six Degrees Investor Relations: +61 413 150 448

Folgen Sie Aguia auf Twitter: @ Aguia_Resources

Über Aguia:

Aguia Resources Limited (Aguia) ist ein an der ASX notiertes Unternehmen, dessen Primärfokus die Exploration und Entwicklung von Phosphatprojekten in Brasilien ist. Aguia besitzt ein bewährtes und sehr erfahrenes Team im Land mit Sitz in Belo Horizonte, Brasilien, mit Firmenbüros in Sydney, Australien. Aguias Schlüsselprojekte liegen in Rio Grande do Sul, ein erstklassiges Agrargebiet, das zu 100 % von Phosphatimporten abhängig ist. Die Phosphatlagerstätten Rio Grande besitzen eine hohe Qualität und haben kostengünstige Produktionscharakteristiken. Ihre Lage ist ideal durch die Nähe zu Straßen-, Eisenbahn- und Hafeninfrastruktur. Aguias erfahrenes Managementteam hat eine nachgewiesene Erfolgsgeschichte, hochwertige Bergbauprojekte in Brasilen zur Produktion zu bringen.

Die Information in dieser Pressemitteilung, die sich auf Explorationsziele, die Exploration, Ergebnisse, Mineralressourcen oder Erzvorräte bezieht, basiert auf Informationen, die von Dr. Fernando Tallarico zusammengestellt wurde. Dr. Tallarico ist ein Mitglied der Association of Professional Geoscientists of Ontario. Er ist ein Vollzeitbeschäftigter der Unternehmens. Dr. Tallarico verfügt über ausreichende Erfahrung in Bezug auf den hier behandelten Vererzungs- und Lagerstättentyp und die Tätigkeiten, die ihn jeweils als sachkundige Person im Sinne des Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves in der Fassung von 2012 ausweist. Dr. Tallarico ist damit einverstanden, dass die auf seinen Informationen basierenden Angaben in einer der Form und dem Zusammenhang angemessenen Weise in den Bericht aufgenommen werden.

Die Ausgangssprache (in der Regel Englisch), in der der Originaltext veröffentlicht wird, ist die offizielle, autorisierte und rechtsgültige Version. Diese Übersetzung wird zur besseren Verständigung mitgeliefert. Die deutschsprachige Fassung kann gekürzt oder zusammengefasst sein. Es wird keine Verantwortung oder Haftung: für den Inhalt, für die Richtigkeit, der Angemessenheit oder der Genauigkeit dieser Übersetzung übernommen. Aus Sicht des Übersetzers stellt die Meldung keine Kauf- oder Verkaufsempfehlung dar! Bitte beachten Sie die englische Originalmeldung auf www.sedar.com, www.sec.gov, www.asx.com.au/ oder auf der Firmenwebsite!

http://www.irw-press.at/prcom/images/messages/2017/39285/22032017_DE_Drilling_Update_DPG.001.jpeg

Figure 1: Geological map of the Três Estradas carbonatite draped over aerial photograph, highlighting the status of the ongoing drilling program.

http://www.irw-press.at/prcom/images/messages/2017/39285/22032017_DE_Drilling_Update_DPG.002.png

Figure 2: Drilling section 950NE of the Três Estradas Deposit, showing the recently discovered new mineralisation zone as outlined in red in the inset picture.

http://www.irw-press.at/prcom/images/messages/2017/39285/22032017_DE_Drilling_Update_DPG.003.png

Figure 3: Drilling section 750NE of the Três Estradas Deposit, showing the thickening of the carbonatite at depth relative to the previous resource model highlighted in dashed red.

Table 1 - Assay Results of the Drilling Campaign

(*Holes identifications initiated with TED are diamond holes and those initiated with TER are reverse circulation holes)

Hole_IDFrom To (m)LengthP2O5% CaO% MgO% Fe2O3%SiO2% Al2O3%

(m) (m)

