Ero Copper Corp. (the “Company”)
(TSX:
ERO) is pleased to provide a quarterly update on the
ongoing exploration drill programs on its 99.6% owned Vale do
Curaçá Property located in Bahia State, Brazil and its 97.6% owned
NX Gold Mine located in Mata Grosso State, Brazil. This update
encompasses drill results received from December 2019 through
March, 2020. Drilling during the period continued to focus on
priority target areas within the Pilar Mine, Vermelhos Mine, the
broader Curaçá Valley as well as extensions of the Santo Antonio
Vein at the NX Gold Mine, all according to the planned drill
programs for the first quarter of 2020, which have not been
impacted by the COVID-19 pandemic.
HIGHLIGHTS
- Continued success in demonstrating
continuity of the high-grade ‘Superpod’ mineralization below the
known extent of the Pilar Mine within the “Deepening Extension”
zone, highlighted by: - FC47163: 22.8 meters grading 3.18%
copper including 10.6 meters grading 5.29% copper;- FC5623: 21.8
meters grading 2.27% copper including 2.8 meters grading 7.76%
copper, drilled approximately 400 meters north of hole FC47163;
and, - mineralized intercepts within the Deepening Extension now
extend over approximately 800 meters in strike length and to depth
over 400 meters below the current level of the primary ramp. The
zone remains open to the north and to depth.
- Extended the known limits of the
Vermelhos Mine orebodies from the initial results of a systematic
fan drill program surrounding the main orebodies of Toboggan and
Sombrero, including to depth, highlighted by:- FVS-709: 7.6
meters grading 11.48% copper including 4.6 meters grading 17.39%
copper, located approximately 10 meters east of
Toboggan;- FVS-585: 10.0 meters grading 2.98% copper including
3.4 meters grading 4.79% copper located approximately 20 meters
east of Toboggan; and,- FVS-638: 7.2 meters grading 2.16% copper
including 2.0 meters grading 4.62% copper and hole FVS-634: 2.5
meters grading 3.52% copper, located approximately 96 meters and
125 meters beneath the main Vermelhos orebodies, respectively,
making them the deepest known intercepts beneath the Vermelhos main
orebodies to date. Additional drilling is planned to further define
the size and extent of these newly intercepted lenses at
depth.
- Extended the known limits of
mineralization within the Siriema deposit by an additional 400
meters beneath the current inferred mineral resource limit with
wide-spaced, down-plunge, 200 meter step-out exploration drilling
resulting in a series of deeper intercepts, highlighted by:-
FSI-89: 6.0 meters grading 2.21% copper including 3.0 meters
grading 3.12% copper, located approximately 400 meters down-plunge
of the current mineral resource along a north-plunging structural
conduit that can be traced to the Keel Zone. Drilling remains
focused on following the structural conduit to the north and to
depth to further evaluate potential for a wider zone of
mineralization and the potential for additional copper-nickel and
platinum group metal (“PGM”) zonation first observed within the
Keel Zone of the Siriema deposit.
- At the NX Gold Mine, continued
success in programs focused on upgrading the current inferred
mineral resource and testing down-plunge extensions of the
high-grade mineralization of the Santo Antonio vein. Results are
highlighted by: - SA69: 3.8 meters grading 19.22 grams per tonne
gold drilled at the limit of the current inferred mineral resource;
and - SA73: 4.9 meters grading 10.21 grams per tonne gold, hole
SA70: 4.9 meters grading 9.53 grams per tonne gold and SA76: 3.5
meters grading 2.24 grams per tonne, located approximately 30
meters, 45 meters and 125 meters down-plunge from the limits of the
current mineral resource (and hole SA69), respectively. The Santo
Antonio vein remains open to depth.
- Regional work comprised of both
exploration drilling and ground-based geophysical work is currently
focused on four newly interpreted mineral systems within the
portfolio of targets defined by the Company’s comprehensive
targeting work. Each of the new systems has an average strike
length of 5 kilometers and contain multiple priority drill targets.
While preliminary results are encouraging, additional detail on
these ongoing exploration programs is expected during the second
half of the year.
Commenting on the results, David Strang,
President & CEO, stated, “At the outset of 2020 we set
ourselves several objectives with this years’ exploration program.
The first and foremost objective was to demonstrate continuity of
high-grade mineralization within the Deepening Extension zone of
the Pilar Mine. We believe successful execution of this program, as
demonstrated in this first quarter update, continues to have the
potential to meaningfully contribute to securing the future
production profile of the Company and be instrumental in
maintaining an elevated grade profile in the years to come.
Similarly, the results from resource upgrade and extensional
exploration programs at the NX Gold Mine give us comfort that we
will be able to continue to add significantly to mine life and
secure the future of the mine.
While the onset of the COVID-19 pandemic has not
impacted our planned exploration programs, the closure of many
third-party laboratories has limited our ability over the near-term
to analyze for cobalt, gold and PGMs (although we are currently
building this capability in-house). Despite these pending assays, I
am pleased to say that we have made significant strides during the
first quarter in extending mineralization across each of the assets
within our portfolio. In addition to the successes at Pilar and at
the NX Gold Mine, notable extensions of the Siriema controlling
structure to depth and the preliminary, but exciting, results from
the systematic Vermelhos Mine fan drilling speak to the successes
our exploration teams are having throughout our organization.
As we look forward to the balance of the year,
and a progression to more regional drilling, we see the emergence
of four key regional mineralized systems on which we are focusing
our exploration efforts in the near to medium term. By year-end, we
continue to expect the majority of our total meterage drilled will
be allocated to a selection of targets within these systems.”
Twenty-six drill rigs are currently operating in
the Curaçá Valley, including twelve within the Pilar District,
eleven in the Vermelhos District, and there are currently seven
drill rigs (including four within the Vermelhos District) operating
on regional exploration targets in the Curaçá Valley. Five
additional drill rigs are currently operating at the NX Gold
Mine.
Expansions and extensions, as referenced herein,
reflect mineralization not captured in the Company’s mineral
resource and mineral reserve models used in the current (2019)
mineral resource and reserve estimate. There has been insufficient
work and analysis surrounding new discoveries, as referenced
herein, to define a mineral resource and it is uncertain if further
exploration and analysis will result in such targets being
delineated as a mineral resource.
The drill holes outlined in this press release
within the Vermelhos and Pilar Districts will be made available on
the Company’s Curaçá Valley site tour and interactive
three-dimensional models for the Pilar Mine and the Vermelhos
System, which can be accessed via the Company’s website
(www.erocopper.com) or via VRIFY Technology Inc. (“VRIFY”)
(www.vrify.com).
PILAR DISTRICT
The Pilar District encompasses the area
surrounding the Pilar underground mine, Caraíba Mill complex and
the past producing Pilar open pit and R22 Mines. Twelve drill rigs
are currently focused on resource upgrade and exploration programs
within the Pilar Mine.
