Aguia Resources (ASX:AGR) plans to get a second drill rig onsite at the Santa Barbara Gold Project in Colombia, to expedite the current drilling program.
The second rig will arrive onsite in the coming weeks, which will support extending the drilling to intersect the known mineralised vein systems at depth for mine planning purposes.
This news comes after Aguia completed the first two diamond drillholes, as part of a 25-hole program. The intersected mineralised veins are interpreted to be mesothermal in nature with a second later epithermal breccia overprint with pyrite, sphalerite, and galena associated with the main mineralising events.
Aguia, which has a market capitalisation of $57 million, aims to assess the variations in dip and strike of the known veins currently part of the underground development plan.
The program aims to confirm the distribution of gold mineralisation and its continuity for grade control, vein widths, and future underground development planning, as well as grade and tonnage estimation.
The Santa Barbara Gold Project, comprising 320 hectares, is located in the prolific gold camp on the northern tip of the Serrania de San Lucas, which is also known as the richest gold belt in Colombia.
In 2024, global gold demand increased by 1.2% year-on-year to 4,548 tonnes, as reported by the Department of Industry Science and Resources (DISR). The rise in demand has been driven by increased investment across bars and coins, as well as exchange traded funds.
Global gold consumption is forecast to decrease this year to 4,196 tonnes, but is expected to rise in 2026 as prices moderate to around 4,500 tonnes per year in 2030.
The DISR also reveals gold supply is forecast to remain relatively stable during 2026, at 5,000 tonnes per year. The rise in mine output to 2026 is expected to come from higher output from existing mines — as miners use high-grade gold veins to capitalise on high gold prices.
At the time of writing, gold’s price sat at $5,307.77 per ounce, as reported by the ABC Bullion.
Write to Aaliyah Rogan at Mining.com.au
Images: Aguia Resources
