The inferred Andrade copper deposit contains 10.8 million tonnes grading 0.56% copper and 2.56 grams per tonne silver, included within which there's an "open pit constrained" 1.3Mt of oxidised material at 0.43% copper.

Aguia said the resource is located in a single structural panel, and that it had identified "at least" four panels over an 8km strike which starts north of Andrade and ends 2 km to the south of Primavera.

Andrade is in Rio Grande do Sul.

Meanwhile Aguia is aiming to soon complete environmental permitting for its Tres Estradas phosphate rock project, with about US$84 million initially needed to develop the project.

Aguia raised A$2.9 million last quarter by issuing new shares priced at 12c each.

Shares in Aguia were down 9% to 10c in morning trade, capitalising the company at $16 million.