During the period, the Company has continued to
prioritize drilling of the Deepening Extension where the Company
continues to confirm thick and high-grade mineralization of a
recently identified mineralized chamber, or “Superpod”, within the
Deepening Extension zone.
The Deepening Extension
Deepening Extension drilling is currently
targeting mineralization on the East Limb of the Pilar Mine between
level -725 and level -1300 approximately 1,200 meters to 1,750
meters below surface and approximately 100 meters laterally from
the current level of the primary ramp (completed to level -935).
Drilling in the Deepening Extension zone continues to extend the
known limits of high-grade copper mineralization of the mine and
intercept some of the most significant holes on a grade-meter basis
drilled in the Pilar Mine since acquisition of the Vale do Curaçá
Property in 2016, confirming continuity within a high-grade,
mineralized chamber, or “Superpod”.
The Company has now identified a mineralized
area within the Deepening Extension zone that extends over
approximately 800 meters in strike length, over a total depth of
approximately 400 meters and over an average thickness of
approximately 15 to 20 meters with localized thicknesses of up to
50 meters. Within the total strike length, a higher-grade
continuous zone with a strike-length of approximately 400 to 500
meters is emerging in the central and northern segments of the
target area. The zone remains open to the north and to depth. There
are currently five underground exploration drill rigs
systematically drilling the defined exploration target area within
the Deepening Extension zone.
New results during the period are highlighted by
notable confirmatory and extensional drilling within the high-grade
target area. In the central portion of the Deepening Extension, on
section 47, new results are highlighted by hole FC47163 that
intersected 22.8 meters grading 3.18% copper including 10.6 meters
grading 5.29% copper and hole FC47143 that intersected 37.0 meters
grading 1.49% copper including 5.0 meters grading 2.92% copper.
Drill results in the central portion of the Deepening Extension are
complemented by previously announced intercepts, also on section
47, in hole FC47142 that intersected 34.7 meters grading 2.29%
copper including 18.6 meters grading 3.15% copper and hole FC47139
that intersected 7.1 meters grading 6.50% copper including 4.1
meters grading 9.01% copper. In the northern section of the target
area, located approximately 400 meters north of the intercepts
noted previously on section 47, new results are highlighted by hole
FC5623 that intersected 21.8 meters grading 2.27% copper including
2.8 meters grading 7.76% copper which is complemented by previously
released intercepts, also on section 56, in hole FC5616 that
intersected 51.8 meters grading 3.49% copper including 33.4 meters
grading 4.96% copper and hole FC5615 that intersected 62.5 meters
grading 1.65% copper including 26.1 meters grading 2.37% copper
(please refer to the Company’s press releases dated September 12,
2019 and December 3, 2019 for previously announced Deepening
Extension results).
Exploration results from the Deepening Extension
supports that the Pilar Mine remains open to depth, where
high-grade mineralization continues to be encountered, based on the
deepest intercept in newly drilled hole FC47144, approximately 420
meters below the deepest level of current development at the
mine.
Please see Figure 1 for a north-south long
section and Figure 2 for a level map showing collar locations of
Deepening Extension drilling within the Pilar Mine.
Hole ID |
From (m) |
To (m) |
Length (m) |
Cu (%) |
FC38177 |
164.5 |
168.0 |
3.5 |
0.77 |
FC38180 |
NSI |
NSI |
NSI |
NSI |
FC38181 |
NSI |
NSI |
NSI |
NSI |
FC39149 |
NSI |
NSI |
NSI |
NSI |
FC39151 |
NSI |
NSI |
NSI |
NSI |
FC39152 |
NSI |
NSI |
NSI |
NSI |
FC42271 |
294.1 |
298.5 |
4.4 |
1.32 |
and |
413.2 |
418.2 |
5.0 |
0.89 |
and |
496.2 |
500.2 |
4.0 |
1.57 |
FC42272 |
206.4 |
209.7 |
3.3 |
5.73 |
and |
249.9 |
253.4 |
3.5 |
1.15 |
FC45167 |
267.2 |
277.9 |
10.7 |
3.45 |
including |
272.8 |
275.9 |
3.1 |
8.11 |
FC47143 |
426.0 |
430.0 |
4.0 |
1.17 |
and |
449.0 |
486.0 |
37.0 |
1.49 |
including |
474.0 |
479.0 |
5.0 |
2.92 |
FC47144 |
607.4 |
627.2 |
19.8 |
1.41 |
including |
616.4 |
618.4 |
2.0 |
3.27 |
and |
638.5 |
654.5 |
16.0 |
1.71 |
including |
638.5 |
641.5 |
3.0 |
2.32 |
and |
659.5 |
663.5 |
4.0 |
0.95 |
and |
695.5 |
698.5 |
3.0 |
1.38 |
FC47154 |
435.8 |
441.9 |
6.1 |
1.24 |
including |
435.8 |
437.8 |
2.0 |
2.22 |
FC47162 |
573.2 |
585.9 |
12.7 |
3.27 |
including |
575.9 |
580.9 |
5.0 |
5.17 |
and |
617.9 |
622.0 |
4.1 |
2.70 |
and |
626.5 |
634.5 |
8.0 |
1.91 |
FC47163 |
465.5 |
488.3 |
22.8 |
3.18 |
including |
465.5 |
476.1 |
10.6 |
5.29 |
and |
499.3 |
523.5 |
24.2 |
1.33 |
including |
512.3 |
515.5 |
3.2 |
2.05 |
FC48135 |
476.2 |
479.6 |
3.3 |
3.36 |
FC49141 |
NSI |
NSI |
NSI |
NSI |
FC5248 |
328.74 |
333.2 |
4.5 |
1.22 |
FC5249 |
NSI |
NSI |
NSI |
NSI |
FC5362 |
346.3 |
359.2 |
12.9 |
1.35 |
including |
346.3 |
350.3 |
4.0 |
2.39 |
FC5363 |
560.8 |
570.8 |
10.0 |
0.83 |
FC5365 |
597.2 |
612.2 |
15.0 |
0.96 |
and |
604.2 |
607.2 |
3.0 |
1.47 |
and |
646.8 |
665.9 |
19.1 |
1.54 |
including |
646.8 |
649.8 |
3.0 |
3.00 |
and |
682.0 |
692.0 |
10.0 |
0.96 |
FC5617 |
373.7 |
382.7 |
9.0 |
1.00 |
FC5622 |
510.0 |
520.0 |
10.0 |
1.17 |
including |
510.0 |
512.0 |
2.0 |
2.26 |
FC5623 |
427.2 |
449.0 |
21.8 |
2.27 |
including |
445.2 |
448.0 |
2.8 |
7.76 |
and |
473.2 |
476.2 |
3.0 |
2.17 |
NSI indicates no significant intercept based on
a three meter mining width and cut-off grade of 0.68% copper. Drill
holes were drilled from level -670, level -740 and level -875 in
the Pilar Mine. Holes not included are either pending assay
results, have been included in a different section of this press
release for clarity of discussing drill results or were previously
included in a prior press release. The length of intercept may not
represent the true width of mineralization. Values may not add up
due to rounding. From, to and mineralized intercepts are rounded to
the nearest tenth of a meter.
