Aguia Resources (ASX:AGR) is set to expedite its drilling program at the Santa Barbara Gold Project in Colombia by deploying a second drill rig to the site. The additional rig will enable the company to extend drilling operations to intersect known mineralized vein systems at greater depths, which is crucial for future mine planning purposes. This development follows the completion of the first two diamond drillholes in a 25-hole program. Early results indicate the presence of mesothermal veins with an epithermal breccia overprint, containing pyrite, sphalerite, and galena, all associated with significant mineralizing events.
The program aims to assess the variations in dip and strike of the known veins, confirming the gold mineralization distribution and its continuity. This includes grade control, vein width analysis, and underground development planning, as well as grade and tonnage estimation. The Santa Barbara Gold Project, located in the Serrania de San Lucas, lies within Colombia’s richest gold belt. This expansion comes amid fluctuating global gold dynamics. While global gold demand saw a 1.2% year-on-year increase in 2024, reaching 4,548 tonnes, forecasts suggest a decrease to 4,196 tonnes this year before rising again in 2026. As of writing, gold is priced at $5,307.77 per ounce.