TED-16-150.00240.1090.10 3.49 29.80 9.22 10.72 12.03 2.29

091

TED-16-45.87 83.35 37.48 4.15 38.03 7.09 7.22 8.37 1.54

092

135.50162.5027.00 4.31 33.82 10.62 6.21 7.99 0.76

TED-16-1.40 5.00 3.60 5.12 7.66 4.76 16.98 44.15 7.52

093

57.75 99.00 41.25 3.53 33.91 8.35 7.76 12.60 2.01

TED-16-218.00279.8461.84 4.30 36.40 7.31 8.10 9.76 1.73

094

TED-16-1.55 3.45 1.90 7.31 11.80 7.75 15.70 35.55 9.36

095

173.00277.11104.113.50 31.76 8.76 7.80 12.21 2.65

TED-16-38.30 42.00 3.70 4.48 28.57 8.67 9.40 13.61 1.80

096

104.85147.0042.15 3.10 26.99 7.90 10.64 22.15 3.25

168.00255.0087.00 3.11 34.07 6.90 8.99 13.76 2.39

TED-16-64.18 82.16 17.98 4.02 35.06 8.59 6.72 7.82 1.19

097

TED-16-86.00 112.7326.73 3.95 35.31 7.72 7.51 10.32 2.09

098

TED-16-50.00 55.00 5.00 3.00 19.16 8.45 15.72 29.60 5.32

099

72.00 133.0061.00 4.03 36.60 6.85 8.27 9.83 1.68

TED-16-33.00 73.00 40.00 3.41 31.13 7.46 7.74 17.66 3.76

100

91.00 125.0034.00 3.95 20.23 8.95 11.36 31.00 6.62

Includ8.00 5.46 19.86 8.58 12.72 31.04 6.89

ing

169.25184.4015.15 4.15 30.40 13.40 7.25 11.33 1.07

TED-16-138.00158.4020.40 4.40 33.42 10.54 6.10 9.42 1.38

101

177.00222.0045.00 3.33 35.55 7.06 7.49 11.33 2.15

232.00242.3010.30 3.79 23.80 12.27 10.42 17.07 3.30

252.00253.871.87 3.29 31.37 12.70 7.13 6.99 1.38

TED-16-142.00166.8024.80 3.54 20.76 9.59 13.24 36.14 5.54

102

170.48225.1054.62 3.29 35.46 7.07 7.51 12.26 2.37

TED-16-0.00 17.78 17.78 3.93 13.37 7.71 12.93 40.53 5.64

103

17.78 66.85 49.07 3.74 29.68 14.38 8.80 6.31 0.38

267.90296.0028.10 3.20 38.77 6.35 5.95 8.58 1.61

TED-16-5.70 35.00 29.30 3.25 16.68 8.75 13.00 39.26 6.22

104

237.00301.4064.40 4.27 33.69 7.53 8.38 13.13 2.61

TED-16-129.64195.6265.98 4.26 34.42 8.09 9.15 9.19 1.54

105

Includ3.83 7.85 27.70 10.01 18.10 9.76 1.04

ing

TED-17-144.91202.0057.09 3.75 30.40 9.36 7.55 15.60 2.92

106

TED-17-67.35 81.00 13.65 3.80 32.41 9.59 8.17 19.13 1.78

107

87.00 135.5348.53 3.85 33.94 8.31 9.15 8.73 1.49

TED-17-44.00 47.00 3.00 3.00 34.02 5.21 10.20 16.05 2.49

108

109.43284.60175.173.37 35.71 7.16 7.18 12.05 2.09

Includ27.91 4.25 37.91 7.75 7.04 7.74 1.35

ing

Includ7.50 4.20 35.49 7.54 8.31 10.91 1.97

ing

TER-16-1.00 42.00 41.00 3.18 39.79 4.99 5.76 11.75 1.60

170

52.00 64.00 12.00 3.04 41.29 4.87 5.91 8.83 1.46

TER-16-Not mineralized

175

TER-16-Not mineralized

176

Hole_IDFrom To (m)LengthP2O5% CaO% MgO% Fe2O3%SiO2% Al2O3%

(m) (m)

TER-16-0.00 15.00 15.00 9.94 11.04 2.74 36.72 17.59 4.54

177

15.00 97.00 82.00 4.61 37.65 5.38 10.02 8.09 1.52

TER-16-1.00 16.00 15.00 5.73 9.29 10.76 15.53 35.62 9.07

178

16.00 20.00 4.00 5.09 28.02 9.37 10.09 19.00 3.07

40.00 60.00 20.00 4.03 30.74 9.09 11.39 11.75 2.33

TER-16-1.00 29.00 28.00 12.77 17.54 3.28 25.57 25.27 4.81

179

29.00 58.00 29.00 4.56 35.62 6.54 10.75 8.11 1.39

TER-16-0.00 28.00 28.00 12.65 16.78 2.81 26.04 27.67 4.56

180

28.00 41.00 13.00 6.19 35.00 5.96 11.93 10.32 1.72

TER-16-1.00 23.00 22.00 14.98 20.90 1.54 23.89 25.34 3.25

181

23.00 35.00 12.00 3.91 30.68 6.69 10.28 18.58 3.48

TER-16-0.00 17.00 17.00 12.13 18.73 3.05 20.67 28.81 4.52

182

17.00 30.00 13.00 5.20 43.56 3.74 6.42 7.76 1.32

TER-16-0.00 13.00 13.00 11.47 22.16 2.93 15.11 28.88 4.48

183

14.00 26.00 12.00 3.10 42.20 4.50 6.10 8.10 1.46

TER-16-11.00 14.00 3.00 3.11 18.37 8.32 15.87 32.87 4.81

184

16.00 17.00 1.00 3.97 24.00 7.83 10.90 25.30 5.88

TER-16-3.00 12.00 9.00 4.07 22.36 8.48 13.90 25.20 3.99

185

12.00 24.00 12.00 3.35 25.18 9.17 11.90 18.84 3.49

TER-16-0.00 2.00 2.00 4.06 8.07 4.88 18.15 39.80 11.05

186

TER-16-1.00 4.00 3.00 3.71 9.42 7.82 15.50 41.97 8.14

187

16.00 17.00 1.00 3.27 19.30 8.12 16.20 31.50 4.40

19.00 20.00 1.00 3.13 18.10 8.68 12.60 35.40 6.13

TER-16-0.00 20.00 20.00 3.15 39.13 4.89 7.72 11.21 1.84

188

20.00 60.00 40.00 3.33 37.47 5.78 6.89 11.07 2.11

TER-16-1.00 11.00 10.00 8.49 11.90 6.74 21.09 27.48 6.30

189

11.00 47.00 36.00 3.73 33.94 7.39 8.42 12.47 2.47

TER-16-0.00 6.00 6.00 3.02 12.17 7.26 16.37 41.97 7.93

190

TER-16-0.00 1.00 1.00 3.29 9.48 4.93 17.90 41.60 6.95

191

17.00 18.00 1.00 3.00 17.50 9.47 19.40 35.20 4.93

TER-16-0.00 3.00 3.00 3.61 24.57 6.24 13.16 22.43 5.65

192

TER-16-Not mineralized

193

TER-16-0.00 9.00 9.00 3.29 21.63 4.64 9.48 30.22 7.82

194

TER-16-1.00 2.00 1.00 4.14 13.10 6.11 19.00 38.10 7.61

195

14.00 20.00 6.00 3.24 27.29 7.03 10.12 21.96 5.51

29.00 31.00 2.00 3.24 33.00 8.66 8.54 13.85 2.19

33.00 35.00 2.00 3.17 42.70 5.47 5.39 6.65 1.15

36.00 37.00 1.00 3.63 44.40 5.25 4.22 5.81 0.94

39.00 40.00 1.00 3.01 45.00 4.81 4.75 4.65 0.75

TER-16-4.00 6.00 2.00 3.04 10.05 6.07 16.65 42.40 9.53

196

21.00 30.00 9.00 3.88 39.33 5.74 7.09 9.63 1.79

TER-17-0.00 9.00 9.00 8.02 11.15 3.81 17.63 38.89 7.64

197

Includ2.00 11.28 15.10 1.40 18.10 37.15 6.00

ing

12.00 13.00 1.00 5.58 7.82 2.09 11.80 44.80 14.50

TER-17-67.00 80.00 13.00 3.33 38.99 3.77 5.50 14.14 1.31

198

TER-17-4.00 7.00 3.00 3.41 20.97 6.29 10.96 32.23 5.04

199

12.00 25.00 13.00 3.27 27.43 9.09 10.67 19.06 3.45

Hole_IDFrom To (m)LengthP2O5% CaO% MgO% Fe2O3%SiO2% Al2O3%

(m) (m)