VERMELHOS DISTRICT
The Vermelhos District is located approximately
eighty kilometers to the north of the Pilar Mine and Caraíba Mill
complex and includes the operating high-grade Vermelhos Mine.
Drilling is focused on both near-mine extensional drilling as well
as new regional targets identified during the Company’s regional
airborne survey and subsequent data compilation work of the broader
Vermelhos System – a north-south trend encompassing the Vermelhos
Mine, East Zone, Siriema N8/N9 deposit, and several high priority
targets that extends over ten kilometers in strike length.
Eleven drill rigs are currently operating in the
district including seven focused on upgrade and exploration
programs within and adjacent to the Vermelhos Mine, including the
Siriema deposit, while four rigs are focused on regional targets
within Vermelhos System trend.
Siriema
The Siriema deposit is the Company’s first
regional discovery (see press release dated July 30, 2019 for the
announcement of the Siriema discovery) and is located approximately
1.5 kilometers south of the Vermelhos Mine. The exploration drill
program at Siriema is focused on continuing to understand the
relationship between the previously identified Keel Zone – a
massive sulphide breccia zone of elevated copper, nickel, cobalt
and PGMs within the Siriema deposit – and a north-plunging
mineralized controlling structure, or conduit, and the potential
for larger zones of copper, nickel and PGM massive sulphide
mineralization down-plunge of the Keel Zone along the conduit
(please refer to the Company’s press release dated December 3, 2019
for previously released multi-element intercepts).
During the period, wide-spaced, down-plunge, 200
meter step-out exploration drilling at Siriema has continued to
intercept the controlling mineralized Siriema conduit at depth. To
date, the Siriema conduit has now been encountered from surface to
a depth of approximately 550 meters below surface and over variable
thicknesses from sub 1 meter up to 20 meters. Siriema remains open
to depth and to the north where drilling and down-hole EM work
continues to evaluate this potential.
Mineralization encountered within the conduit
continues to be comprised of disseminated and massive sulphide
mineralization, containing both copper and nickel. A potential new
zone, located approximately 550 meters below surface and 400 meters
beneath the current mineral resource limit, is highlighted by hole
FSI-89 that intersected 6.0 meters grading 2.21% copper and 0.03%
nickel including 3.0 meters grading 3.12% copper and 0.04% nickel.
In addition, hole FSI-88, drilled within the northern extent of the
inferred mineral resource and at the northern limit of the Keel
Zone, intersected 13.0 meters grading 1.13% copper and 0.14% nickel
and 6.7 meters grading 3.74% copper and 0.39% nickel including 3.0
meters grading 7.17% copper and 0.38% nickel.
Intercepts below three meters in thickness
drilled in the Siriema conduit are reported below as not
significant, consistent with the Company’s minimum mining thickness
and overall approach to reporting exploration drill results.
Further, as a result of the COVID-19 pandemic and global
third-party laboratory closures, assay results for cobalt, PGMs and
gold during the period, as well as a selection of pending samples
from previously released hole FSI-74 are delayed. It is unknown at
this time when these samples will be processed, assayed and
released to the Company.
Please see Figure 3 for a north-south long
section and Figure 4 for a plan map detailing Siriema collar
locations.
Hole ID |
From (m) |
To (m) |
Length (m) |
Cu (%) |
Ni (%) |
FSI-59 |
110.9 |
114.9 |
4.0 |
0.34 |
0.07 |
and |
149.2 |
152.2 |
3.0 |
0.38 |
0.06 |
and |
164.2 |
168.2 |
4.0 |
0.30 |
0.06 |
and |
173.2 |
176.2 |
3.0 |
0.37 |
0.06 |
and |
185.2 |
188.2 |
3.0 |
0.33 |
0.08 |
FSI-60 |
NSI |
NSI |
NSI |
NSI |
NSI |
FSI-61 |
163.8 |
169.8 |
6.0 |
0.29 |
0.05 |
FSI-63 |
354.0 |
357.0 |
3.0 |
0.52 |
0.22 |
FSI-65 |
NSI |
NSI |
NSI |
NSI |
NSI |
FSI-69 |
NSI |
NSI |
NSI |
NSI |
NSI |
FSI-71 |
NSI |
NSI |
NSI |
NSI |
NSI |
FSI-72 |
172.4 |
182.4 |
10.0 |
0.27 |
0.04 |
and |
188.4 |
195.0 |
6.6 |
0.89 |
0.07 |
including |
190.4 |
194.5 |
4.0 |
1.18 |
0.08 |
FSI-75 |
NSI |
NSI |
NSI |
NSI |
NSI |
FSI-76 |
NSI |
NSI |
NSI |
NSI |
NSI |
FSI-77 |
NSI |
NSI |
NSI |
NSI |
NSI |
FSI-78 |
NSI |
NSI |
NSI |
NSI |
NSI |
FSI-80 |
NSI |
NSI |
NSI |
NSI |
NSI |
FSI-81 |
NSI |
NSI |
NSI |
NSI |
NSI |
FSI-83 |
530.1 |
536.7 |
6.6 |
0.46 |
0.01 |
FSI-85 |
NSI |
NSI |
NSI |
NSI |
NSI |
FSI-86 |
586.0 |
595.1 |
9.1 |
0.49 |
0.01 |
FSI-87 |
467.2 |
473.6 |
6.4 |
2.80 |
0.15 |
including |
470.2 |
472.2 |
2.0 |
4.49 |
0.25 |
FSI-88 |
243.4 |
256.4 |
13.0 |
1.13 |
0.14 |
and |
266.0 |
272.7 |
6.7 |
3.74 |
0.39 |
including |
267.0 |
270.0 |
3.0 |
7.17 |
0.38 |
FSI-89 |
633.3 |
639.3 |
6.0 |
2.21 |
0.03 |
including |
634.3 |
637.3 |
3.0 |
3.12 |
0.04 |
and |
646.2 |
649.2 |
3.0 |
1.04 |
0.02 |
NSI indicates no significant intercept, based on
a three meter mining width and cut-off grade of 0.18% copper for
all intervals, including to depth. Drill holes were drilled from
surface. The length of intercept may not represent the true width
of mineralization. Values may not add up due to rounding.
From, to and mineralized intercepts are rounded to the nearest
tenth of a meter.
