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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 "openpit constrained" 1.3Mt of oxidised material at 0.43% copper.
Aguia said the resource was located in a single structural panel, and that it had identified "at least" four panels over an 8km strike which started north of Andrade and ended 2km 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.