TER-17-0.00 21.00 21.00 6.36 12.53 5.89 14.11 36.48 9.54

200

Includ4.00 11.92 16.88 5.88 17.40 27.88 5.82

ing

31.00 50.00 19.00 3.75 20.66 8.08 10.55 29.62 8.04

TER-17-1.00 21.00 20.00 15.41 20.67 2.20 22.33 24.82 4.17

201

Includ10.00 20.29 27.35 1.86 24.03 14.98 2.00

ing

21.00 29.00 8.00 6.32 32.98 3.97 20.45 7.56 0.98

TER-17-1.00 31.00 30.00 13.67 18.89 4.54 19.98 25.99 4.28

202

Includ8.00 18.85 25.30 2.00 23.69 14.90 2.31

ing

TER-17-1.00 25.00 24.00 16.02 22.29 1.13 25.60 21.22 3.01

203

Includ10.00 20.03 26.05 1.23 27.28 14.04 2.15

ing

25.00 40.00 15.00 5.61 33.78 6.99 12.04 9.06 1.49

TER-17-1.00 14.00 13.00 3.09 11.36 9.08 20.36 36.90 6.77

204

14.00 15.00 1.00 3.30 14.20 8.25 21.20 33.70 5.50

TER-17-25.00 65.00 40.00 3.68 30.74 9.20 8.64 14.98 2.83

205

Includ1.00 6.27 26.90 10.90 8.03 19.20 2.21

ing

Includ4.00 6.29 25.47 10.90 10.34 21.00 2.85

ing

TER-17-2.00 10.00 8.00 4.78 13.75 8.77 16.34 38.10 7.72

206

Includ1.00 9.56 19.50 8.68 13.30 35.50 6.74

ing

66.00 80.00 14.00 4.08 29.01 13.63 9.24 9.25 0.89

TER-17-0.00 10.00 10.00 7.82 13.50 7.28 16.33 35.31 5.52

207

Includ6.00 9.73 15.36 7.96 18.18 31.15 4.25

ing

10.00 25.00 15.00 4.02 25.62 9.97 9.37 19.52 4.67

TER-17-28.00 37.00 9.00 4.57 30.64 10.04 8.19 11.56 2.19

208

TER-17-41.00 45.00 4.00 3.00 19.18 8.54 15.58 26.65 6.09

209

53.00 55.00 2.00 4.06 16.80 9.06 16.85 32.50 6.80

TER-17-0.00 10.00 10.00 8.12 14.97 7.68 23.39 30.56 3.95

210

11.00 29.00 18.00 3.22 27.35 14.16 8.41 13.12 0.99

TER-17-1.00 5.00 4.00 7.93 14.55 10.04 17.32 35.87 4.18

211

5.00 40.00 35.00 4.26 30.64 9.40 9.36 14.22 2.05

TER-17-2.00 3.00 1.00 3.06 7.67 8.10 13.80 46.80 8.77

212

9.00 13.00 4.00 3.66 13.83 9.66 16.55 38.20 7.34

52.00 54.00 2.00 3.04 16.30 8.96 17.40 34.25 5.72

TER-17-2.00 7.00 5.00 4.39 15.62 9.85 12.96 42.44 6.18

213

7.00 60.00 53.00 4.38 19.20 9.35 12.04 37.62 6.83

TER-17-0.00 7.00 7.00 3.12 7.91 4.83 11.42 46.47 13.68

214

12.00 14.00 6.00 3.27 23.00 11.20 10.26 21.55 4.90

26.00 38.00 12.00 3.16 17.46 10.53 13.34 27.57 6.85

58.00 100.0042.00 3.14 26.54 12.00 7.87 20.37 2.23

TER-17-0.00 7.00 7.00 7.70 19.30 9.21 12.10 35.00 8.47

215

7.00 60.00 53.00 4.16 18.67 9.73 11.94 37.81 7.21

TER-17-44.00 51.00 7.00 3.94 20.06 10.38 13.07 27.33 5.48

216

91.00 101.0010.00 3.00 22.73 10.20 11.94 21.70 4.81

106.00120.0014.00 3.16 19.81 11.00 10.42 24.33 6.63

TER-17-18.00 35.00 17.00 3.31 18.35 9.50 13.42 34.50 6.68

217

TER-17-3.00 12.00 9.00 3.36 10.61 8.62 14.78 45.30 7.58

218

Includ4.00 4.79 10.12 9.77 15.92 36.95 9.30

ing

12.00 40.00 28.00 3.68 17.83 8.91 14.66 34.21 7.31

Hole_IDFrom To (m)LengthP2O5% CaO% MgO% Fe2O3%SiO2% Al2O3%

(m) (m)