Vermelhos Mine Orebody
Extensions
Drilling during the period at the Vermelhos Mine
was focused on both infill drilling for mine planning and
extensions of the limits of known mineralization beneath the main
orebodies of Toboggan. The first systematic fan drilling
exploration program surrounding the Vermelhos Mine, including
immediately below the deposit, commenced in Q1 2020 and is in its
infancy. To date, approximately 18% of the planned meterage of the
program has been completed and it is expected to run through the
first half of the year. While early into the campaign, preliminary
results of the program are encouraging. Results during the period
are highlighted by new mineralized intercepts up to 125 meters
beneath the main orebodies of Toboggan and Sombrero and, in
addition, new extensions of the known limits of mineralization to
the east and to the north of the main orebodies. There are
currently two underground drill rigs dedicated to the systematic
fan drilling program.
Highlights of the Toboggan extensional results
include FVS-709 that intersected 7.6 meters grading 11.48% copper
including 4.6 meters grading 17.39% copper and hole FVS-585 that
intersected 10.0 meters grading 2.98% copper including 3.4 meters
grading 4.79% copper. These holes are located up to 20 meters east
of the known limits of Toboggan. Additionally, to the northwest,
results are highlighted by hole FVS-671 that intersected 8.3 meters
grading 1.53% copper including 4.0 meters grading 2.03% copper
approximately 30 meters northwest of the known limits of
Toboggan.
Beneath the main orebodies of Toboggan and
Sombrero, where drilling to date has been limited, results are
highlighted by hole FVS-638 that intersected 7.2 meters grading
2.16% copper including 2.0 meters grading 4.62% copper and hole
FVS-634 that intersected 2.5 meters grading 3.52% copper, located
approximately 96 meters and 125 meters beneath the main Vermelhos
orebodies, respectively and are the deepest holes drilled beneath
the main orebodies to date. These results are complimented by the
previously released hole, FVS-465, that intersected 13.4 meters
grading 5.86% copper including 8.4 meters grading 7.04% copper,
drilled approximately 55 meters north of hole FVS-638 at
approximately the same depth, 80 meters below the main Vermelhos
orebodies. Beneath the Sombrero orebody, located immediately west
of Toboggan and west of the previously mentioned intercepts,
results are highlighted by hole FVS-439 that intercepted 3.1 meters
grading 4.71% copper, and a shallower intercept in hole FVS-634
that intercepted 3.0 meters grading 2.16% copper both intercepted
mineralization approximately 30 to 40 meters beneath the Sombrero
orebody (please refer to the Company’s press release dated
September 12, 2019 for previously released holes).
Please see Figure 5 for a plan map detailing
Vermelhos Mine collar locations, Figure 6 for an east-west section
of the Vermelhos Mine looking north and Figure 7 for north-south
long section detailing the Vermelhos Mine drilling.
Hole ID |
From (m) |
To (m) |
Length (m) |
Cu (%) |
FV-154 |
358.4 |
361.6 |
3.2 |
4.67 |
FVS-423 |
287.9 |
291.2 |
3.3 |
1.35 |
FVS-424 |
313.9 |
317.9 |
4.0 |
2.55 |
and |
326.5 |
334.8 |
8.4 |
2.97 |
including |
326.5 |
331.8 |
5.4 |
4.05 |
FVS-439 |
135.7 |
138.8 |
3.1 |
4.71 |
FVS-441 |
181.1 |
188.1 |
7.0 |
1.34 |
FVS-443 |
NSI |
NSI |
NSI |
NSI |
FVS-448 |
286.5 |
292.4 |
5.9 |
0.95 |
FVS-545 |
259.4 |
262.4 |
3.0 |
3.54 |
and |
304.5 |
307.5 |
3.0 |
2.94 |
FVS-585 |
22.8 |
32.8 |
10.0 |
2.98 |
including |
29.3 |
32.8 |
3.4 |
4.79 |
FVS-605 |
194.3 |
198.3 |
4.0 |
0.82 |
FVS-626 |
216.0 |
219.0 |
3.0 |
1.32 |
FVS-628 |
78.7 |
82.9 |
4.1 |
3.35 |
FVS-630 |
- |
4.9 |
4.9 |
7.82 |
FVS-632 |
142.1 |
145.1 |
3.0 |
1.16 |
FVS-633 |
84.5 |
90.0 |
5.6 |
1.66 |
FVS-634 |
158.8 |
161.8 |
3.0 |
2.16 |
and |
225.3 |
227.9 |
2.5 |
3.52 |
FVS-635 |
1.4 |
5.6 |
4.2 |
8.59 |
including |
1.4 |
4.4 |
3.0 |
10.46 |
FVS-636 |
NSI |
NSI |
NSI |
NSI |
FVS-637 |
NSI |
NSI |
NSI |
NSI |
FVS-638 |
158.1 |
165.3 |
7.2 |
2.16 |
including |
159.1 |
161.1 |
2.0 |
4.62 |
FVS-639 |
150.2 |
164.8 |
14.6 |
1.48 |
including |
158.2 |
162.4 |
4.2 |
2.44 |
FVS-641 |
NSI |
NSI |
NSI |
NSI |
FVS-643 |
NSI |
NSI |
NSI |
NSI |
FVS-644 |
NSI |
NSI |
NSI |
NSI |
FVS-647 |
NSI |
NSI |
NSI |
NSI |
FVS-671 |
24.5 |
32.8 |
8.3 |
1.53 |
including |
24.5 |
28.5 |
4.0 |
2.03 |
FVS-709 |
20.6 |
28.2 |
7.6 |
11.48 |
including |
21.6 |
26.2 |
4.6 |
17.39 |
FVS-728 |
53.5 |
59.8 |
6.3 |
2.68 |
including |
54.6 |
56.7 |
2.1 |
3.66 |
and |
63.0 |
65.4 |
2.5 |
3.43 |
FVS-755 |
50.9 |
55.9 |
5.1 |
1.97 |
including |
50.9 |
52.9 |
2.0 |
3.23 |
NSI indicates no significant intercept, based on
a three meter mining width and cut-off grade of 0.68% copper.
Drill holes were drilled from surface and from level +185, level
+210, level +215, level 225 and level +250 in the Vermelhos Mine.
The length of intercept may not represent the true width of
mineralization. Values may not add up due to rounding. From, to and
mineralized intercepts are rounded to the nearest tenth of a
meter.
Vermelhos East Zone
Extension
The Vermelhos East Zone is located approximately
100 meters to the east of the main Vermelhos Mine orebodies and
follows what is interpreted to be a post-mineral intrusive body.
The zone of mineralization, to date, has been delineated from
surface copper oxide mineralization to a depth of approximately 575
meters below surface and over a combined strike length of
approximately 1.7 kilometers when including the recently drilled
extensions of the N8 deposit to the south.
Drilling during the period sought to extend the
known limits of the East Zone conduit by continuing holes drilled
from the western side of the Vermelhos deposit towards the east.
Although there is no dedicated East Zone drill program outside of
the UG3 mining area and the south extensions of the N8 deposit (as
further defined in the N8 section of this press release),
short-term holes drilled for mine planning at Vermelhos as well as
those drilled on the eastern side of the main deposit as part of
the systematic fan drill exploration program are typically extended
approximately 150 meters beyond the primary exploration target
zones in order to evaluate mineralized potential within the East
Zone conduit.
Drilling along the Vermelhos East Zone during
the period continued to intercept mineralization and confirmed the
extent of the interpreted structure which remains open along strike
and to depth. Including the latest drill results, the East Zone now
extends over a total strike length of approximately 1.7 kilometers
from south of the Vermelhos Mine in the UG1 mining area, to the
northern extent of the N8 deposit (previously referred to as
Vermelhos West) and from surface to a depth of 575 meters below
surface. The significance of the demonstrated continuity of this
zone is that it constitutes the largest identified mineralized
conduit within the Vermelhos System to date. Result during the
period are highlighted by hole FVS-458 that intersected 6.0 meters
grading 1.47% copper including 3.0 meters grading 2.10% copper and
hole FVS-547 that intersected 5.0 meters grading 1.99% copper
including 2.0 meters grading 3.24% copper. These intercepts, along
with previously announced drill results in hole FVS-432 that
intersected 27.6 meters grading 1.95% copper and 7.0 meters grading
4.48% copper including 3.0 meters grading 8.02% copper are all
located approximately 400 to 500 meters from surface and continue
to define several high-grade lenses within the overall Vermelhos
East Zone structure that warrant follow-up work. This work remains
ongoing and is being performed alongside the systematic exploration
fan drilling within the Vermelhos mine and in testing southern
extensions of the N8 deposit. The East Zone remains open to depth
and along strike (please refer to the Company’s press release dated
December 3, 2019 for previously released holes).
Please see Figure 8 for a plan map detailing
East Zone and N8 Deposit collar locations and Figure 9 for a
north-south long section of East Zone and N8 Deposit drilling.
Hole ID |
From (m) |
To (m) |
Length (m) |
Cu (%) |
FV-150 |
NSI |
NSI |
NSI |
NSI |
FV-160 |
409.4 |
412.4 |
3.0 |
0.82 |
and |
419.4 |
432.4 |
13.0 |
1.01 |
including |
430.4 |
432.4 |
2.0 |
1.78 |
FV-166 |
NSI |
NSI |
NSI |
NSI |
FV-173 |
469.0 |
472.0 |
3.0 |
1.34 |
and |
545.6 |
551.9 |
6.2 |
1.33 |
FVS-435 |
405.5 |
418.4 |
12.9 |
1.53 |
Including |
415.8 |
418.4 |
2.6 |
3.48 |
FVS-436 |
NSI |
NSI |
NSI |
NSI |
FVS-442 |
451.4 |
454.4 |
3.0 |
1.17 |
FVS-453 |
421.8 |
426.8 |
5.0 |
1.00 |
and |
450.3 |
453.3 |
3.0 |
0.74 |
and |
464.2 |
469.2 |
5.0 |
0.93 |
and |
496.7 |
503.7 |
7.0 |
0.72 |
FVS-454 |
588.4 |
594.3 |
5.9 |
0.88 |
and |
598.3 |
601.7 |
3.4 |
0.81 |
and |
675.5 |
678.6 |
3.1 |
1.04 |
and |
707.8 |
713.8 |
6.0 |
1.59 |
FVS-456 |
NSI |
NSI |
NSI |
NSI |
FVS-457 |
NSI |
NSI |
NSI |
NSI |
FVS-458 |
184.5 |
190.5 |
6.0 |
1.47 |
including |
187.5 |
190.5 |
3.0 |
2.10 |
FVS-459 |
450.2 |
453.8 |
3.6 |
2.48 |
and |
634.3 |
637.4 |
3.1 |
0.90 |
and |
640.4 |
645.4 |
5.0 |
0.80 |
FVS-508 |
145.2 |
148.2 |
3.0 |
1.15 |
and |
159.3 |
170.2 |
10.9 |
1.62 |
including |
163.8 |
167.8 |
4.0 |
3.20 |
FVS-542 |
118.2 |
127.9 |
9.7 |
0.97 |
FVS-547 |
137.7 |
142.7 |
5.0 |
1.99 |
including |
139.7 |
141.7 |
2.0 |
3.24 |
FVS-602 |
NSI |
NSI |
NSI |
NSI |
FVS-604 |
443.3 |
448.3 |
5.0 |
1.04 |
FVS-610 |
NSI |
NSI |
NSI |
NSI |
FVS-613 |
NSI |
NSI |
NSI |
NSI |
FVS-614 |
NSI |
NSI |
NSI |
NSI |
FVS-615 |
NSI |
NSI |
NSI |
NSI |
FVS-640 |
364.2 |
372.5 |
8.3 |
1.48 |
FVS-642 |
215.9 |
221.9 |
6.0 |
1.83 |
and |
233.7 |
241.7 |
8.0 |
1.65 |
FVS-645 |
353.2 |
357.2 |
4.0 |
1.23 |
and |
368.8 |
376.8 |
7.9 |
0.87 |
and |
391.7 |
395.7 |
4.0 |
0.99 |
and |
402.0 |
407.4 |
5.4 |
0.82 |
FVS-646 |
214.1 |
217.1 |
3.0 |
1.22 |
NSI indicates no significant intercept, based on
a three meter mining width and cut-off grade of 0.68% copper. Drill
holes were drilled from surface, level +185, level +210, level
+215, level 225 and level +250 in the Vermelhos Mine. Holes not
included are either pending assay results, have been included in a
different section of this press release for clarity of discussing
drill results or were previously included in a prior press release.
The length of intercept may not represent the true width of
mineralization. Values may not add up due to rounding. From, to and
mineralized intercepts are rounded to the nearest tenth of a
meter.
N8 Deposit
Drilling during the period at the N8 deposit
(the western portion of the adjacent N8/N9 deposits, and previously
referred to as Vermelhos West), sought to extend the known limits
of mineralization to the south connecting the N8 deposit to the
East Zone conduit, linking the N8 deposit to the UG1 mining area,
as well as testing continuity of mineralization to depth beneath
the limits of the envisioned open pit.
The latest drill results confirm continuity of
mineralization from surface within the mineral resource limits and
envisioned open pit of the N8 deposit connecting to the
northernmost drilling performed within the East Zone during the
period. This trend has now been identified with exploration drill
results (see East Zone section of this press release) connecting
the UG1 mining area of the Vermelhos Mine to the northern limit of
the N8 deposit – a combined strike length of approximately 1.7
kilometers. Results of the program at N8 are highlighted by hole
FV-171, the southernmost drill intercept of the N8 program, that
intercepted 14.0 meters grading 1.09% copper including 3.0 meters
grading 2.15% copper, located less than 200 meters north of the
East Zone intercept in hole FV-166 which intercepted copper
mineralization approximately 500 meters below surface (see the East
Zone section of this press release for East Zone results).