TER-17-1.00 13.00 12.00 7.69 12.17 9.25 17.32 3.25 7.69

219

13.00 35.00 22.00 3.64 27.94 7.46 9.52 21.08 5.56

TER-17-1.00 16.00 15.00 3.38 12.96 9.07 14.11 37.63 8.51

220

17.00 19.00 2.00 3.60 21.60 8.98 8.94 24.60 8.49

23.00 25.00 2.00 3.84 38.85 4.94 6.35 11.44 2.76

TER-17-1.00 5.00 4.00 3.70 13.34 9.11 17.10 31.45 6.48

221

5.00 6.00 1.00 3.20 39.40 3.91 6.54 11.90 1.76

TER-17-1.00 6.00 5.00 8.51 13.32 2.48 18.24 35.76 9.20

222

6.00 25.00 19.00 4.50 38.67 5.42 6.09 10.38 1.71

TER-17-0.00 8.00 8.00 7.12 13.21 6.60 15.94 35.70 8.08

223

8.00 34.00 26.00 3.02 32.76 7.23 7.81 16.21 4.36

37.00 40.00 3.00 3.31 35.67 7.20 6.91 13.51 3.50

TER-17-4.00 9.00 5.00 3.83 5.98 6.51 14.96 43.68 9.91

224

TER-17-0.00 16.00 16.00 7.98 13.11 4.66 17.58 39.47 4.28

225

Includ5.00 10.39 14.72 4.76 18.76 37.22 3.65

ing

16.00 80.00 64.00 4.20 31.41 10.17 8.92 11.18 1.64

TER-17-0.00 12.00 12.00 10.33 16.58 7.78 16.92 29.94 4.70

226

Includ6.00 14.43 20.52 7.40 17.65 22.57 3.72

ing

12.00 80.00 68.00 3.89 29.42 11.61 8.41 14.45 1.69

TER-17-45.00 80.00 35.00 3.63 30.63 11.30 7.98 14.56 1.27

227

Includ4.00 5.94 34.05 9.36 6.99 13.24 1.08

ing

Includ4.00 6.33 30.97 13.45 7.60 11.22 0.50

ing

TER-17-0.00 23.00 23.00 11.96 22.21 1.79 16.13 28.11 3.91

228

Includ18.00 13.39 18.95 1.83 18.12 30.42 4.28

ing

23.00 80.00 57.00 5.03 36.01 6.89 7.88 10.86 1.61

TER-17-28.00 80.00 52.00 3.28 30.86 8.12 8.56 16.31 3.66

230

TER-17-0.00 3.00 3.00 3.60 26.65 5.01 11.30 24.47 5.31

231

3.00 25.00 22.00 3.59 40.25 5.33 6.73 9.91 1.56

TER-17-Not mineralized

233

TER-17-0.00 8.00 8.00 5.89 16.41 4.97 15.04 34.60 5.61

232

8.00 100.0092.00 3.76 36.04 7.07 7.55 10.74 1.71

TER-17-1.00 8.00 7.00 7.26 21.44 3.75 17.49 25.78 5.68

234

8.00 12.00 4.00 3.99 31.25 7.78 10.40 13.37 2.31

Table 2 - Collar Details

Hole_IUTM_UTM_NElevatiLengthStatusDatum AzimuDip

D E on (m) of th

(m) coord

inate

TED-16767165769364 246.20GPS SAD-69 150.0-60.

-091 58 66 Z21S 0 00

TED-16767265771352 170.15GPS SAD-69 150.0-65.

-092 06 87 Z21S 0 00

TED-16767465772351 106.10GPS SAD-69 150.0-60.

-093 20 89 Z21S 0 00

TED-16767165770360 306.90GPS SAD-69 150.0-60.

-094 34 12 Z21S 0 00

TED-16767065768362 292.30GPS SAD-69 150.0-60.

-095 37 80 Z21S 0 00

TED-16767465773357 272.85GPS SAD-69 150.0-60.

-096 18 22 Z21S 0 00

TED-16767165771355 105.90GPS SAD-69 150.0-60.

-097 62 75 Z21S 0 00

TED-16767065770352 117.95GPS SAD-69 150.0-70.

-098 85 97 Z21S 0 00

TED-16767365771349 145.75GPS SAD-69 150.0-60.

-099 70 22 Z21S 0 00

TED-16766865769353 194.15GPS SAD-69 150.0-60.

-100 96 35 Z21S 0 00

TED-16767065771340 267.75GPS SAD-69 150.0-50.

-101 09 30 Z21S 0 00

TED-16767265771349 242.55GPS SAD-69 150.0-60.

-102 88 47 Z21S 0 00

TED-16767165771357 307.50GPS SAD-69 150.0-58.

-103 83 27 Z21S 0 00

TED-16767165770354 319.35GPS SAD-69 150.0-60.

-104 13 49 Z21S 0 00

TED-16767265770359 203.10GPS SAD-69 150.0-60.

-105 75 70 Z21S 0 00

TED-17767065768362 210.80GPS SAD-69 330.0-60.

-106 03 40 Z21S 0 00

TED-17767265769362 145.15GPS SAD-69 150.0-60.

-107 64 88 Z21S 0 00

TED-17766965770345 284.60GPS SAD-69 150.0-60.

-108 97 48 Z21S 0 00

TER-16766265763327 70.00 GPS SAD-69 0.00 -90.

-170 67 01 Z21S 00

TER-16767565769353 30.00 GPS SAD-69 0.00 -90.

-175 48 94 Z21S 00

TER-16767465770359 28.00 GPS SAD-69 0.00 -90.

-176 32 06 Z21S 00

TER-16767465770261 100.00GPS SAD-69 0.00 -90.

-177 44 94 Z21S 00

TER-16767465771357 60.00 GPS SAD-69 0.00 -90.

-178 20 17 Z21S 00

TER-16767465770366 66.00 GPS SAD-69 0.00 -90.

-179 89 97 Z21S 00

TER-16767565771366 45.00 GPS SAD-69 0.00 -90.

-180 25 34 Z21S 00

TER-16767665772362 38.00 GPS SAD-69 0.00 -90.

-181 36 42 Z21S 00

TER-16767665772360 30.00 GPS SAD-69 0.00 -90.

-182 22 77 Z21S 00

TER-16767665773356 27.00 GPS SAD-69 0.00 -90.

-183 93 44 Z21S 00

TER-16767665773352 23.00 GPS SAD-69 0.00 -90.

-184 73 79 Z21S 00

TER-16767665773351 25.00 GPS SAD-69 0.00 -90.

-185 64 94 Z21S 00

TER-16767665773351 20.00 GPS SAD-69 0.00 -90.

-186 29 55 Z21S 00

TER-16767765774353 25.00 GPS SAD-69 0.00 -90.

-187 10 15 Z21S 00

TER-16767765773355 60.00 GPS SAD-69 0.00 -90.

-188 33 74 Z21S 00

TER-16767765774352 53.00 GPS SAD-69 0.00 -90.