Additional higher-grade intercepts continue to be intercepted
within the N8 deposit, as highlighted by hole FV-153 that
intercepted 15.4 meters grading 1.01% including 2.0 meters grading
2.75% copper.
The East Zone / N8 structure remains open to
depth and along strike to the north and south. Additional work
around the N8 area will seek to further extend mineralization to
the south and to the west, towards the N9 deposit.
Please see Figure 8 for a plan map detailing
East Zone and N8 Deposit collar locations and Figure 9 for a
north-south long section of East Zone and N8 Deposit drilling.
Hole ID |
From (m) |
To (m) |
Length (m) |
Cu (%) |
FV-153 |
229.0 |
233.0 |
4.0 |
0.93 |
and |
257.4 |
263.2 |
5.8 |
0.84 |
and |
373.9 |
389.3 |
15.4 |
1.01 |
including |
380.9 |
382.9 |
2.0 |
2.75 |
FV-156 |
167.0 |
174.5 |
7.5 |
0.36 |
and |
279.4 |
283.4 |
4.0 |
0.71 |
and |
289.5 |
294.0 |
4.4 |
0.82 |
FV-157 |
NSI |
NSI |
NSI |
NSI |
FV-158 |
NSI |
NSI |
NSI |
NSI |
FV-159 |
178.8 |
182.2 |
3.4 |
0.48 |
and |
189.7 |
194.3 |
4.6 |
0.36 |
and |
293.1 |
297.1 |
4.0 |
0.90 |
and |
322.9 |
327.7 |
4.8 |
1.15 |
FV-162 |
619.4 |
629.7 |
10.3 |
1.05 |
FV-165 |
NSI |
NSI |
NSI |
NSI |
FV-167 |
NSI |
NSI |
NSI |
NSI |
FV-168 |
376.4 |
408.4 |
32.0 |
0.77 |
including |
376.4 |
381.4 |
5.0 |
1.22 |
FV-171 |
408.7 |
411.7 |
3.0 |
0.86 |
and |
420.5 |
424.5 |
4.0 |
0.89 |
and |
436.5 |
450.5 |
14.0 |
1.09 |
including |
447.5 |
450.5 |
3.0 |
2.15 |
FV-175 |
471.1 |
476.1 |
5.0 |
0.95 |
NSI indicates no significant intercept, based on
a three meter mining width and cut-off grade of 0.18% copper for
near-surface intervals and 0.68% for intervals below 200 meters
down hole. Drill holes were drilled from surface. The length
of intercept may not represent the true width of mineralization.
Values may not add up due to rounding. From, to and
mineralized intercepts are rounded to the nearest tenth of a
meter.
REGIONAL EXPLORATION
Regional work comprised of both exploration
drilling and ground-based geophysical work is currently focused on
four newly interpreted mineral systems identified in the Curaçá
Valley. These new systems have been defined by semi-continuous
geochemistry / geophysical anomalies as well as structural data
interpretation similar to the work undertaken to define the
Vermelhos System. These four new systems have an average strike
length of over 5 kilometers and, similar to the Vermelhos System,
each contain multiple priority drill targets. Two of these new
regional systems are located within the northern Vermelhos District
and two are located within the central Surubim District. While
preliminary results are encouraging, additional drilling is
required to further understand the extent and potential size of
targets within each system prior to their release which is expected
during the second half of the year, consistent with the Company’s
approach for releasing exploration drill results on new target
areas.
NX GOLD MINE
The NX Gold Mine is a high-grade producing gold
mine, located in Mato Grosso State, Brazil. Beginning in late 2018,
a comprehensive in-mine exploration program commenced for the first
time since the mine was commissioned in 2012, that resulted in the
Santo Antonio Vein discovery. In late 2019, all mining activity was
transitioned from the Brás and Buracão Veins into the Santo Antonio
Vein. To date, the Santo Antonio Vein has been defined over a
lateral extent of approximately 400 meters, a down-dip distance of
approximately 325 meters and remains open to depth (see press
release dated April 18, 2019 for detail regarding the Santo Antonio
Vein discovery).
Drilling during the period was primarily focused
on both resource upgrade programs within the inferred mineral
resource and testing down-plunge extensions of the Santo Antonio
Vein. Results of the programs are highlighted by hole SA69 that
intercepted 3.8 meters grading 19.22 grams per tonne gold, drilled
at the limit of the current inferred mineral resource, and several
extensions down plunge from the previous limit of known
mineralization highlighted by hole SA73 that intersected 4.9 meters
grading 10.21 grams per tonne gold, hole SA70 that intersected 4.9
meters grading 9.53 grams per tonne gold and hole SA76 that
intersected 3.5 meters grading 2.24 grams per tonne. The new vein
intercepts in holes SA73, SA70 and SA76 were drilled approximately
30 meters, 45 meters and 125 meters from the known limit of the
current inferred mineral resource. In total, new results during the
period have extended the known extent of mineralization within the
Santo Antonio Vein down-plunge by a total of approximately 125
meters and over a strike length of approximately 160 meters. The
vein remains open to depth. Currently, five drill rigs are
operating on the property.
Please refer to Figure 10 for drill collar
locations and Figure 11 for an east-west long-section of the NX
Gold Mine. Drill hole ID nomenclature of SA, BSUG, SAUG and MAT
refers to Santo Antonio (surface drilling), Brás (underground
drilling), Santo Antonio (underground drilling) and Matinha,
respectively.
Hole ID |
From (m) |
To (m) |
Length (m) |
Au (gpt) |
SA65 |
NSI |
NSI |
NSI |
NSI |
SA66 |
470.5 |
472.6 |
2.1 |
4.65 |
SA67 |
492.4 |
495.2 |
2.8 |
10.84 |
SA68 |
NSI |
NSI |
NSI |
NSI |
SA69 |
531.9 |
535.6 |
3.8 |
19.22 |
SA70 |
562.6 |
567.5 |
4.9 |
9.53 |
SA71 |
518.3 |
519.7 |
1.4 |
3.68 |
SA72 |
NSI |
NSI |
NSI |
NSI |
SA73 |
562.1 |
567.0 |
4.9 |
10.21 |
SA74 |
575.5 |
574.6 |
1.1 |
9.22 |
SA76 |
614.6 |
618.1 |
3.5 |
2.24 |
BSUG07 |
NSI |
NSI |
NSI |
NSI |
BSUG08 |
122.1 |
123.6 |
1.5 |
2.39 |
BSUG09 |
174.6 |
175.1 |
0.5 |
2.14 |
BSUG10 |
NSI |
NSI |
NSI |
NSI |
BSUG11 |
NSI |
NSI |
NSI |
NSI |
SAUG01 |
NSI |
NSI |
NSI |
NSI |
SAUG02 |
NSI |
NSI |
NSI |
NSI |
MAT10 |
NSI |
NSI |
NSI |
NSI |
NSI indicates no significant intercept, based on
cut-off grade of 1.40 grams per tonne gold. Drill holes were
drilled from surface, except for BSUG and SAUG holes which were
drilled from level -205 in the Brás Mine. Holes not included are
pending assay results. The length of intercept may not represent
the true width of mineralization and reported intercepts reflect
the entire thickness of the vein. Values may not add up due to
rounding. From, to and mineralized intercepts are rounded to the
nearest tenth of a meter.
NOTE ON NI 43-101 COMPLIANT TECHNICAL
REPORT(S)
The conversion of drill results presented in
this press release into National Instrument 43-101, Standards of
Disclosure for Mineral Projects (“NI 43-101”) compliant mineral
resources and mineral reserves, including but not limited to the
drill results associated with the new and potential extensions of
mineralization across each of the mineral districts outlined in
this press release, all require additional work and analysis that
remains ongoing. To date, there has been insufficient exploration
and accompanying analysis to define a mineral resource and it is
uncertain if further exploration will result in these extensions
being delineated as a mineral resource. Accordingly, the results
herein may not be included in future NI 43-101 compliant mineral
resources or mineral reserves depending on the results of this
additional work and analysis, and other technical and/or economic
reasons.
QUALITY ASSURANCE / QUALITY CONTROL
Vale do Curaçá Property
The Company is currently drilling on surface and
underground with core drill rigs using a combination of owned and
third-party contracted drill rigs. During the period from December
2019 through March 2020 third-party drill rigs were operated by
Major Drilling do Brasil Ltda., Tamarama Sondagens Ltda., Layne
Christensen Co., and DrillGeo Geologia e Sondagem Ltda., all of
whom are independent of the Company. Drill core is logged,
photographed and split in half using a diamond core saw at the
secure core logging and storage facilities of Mineração Caraíba
S.A. (“MCSA”). Half of the drill core is retained on site and the
other half core is used for analysis, with samples collected on
one-meter sample intervals unless an interval crosses a geological
contact. Reverse circulation cuttings are split at the drill rig
using one-meter sample intervals. All sample preparation is
performed in MCSA’s secure on-site laboratory. Total copper is
determined using a nitric-hydrochloric acid digestion and Atomic
Absorption Spectrometry (“AAS”) and/or Titration. Oxide copper
values are determined using sulfuric acid digestion followed by
AAS. All sample results during the period have been monitored
through a QA/QC program that includes the insertion of certified
standards, blanks, and pulp and reject duplicate samples. Regular
check-assays are submitted to ALS Brasil Ltda’s facility located in
Vespasiano, Minas Gerais, Brazil, at a rate of approximately 5%.
ALS Brasil Ltda is a subsidiary of ALS Limited and is independent
of the Company.
All nickel, cobalt, gold and PGM results, where
applicable, are prepared and analyzed by ALS Limited’s facilities
located in Lima, Peru and Vancouver, British Columbia. Gold,
platinum and palladium values are calculated by ALS Global’s
facility in Lima, Peru using acid digestion and inductively coupled
plasma atomic emission spectroscopy (“ICP-AES”). Nickel and cobalt
values are determined at the same facility using acid digestion
followed by ICP-AES and inductively coupled plasma mass
spectroscopy (“ICP-MS”) plus AAS for assay values above 1%. Rhodium
values are determined by ALS Global’s facility in Vancouver, B.C.
using fire assay and ICP-MS. ALS Global is independent of the
Company.
NX Gold MineThe Company is
currently drilling on surface with third-party contracted core
drill rigs. During the period from December 2019 through March 2020
third-party drill rigs were operated by Servitec Foraco Sondagem
S.A. who is independent of the Company. Drill core is logged,
photographed and split in half using a diamond core saw at NX
Gold’s secure core logging and storage facilities. Half of the
drill core is retained on site and the other half core is used for
analysis, with samples collected on half-meter sample intervals for
quartz vein and one-meter intervals in surrounding rock unless such
interval crosses a geological contact. Samples are sent to ALS
Brasil Ltda.’s laboratory in Goiânia (Brazil) for preparation and
are analyzed by the certified laboratory of ALS Peru S.A., whom are
independent of the Company. Gold content was determined by fire
assay in 2018. Commencing in January of 2019, gold content has been
determined by both fire assay and screen fire assay. All sample
results during the period have been monitored through a QA/QC
program that includes the insertion of certified standards, blanks,
and pulp and reject duplicate samples at a rate of one standard,
one blank, and one duplicate pulp sample per every 20 samples for a
blended rate of approximately 5%.
Emerson Ricardo Re, MSc, MBA, MAusIMM (CP) (No.
305892), Registered Member (No. 0138) (Chilean Mining Commission)
and Resource Manager of the Company who is a “qualified person”
within the meanings of NI 43-101, has reviewed and approved the
disclosure of technical information, including verification of the
sampling, analytical and testing data in this press release.
Quarterly reviews entail sampling and laboratory procedure review
as well as verification of original assay certificates associated
with a selection of samples from Company’s internal database
included in this press release.
ABOUT ERO COPPER CORP
Ero Copper Corp, headquartered in Vancouver,
B.C., is focused on copper production growth from the Vale do
Curaçá Property, located in Bahia, Brazil. The Company’s primary
asset is a 99.6% interest in the Brazilian copper mining company,
MCSA, 100% owner of the Vale do Curaçá Property with over 40 years
of operating history in the region. The Company currently
mines copper ore from the Pilar and Vermelhos underground mines. In
addition to the Vale do Curaçá Property, MCSA owns 100% of the Boa
Esperanҫa development project, an IOCG-type copper project located
in Pará, Brazil and the Company, directly and indirectly, owns
97.6% of the NX Gold Mine, an operating gold and silver mine
located in Mato Grosso, Brazil. Additional information on the
Company and its operations, including Technical Reports on the Vale
do Curaçá, Boa Esperanҫa and NX Gold properties, can be found on
the Company’s website (www.erocopper.com) and on SEDAR
(www.sedar.com).