-189 51 44 Z21S 00

TER-16767865774352 30.00 GPS SAD-69 0.00 -90.

-190 01 57 Z21S 00

TER-16767865774350 25.00 GPS SAD-69 0.00 -90.

-191 44 82 Z21S 00

TER-16768065775325 20.00 GPS SAD-69 0.00 -90.

-192 82 71 Z21S 00

TER-16768165775329 20.00 GPS SAD-69 0.00 -90.

-193 24 98 Z21S 00

TER-16767965775328 20.00 GPS SAD-69 0.00 -90.

-194 99 15 Z21S 00

TER-16767665773326 40.00 GPS SAD-69 0.00 -90.

-195 00 08 Z21S 00

TER-16767465772326 25.00 GPS SAD-69 0.00 -90.

-196 50 65 Z21S 00

TER-17767465769352 48.00 GPS SAD-69 0.00 -90.

-197 89 16 Z21S 00

TER-17767365770346 80.00 GPS SAD-69 0.00 -90.

-198 59 44 Z21S 00

TER-17767365771342 25.00 GPS SAD-69 0.00 -90.

-199 25 81 Z21S 00

Hole_IUTM_UTM_NElevatiLengthStatusDatum AzimuDip

D E on (m) of th

(m) coord

inate

TER-17767465768358 50.00 GPS SAD-69 0.00 -90.

-200 34 92 Z21S 00

TER-17767365769360 29.00 GPS SAD-69 0.00 -90.

-201 40 66 Z21S 00

TER-17767465769359 40.00 GPS SAD-69 0.00 -90.

-202 13 29 Z21S 00

TER-17767365769357 40.00 GPS SAD-69 0.00 -90.

-203 76 94 Z21S 00

TER-17767265770358 22.00 GPS SAD-69 0.00 -90.

-204 00 97 Z21S 00

TER-17767065769350 37.00 GPS SAD-69 0.00 -90.

-205 26 99 Z21S 00

TER-17767065769353 80.00 GPS SAD-69 0.00 -90.

-206 40 74 Z21S 00

TER-17767065770352 25.00 GPS SAD-69 0.00 -90.

-207 58 45 Z21S 00

TER-17767365770356 37.00 GPS SAD-69 0.00 -90.

-208 61 20 Z21S 00

TER-17767165770363 55.00 GPS SAD-69 0.00 -90.

-209 71 48 Z21S 00

TER-17767165770357 30.00 GPS SAD-69 0.00 -90.

-210 48 88 Z21S 00

TER-17767165770352 40.00 GPS SAD-69 0.00 -90.

-211 01 70 Z21S 00

TER-17766965768355 100.00GPS SAD-69 0.00 -90.

-212 29 69 Z21S 00

TER-17766965768355 60.00 GPS SAD-69 0.00 -90.

-213 19 85 Z21S 00

TER-17766965769349 100.00GPS SAD-69 0.00 -90.

-214 54 24 Z21S 00

TER-17766865768355 60.00 GPS SAD-69 0.00 -90.

-215 80 53 Z21S 00

TER-17766865768353 120.00GPS SAD-69 0.00 -90.

-216 33 33 Z21S 00

TER-17766865767354 35.00 GPS SAD-69 0.00 -90.

-217 01 90 Z21S 00

TER-17766765767345 40.00 GPS SAD-69 0.00 -90.

-218 34 05 Z21S 00

TER-17766665766340 35.00 GPS SAD-69 0.00 -90.

-219 20 02 Z21S 00

TER-17766565765340 25.00 GPS SAD-69 0.00 -90.

-220 46 31 Z21S 00

TER-17766565765338 30.00 GPS SAD-69 0.00 -90.

-221 33 54 Z21S 00

TER-17766565765338 25.00 GPS SAD-69 0.00 -90.

-222 09 05 Z21S 00

TER-17766465764330 40.00 GPS SAD-69 0.00 -90.

-223 62 77 Z21S 00

TER-17766465764328 35.00 GPS SAD-69 0.00 -90.

-224 29 15 Z21S 00

TER-17766865765361 80.00 GPS SAD-69 0.00 -90.

-225 26 02 Z21S 00

TER-17766965765363 80.00 GPS SAD-69 0.00 -90.

-226 07 75 Z21S 00

TER-17766865765363 80.00 GPS SAD-69 0.00 -90.

-227 88 39 Z21S 00

TER-17766865765363 80.00 GPS SAD-69 0.00 -90.

-228 65 30 Z21S 00

TER-17766765764354 80.00 GPS SAD-69 0.00 -90.

-230 51 23 Z21S 00

TER-17766665763352 25.00 GPS SAD-69 0.00 -90.

-231 94 73 Z21S 00

TER-17766765764355 100.00GPS SAD-69 0.00 -90.

-232 29 15 Z21S 00

TER-17767565773354 25.00 GPS SAD-69 0.00 -90.

-233 87 28 Z21S 00

TER-17768065775318 18.00 GPS SAD-69 0.00 -90.

-234 47 50 Z21S 00

JORC Code, Table 1

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

CriteriJORC Code explanation Commentary

a

Samplin· Nature and quality of · Work is being carried out

g sampling using RC and diamond

techni ( drilling, with samples

ques eg cut channels, random being analysed by

chips, or specific laboratory analyses

specialised industry suitable for the

standard measurement tools carbonatite mineralisation

appropriate to the being

minerals under targeted

investigation, such as

down hole gamma sondes, or · Drill hole locations are

handheld XRF instruments, detailed in a table in the

text of this release, and

etc). These examples should shown graphically on a

not be taken as limiting plan

the broad meaning of

sampling.

· Include reference to · Hole locations are picked

measures taken to ensure up using hand-held GPS.

sample Sampling is carried out

using comprehensive

representivity and the

appropriate calibration of Aguia protocols and QAQC

any measurement tools or procedures as per industry

systems best

used. practice

· Aspects of the · Mineralisation is

determination of generally

mineralisation that are visual

Material to the Public

Report. In cases where · RC samples are collected

industry standard work and assayed at 1m

has been done this would intervals, with a

be relatively simple representative 2kg sample

( of all intervals being

eg reverse circulation collected for XRF assay at

drilling was used to the

obtain 1 m samples from laboratory.

which 3 kg was pulverised

to produce a 30 g charge · Half core diamond drill

for fire assay). In other samples in mineralized

cases more explanation may material are generally

be required, such as where collected at 1m intervals

there is coarse gold that and sent to the laboratory

has inherent sampling for assay; however lengths

problems. Unusual will vary to generally

commodities or between 0.5 and 1.5m to

mineralisation types honour geological

( boundaries where required.

eg submarine nodules) may

warrant disclosure of

detailed · In all cases drilling

information. samples are sent to SGS

laboratories in Belo

Horizonte and analysed

using method XRF79C_10 -

Lithium tetra borate

fusion. Elements assayed

for include

SiO

2, Al2O3, Fe2O3, CaO, MgO,

TiO

2, P2O5, Na2O, K2O, MnO and

LOI, which is considered

suitable for the type of

mineralisation

Drillin· Drill type (eg core, · Reverse Circulation -

g reverse circulation, Drilling utilized a face

techni open-hole hammer, rotary sampling Hard Formation

ques air blast, auger, Bangka, Bit with Tungsten buttons

sonic, and a diameter of 5 œ

inches. No downhole

etc) and details (eg core surveys were completed.

diameter, triple or

standard tube, depth of

diamond tails, · Core Drilling - Drilling

face-sampling bit or other utilized HQ equipment for

type, whether core is weathered material and NQ

oriented and if so, by for fresh rock. Downhole

what method, surveys are performed on

3-metre intervals using a

etc).

Maxibore down-hole tool. No

core orientation has been

carried

out.

Drill · Method of recording and · RC - recoveries are

sample assessing core and chip monitored by samples

recove sample recoveries and weight. The minimum

ry results recovery is

assessed. 85%.

· Core Drilling - Recovery

by sample and by drill run

was recorded; core

recovery generally exceeds

97%

· Measures taken to · Diamond Drilling - Due to

maximise sample recovery the coherent nature of the

and ensure representative fresh rock and homogenous

nature of the nature of the

samples. mineralisation sample

recovery is not an issue.

In the

saprolite recovery is

maximised using short

drill runs and best

drilling

practices.

· RC - Dry samples are

collected through a

cyclone and riffle

splitter ensuring

homogenisation and

representative sampling.

Wet samples are dried, and

then homogenised and

sampled by

hand.

· Whether a relationship · Mineralisation is

exists between sample homogenous throughout the

recovery and grade and mineralized intervals,

whether sample bias may with no relationship

have occurred due to between sample recovery

preferential loss/gain of and grade on any type of

fine/coarse drilling.

material.

Logging· Whether core and chip · RC - logging is to a

samples have been detail considered suitable

geologically and for inclusion in resource

estimations

geotechnically logged to a

level of detail to support · Diamond - logging is

appropriate Mineral considered suitable for

Resource estimation, inclusion in resource

mining studies and estimations, metallurgical

metallurgical studies and preliminary

studies. mining studies. The lack

of orientated core and

geotechnical logging prior

to cutting precludes the

use in detailed mining

studies

· Whether logging is · RC logging includes

qualitative or lithology and

quantitative in nature. weathering

Core (or costean, channel,

· Diamond logging includes

etc) photography. rock type,

alteration

, structure and qualitative

magnetism. No core

orientation has been

carried out, with

structural measurements

being limited to alpha

angles only. All core is

photographed dry before

being

cut

· The total length and · 100% of the relevant

percentage of the relevant intersections of all

intersections drilling are

logged logged

Sub-sam· If core, whether cut or · Solid core is sawn in

pling sawn and whether quarter, half, with half being sent

techni half or all core for assay and half being

ques taken. retained for reference.

and Friable core is split down

sample the

prepar

ation center line using a

spatula or similar tool,

with half being retained

and half sent for

assay.

· If non-core, whether · RC- One metre samples are

riffled, tube sampled, collected from the

rotary split, cyclone, with moist

samples being split using

etc and whether sampled wet a plastic liner and metal

or cross-blade device, and

dry. dry samples being split

through a riffle splitter.

Saturated samples are

dried before

homogenization. Two

representative samples of

between 500g and 2kg are

collected, with one for

assay and a second for

reference.

· For all sampling and

drilling, samples are

dried and crushed, and

then milled to 75% passing

80 mesh using LM mills at

the

laboratory.

· For all sample types, the · The sample preparation

nature, quality and techniques are industry

appropriateness of the standard and are

sample preparation considered appropriate for

technique. the mineralisation being

investigated

· Quality control · Industry standard

procedures adopted for all procedures are employed,

sub-sampling stages to including ensuring

maximise non-core samples are

adequately homogenized

representivity of samples. before assay and archive

samples are

collected

· Measures taken to ensure · No field duplicate

that the sampling is samples or second half

representative of the in sampling was done. The

situ material collected, target mineralization is

including for instance largely

results for field homogeneous.

duplicate/second-half

sampling.

· Whether sample sizes are · Sample sizes are

appropriate to the grain considered appropriate to

size of the material being the grain size of the

sampled. material being

assayed

Quality· The nature, quality and · The XRF method used is

of appropriateness of the industry standard and

assay assaying and laboratory considered appropriate for

data procedures used and the analysis of

and whether the technique is apatite-hosted phosphate

labora considered partial or mineralisation.

tory total.

tests

· Sample preparation and

analysis was completed at

SGSs Belo Horizonte

laboratory in Brazil using

standard crushing and

pulverization

techniques.

· The prepared pulps are

analysed by a lithium

borate fusion XRF

spectroscopy for major

oxide elements (P2O5,

Al2O3,

CaO, Fe2O3, K2O, MgO, MnO2,

SiO2,

TiO2

, Na2O and LOI (Method code

XRF79C and

PHY01E).

· In specific cases, samples

were also analysed for a

suite of 31 elements using

an aqua

regia digestion and

inductively coupled plasma

- mass spectrometry

(Method code

ME-MS81).