ERO COPPER CORP. |
|
Signed: “David Strang” |
For further information contact: |
David Strang, President &
CEO |
Makko DeFilippo, Vice President, Corporate Development |
|
(604) 429-9244 |
|
info@erocopper.com |
CAUTION REGARDING FORWARD LOOKING INFORMATION
AND STATEMENTS This Press Release contains “forward-looking
information” within the meaning of applicable Canadian securities
laws. Forward-looking information includes statements that use
forward-looking terminology such as “may”, “could”, “would”,
“will”, “should”, “intend”, “target”, “plan”, “expect”, “budget”,
“estimate”, “forecast”, “schedule”, “anticipate”, “believe”,
“continue”, “potential”, “view” or the negative or grammatical
variation thereof or other variations thereof or comparable
terminology. Such forward-looking information includes, without
limitation, statements with respect to the estimation of mineral
reserves and mineral resources, the significance of any particular
exploration program or result and the Company’s expectations for
current and future exploration plans including, but not limited to,
planned areas of additional exploration, the significance of any
drill results or new discoveries and targets, including without
limitation extensions of defined mineralized zones, possibilities
for mine life extensions or continuity of high-grade
mineralization, the recoverable value of any metals other than
copper, further extensions and expansion of mineralization near the
Company’s existing operations and throughout the Curaçá Valley or
the NX Gold Mine.Forward-looking information is not a guarantee of
future performance and is based upon a number of estimates and
assumptions of management in light of management’s experience and
perception of trends, current conditions and expected developments,
as well as other factors that management believes to be relevant
and reasonable in the circumstances, as of the date of this Press
Release including, without limitation, assumptions about:
favourable equity and debt capital markets; the ability to raise
any necessary additional capital on reasonable terms to advance the
production, development and exploration of the Company’s properties
and assets; future prices of copper and other metal prices; the
timing and results of exploration and drilling programs; the
accuracy of any mineral reserve and mineral resource estimates; the
geology of the Vale do Curaçá Property, NX Gold Mine and the Boa
Esperanҫa Property being as described in the technical reports for
these properties; production costs; the accuracy of budgeted
exploration and development costs and expenditures; the price of
other commodities such as fuel; future currency exchange rates and
interest rates; operating conditions being favourable such that the
Company is able to operate in a safe, efficient and effective
manner; political and regulatory stability; the receipt of
governmental, regulatory and third party approvals, licenses and
permits on favourable terms; obtaining required renewals for
existing approvals, licenses and permits on favourable terms;
requirements under applicable laws; sustained labour stability;
stability in financial and capital goods markets; availability of
equipment; positive relations with local groups and the Company’s
ability to meet its obligations under its agreements with such
groups; and satisfying the terms and conditions of the Company’s
current loan arrangements. While the Company considers these
assumptions to be reasonable, the assumptions are inherently
subject to significant business, social, economic, political,
regulatory, competitive and other risks and uncertainties,
contingencies and other factors that could cause actual actions,
events, conditions, results, performance or achievements to be
materially different from those projected in the forward-looking
information. Many assumptions are based on factors and events that
are not within the control of the Company and there is no assurance
they will prove to be correct. Furthermore, such forward-looking
information involves a variety of known and unknown risks,
uncertainties and other factors which may cause the actual plans,
intentions, activities, results, performance or achievements of the
Company to be materially different from any future plans,
intentions, activities, results, performance or achievements
expressed or implied by such forward-looking information. Such
risks include, without limitation the risk factors listed under the
heading “Risk Factors” in the Annual Information Form of the
Company for the year ended December 31, 2019, dated March 12, 2020.
Although the Company has attempted to identify important factors
that could cause actual actions, events, conditions, results,
performance or achievements to differ materially from those
described in forward-looking information, there may be other
factors that cause actions, events, conditions, results,
performance or achievements to differ from those anticipated,
estimated or intended. The Company cautions that the foregoing
lists of important assumptions and factors are not exhaustive.
Other events or circumstances could cause actual results to differ
materially from those estimated or projected and expressed in, or
implied by, the forward-looking information contained herein. There
can be no assurance that forward-looking information will prove to
be accurate, as actual results and future events could differ
materially from those anticipated in such information. Accordingly,
readers should not place undue reliance on forward-looking
information. Forward-looking information contained herein is made
as of the date of this press release and the Company disclaims any
obligation to update or revise any forward-looking information,
whether as a result of new information, future events or results or
otherwise, except as and to the extent required by applicable
securities laws. GENERAL Information of a scientific or technical
nature in respect of the Vale do Curaçá Property included in this
press release is based upon the Vale do Curaçá technical report
entitled “2019 Updated Mineral Resources and Mineral Reserves
Statements of Mineração Caraíba’s Vale do Curaçá Mineral Assets,
Curaçá Valley”, dated November 25, 2019 with an effective date of
September 18, 2019, prepared by Rubens Jose De Mendonça, MAusIMM,
of Planminas – Projetos e Consultoria em Mineraҫão Ltda. and
Porfirio Cabaleiro Rodrigues, MAIG, Leonardo de Moraes Soares,
MAIG, and Bernardo Horta de Cerqueira Viana, MAIG, all of GE21
Consultoria Mineral Ltda., whom are independent qualified persons
under NI 43-101. Information of a scientific or technical nature in
respect of the NX Gold Mine included in this press release is based
upon the NX Gold Mine technical report entitled “Mineral Resource
and Mineral Reserve Estimate of the NX Gold Mine, Nova Xavantina”,
dated February 3, 2020 with an effective date of September 30,
2019, prepared by Porfirio Cabaleiro Rodrigues, MAIG, Leonardo de
Moraes Soares, MAIG, and Paulo Roberto Bergmann, FAusIMM, all of
GE21 Consultoria Mineral Ltda., whom are independent qualified
persons under NI 43-101. Please see the relevant Technical Reports
filed on the Company’s profile at www.sedar.com, for details
regarding the data verification undertaken with respect to the
scientific and technical information included in this press release
regarding the Vale do Curaçá Property and the NX Gold Mine for
additional details regarding the related exploration information,
including interpretations, the QA/QC employed, sample, analytical
and testing results and for additional details regarding the
Mineral Resource and Mineral Reserve estimates discussed herein.
Cautionary Notes Regarding Mineral Resource and Reserve Estimates
In accordance with applicable Canadian securities regulatory
requirements, all mineral reserve and mineral resource estimates of
the Company disclosed or incorporated by reference in this press
release have been prepared in accordance with NI 43-101 and are
classified in accordance with the CIM Standards. Mineral resources
which are not mineral reserves do not have demonstrated economic
viability. Pursuant to the CIM Standards, mineral resources have a
higher degree of uncertainty than mineral reserves as to their
existence as well as their economic and legal feasibility. Inferred
mineral resources, when compared with Measured or Indicated mineral
resources, have the least certainty as to their existence, and it
cannot be assumed that all or any part of an Inferred mineral
resource will be upgraded to an Indicated or Measured mineral
resource as a result of continued exploration. Pursuant to NI
43-101, Inferred mineral resources may not form the basis of any
economic analysis. Accordingly, readers are cautioned not to assume
that all or any part of a mineral resource exists, will ever be
converted into a mineral reserve, or is or will ever be
economically or legally mineable or recovered.
PDF accompanying the announcement is available
at: http://ml.globenewswire.com/Resource/Download/625c56bb-297d-4ff6-bbc8-551357fa0437
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