· The preparation and

analytical procedures are

appropriate for the type

of mineralization sampled

and are reliable to

deliver the total content

of the analysed

compounds.

· make and model, reading · Where utilised, hand held

times, calibrations XRF is

factors applied and their

derivation, an Delta Analyser CS-4000

etc. by

Innov-X Systems

· For geophysical tools, · There is a calibration

spectrometers, handheld plate supplied by

XRF instruments, INOVV-X-Systems for the

calibration of the

etc, the parameters used in Portable X Ray

determining the analysis Fluorescence

including equipment.

instrument

· Nature of quality control · Aguia has prepared two

procedures adopted certified phosphate

( reference materials

eg standards, blanks, (standards) from material

duplicates, external collected from the

laboratory checks) and

whether acceptable levels Tres Estradas deposit -

of accuracy these comprise a mid and

( high grade standard and

ie lack of bias) and are considered appropriate

precision have been to the mineralisation

established. being

drilled

· This is in addition to

fine and coarse blank

standards prepared from

barren quartz

veins.

· One each of the above

company supplied standards

is included in each batch

of 48 samples, in addition

to a pulp duplicate.

· One batch of 48 samples

is sent monthly for umpire

laboratory

testing.

· Umpire testing is

performed at

At ALS Chemex in Lima,

Peru, where they are

analyzed for a suiten of

elements using method code

XRF12pt/XRF24)

· Additionally, Aguia relies

on the analytical quality

control measured

implemented by the ISO

accredited laboratory

used.

Verific· The verification of · The AGR procedures

ation significant intersections consists an internal

of by either independent or double check and, when

sampli alternative company required an independent

ng and personnel. verification during the

assayi independent audit

ng process.

· The use of twinned holes. · Given this is the initial

programme at TE South no

twin holes have been

drilled

· Documentation of primary · Data is manually entered

data, data entry onto logging sheets on

procedures, data site by

verification, data storage

(physical and electronic) Aguia geologists. This data

protocols. is then entered into a

digital database

consisting of Excel

workbooks. Assay data from

the laboratory is merged

into the downhole sample

sheets. All original

logging sheets and digital

data are stored. Digital

data is regularly backed

up.

· Data is yet to be

externally audited;

external audits of

previous drilling has

confirmed the veracity of

work carried

out

· Discuss any adjustment to · There is no adjustment to

assay assay

data. data

Locatio· Accuracy and quality of · All borehole collars were

n of surveys used to locate surveyed according to the

data drill holes (collar and local UTM coordinate

points down-hole surveys), system (South American

trenches, mine workings Datum 1969 - SAD69, Zone

and other locations used 21S), using differential

in Mineral Resource GPS equipment before

estimation. drilling started, and once

drilling had been

completed.

· Specification of the grid · SAD 1969 UTM system, Zons

system 21S

used.

· Quality and adequacy of · A topographic survey of

topographic the project area was

control. completed using

differential GPS

technology.

· The survey consisting of

lines spaced 25 metres

apart, and control lines

spaced 100 metres

apart.

· The topographic survey

generated contour lines at

1-metre intervals in the

meta-carbonatite area.

Contour lines at 5-metre

intervals were obtained

for the remaining area

using shuttle radar

topography mission (SRTM)

and

orthorectified Geoeye images

with 0.5 metre

resolution.

Data · Data spacing for · RC Drilling - RC holes,

spacin reporting of Exploration all vertical, at

g and Results.

distri Tres Estrada South are

bution being drilled on 50m

spaced lines, with spacing

along drill lines

determined by carbonatite

outcrop

· Diamond Drilling -

Diamond holes (inclined)

at

Tres Estradas are being

drilled on 100m spaced

lines, with spacing along

drill lines determined by

carbonatite outcrop

· Whether the data spacing · The data spacing and

and distribution is distribution is considered

sufficient to establish suitable for the style of

the degree of geological mineralisation being

and grade continuity tested, and will be

appropriate for the suitable for use in

Mineral Resource and Ore Mineral Resource and

Reserve estimation Reserve

procedure(s) and estimations

classifications

applied.

· Whether sample · For the purposes of

compositing has been reporting of results no

applied. sample compositing has

been

applied

Orienta· Whether the orientation · The bulk nature of the

tion of sampling achieves mineralisation indicates

of unbiased sampling of that sampling bias will

data possible structures and not be introduced by

in the extent to which this changing drilling

relati is known, considering the direction

on to deposit

geolog type.

ical

struct

ure

· If the relationship · Given the bulk and

between the drilling homogenous nature of the

orientation and the mineralisation it is

orientation of key considered that there is

mineralised structures is no sampling

considered to have bias

introduced a sampling

bias, this should be

assessed and reported if

material.

Sample · The measures taken to · Chain of custody is

securi ensure sample managed by

ty security.

Aguia. Samples are stored

on site. Assay samples are

sent by freight express to

the relevant laboratories.

Audits · The results of any audits · Tres Estradas - Audit by

or or reviews of sampling SRK Consulting in early

review techniques and 2013

s data.

and late 2014 indicated

that techniques utilised

by

Aguia were in line with

generally accepted

industry best practices.

The same audit found no

issues with the data.

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

CriteriaJORC Code explanation Commentary

Mineral · Type, reference · Tres Estradas

tenemen name/number, location and Permit 810.090/91,

t and ownership including irrevocable right to 100%

land agreements or material under an exercised option

tenure issues with third parties agreement with

status such as joint ventures,

partnerships, overriding Companhia Brasiliera de Cob

royalties, native title re

interests, historical (CBC).

sites, wilderness or

national park and On July 1, 2011, CBC and Ag

environmental uia

settings. Metais Ltda., a

subsidiary of

· The security of the

tenure held at the time Aguia in Brazil, executed

of reporting along with an option agreement

any known impediments to providing the irrevocable

obtaining a licence to purchase option of these

operate in the mineral rights by

area.

Aguia Metais (or its

affiliate or

subsidiaries). On May 30,

2012

Aguia Metais exercised the

purchase option

concerning these mineral

rights by means of its

affiliate

Aguia Fertilizantes S/A (Ag

uia

Fertilizantes). On July

10, 2012, CBC and

Aguia Fertilizantes execute

d an irrevocable agreement

providing the assignment

of these mineral rights

to

Aguia Fertilizantes. On

July 20, 2012 CBC filed a

request before the DNPM

applying for the transfer

of these mineral rights

to

Aguia Fertilizantes.

The 2nd two-year term

expired on August 16,

2012, with the Final

Exploration Report now

under review by the

Government, approval of

which will allow the

Company a further year

(from the date of

approval) to submit an

Economic Exploitation

Plan.

· Tres Estradas South

Permit 810.325/12,

irrevocable right to 100%

under an exercised option

agreement with

Companhia Brasiliera de Cob

re

.

Granted April 29, 2013,

initial 3 year term

expiry April 29, 2016.

The partial report with

time

ext

ension request was filed

on February 23,

2016

.

Explorat· Acknowledgment and · Tres Estradas and Tres

ion appraisal of exploration Estrada

done by other South

by parties.

other Discoveries of phosphate

parties rich rocks at TE were

made by a joint

exploration programme

between

Companhia Brasileiraa do Co

bre

and Santa Elina in

2007/2008 during a gold

exploration programme.

This involved an

integrated geochemical/

geological/geophysical

and drilling programme.

The gold results were

disappointing, causing

Santa Elina to withdraw

from the JV, however +6%

phosphate values were

noted in assaying of

soils and drill

core.

Geology · Deposit type, geological · Tres Estradas and Tres

setting and style of Estradas

mineralisation. South

The mineralisation is a

carbonatite hosted

phosphate deposit, with

apatite as the phosphate

bearing mineral. The

NE-SW trending

carbonatite is probably

Mid-Proterozoic in age,

and has been affected by

Neo-Proterozoic shearing

and metamorphism. It is

hosted in the Santa Maria

Chico Granulite Complex,

within the

Taquarembo Domain of the

Achaean to Proterozoic

Sul-rio-grandense Shield.

Drill · A summary of all · Drillhole information is

hole information material to listed in the appropriate

Informa the understanding of the tables in this document,

tion exploration results and presented in maps and

including a tabulation of sections

the following information

for all Material drill

holes:

o easting and northing of

the drill hole

collar

o elevation or RL (Reduced

Level - elevation above

sea level in metres) of

the drill hole

collar

o dip and azimuth of the

hole

o down hole length and

interception

depth

o hole length.

· If the exclusion of this

information is justified

on the basis that the

information is not

Material and this

exclusion does not

detract from the

understanding of the

report, the Competent

Person should clearly

explain why this is the

case.

Data · In reporting Exploration · Drill intersections are

aggrega Results, weighting length weighted. A

tion averaging techniques, nominal 3%

methods maximum and/or minimum P

grade truncations 2O5 lower cutoff is used,

( and there is no upper cut

eg cutting of high grades) applied to

and cut-off grades are intersections.

usually Material and

should be

stated.

· Where aggregate · Not applicable

intercepts incorporate

short lengths of high

grade results and longer

lengths of low grade

results, the procedure

used for such aggregation

should be stated and some

typical examples of such

aggregations should be

shown in

detail.

· The assumptions used for · Not applicable

any reporting of metal

equivalent values should

be clearly

stated.

Relation· These relationships are · RC drilling is targetting

ship particularly important in the flat lying upper

between the reporting of oxide mineralisation -

mineral Exploration these holes may be

isation Results. terminated in

widths mineralisation once fresh

and rock has been

interce intersected

pt

lengths · Diamond drilling is targe

tted

to intersect the full

width of the interpreted

steeply dipping

carbonatite bodies

· If the geometry of the · RC drilling is generally

mineralisation with perpendicular to the

respect to the drill hole flat-lying oxide blanket,

angle is known, its and oxide intersection

nature should be widths will reflect the

reported. true thickness of the

oxide

layer.

· Diamond holes are

drilled at an acute angle

to the steeply to

vertically dipping

carbonatite bodies, hence

downhole widths will be

greater than true widths.

For

drillholes drilled at

-60°, true mineralisation

widths will generally be

in the order of 40-60% of

downhole intersection

lengths - this is shown

in more detail on

included cross

sections.

· If it is not known and · Down hole lengths are

only the down hole reported

lengths are reported,

there should be a clear · Relationships between

statement to this effect true lengths and true

( thickness are shown in

eg down hole length, true cross

width not sections

known).

Diagrams· Appropriate maps and · Refer to maps and

sections (with scales) sections in

and tabulations of release

intercepts should be

included for any

significant discovery

being reported These

should include, but not

be limited to a plan view

of drill hole collar

locations and appropriate

sectional

views.

Balanced· Where comprehensive · Results from all drillhol

reporti reporting of all es

ng Exploration Results is have been reported

not practicable,

representative reporting

of both low and high

grades and/or widths

should be practiced to

avoid misleading

reporting of Exploration

Results.

Other · Other exploration data, · Geological mapping and

substan if meaningful and interpretation is used as

tive material, should be a base for included

explora reported including (but drill

tion not limited to): hole plans and sections

data geological observations;

geophysical survey

results; geochemical

survey results; bulk

samples - size and method

of treatment;

metallurgical test

results; bulk density,

groundwater, geotechnical

and rock characteristics;

potential deleterious or

contaminating

substances.

Further · The nature and scale of · As presented in the text

work planned further work of this

( report

eg tests for lateral

extensions or depth

extensions or large-scale

step-out

drilling).

· Diagrams clearly · As presented in the text

highlighting the areas of of this

possible extensions, report

including the main

geological

interpretations and

future drilling areas,

provided this information

is not commercially

sensitive.

Section 3 Estimation and Reporting of Mineral Resources

Not applicable to this release - this does not include mineral resource estimations

Section 4: Estimation and Reporting of Ore Reserves

Not applicable to this release

Section 5: Estimation and Reporting of Diamonds and Other Gemstones

Not applicable to this release

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