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 Mato Grosso State, Brazil. This
update encompasses drill results received from late May 2020
through early September 2020. Drilling during the period continued
to focus primarily on further extending mineralization and infill
drilling within the Pilar and Vermelhos Mines, as well as further
defining mineralization of the Santo Antonio Vein at the NX Gold
Mine ahead of the Company’s updated National Instrument 43-101,
Standards of Disclosure for Mineral Projects (“NI 43-101”)
compliant technical reports and mine plans, expected to be
completed during the fourth quarter of 2020. All of the Company’s
near-mine drilling activities continue to progress according to
budget despite the COVID-19 pandemic.
HIGHLIGHTS
- Two newly
discovered zones of mineralization, one to the northwest of the
Siriema Deposit and the second to the southwest of the UG1 orebody
of the Vermelhos Mine. These new zones, in addition to the
previously identified Keel Zone at Siriema suggest that multiple
“stacked” mineralized structures may be present between the Siriema
deposit and Vermelhos Mine, a distance of approximately 700 meters.
The two new zones, currently identified by four new drill holes,
were discovered as a result of ongoing down-hole electromagnetic
(“EM”) work. The new zones are highlighted by:
- Siriema, FSI-40 (a
previously reported hole that was extended): 10.0 meters grading
4.50% copper, 0.68% nickel including 4.0 meters grading 8.53%
copper, 1.25% nickel (Platinum Group Metals “PGM” assay results are
pending);
- Siriema, FSI-99:
13.2 meters grading 1.92% copper, 0.78% nickel including 2.5 meters
grading 5.73% copper, 3.33% nickel (PGM assay results are
pending);
- UG1, FVS-608: 16.6
meters grading 0.95% copper and 7.0 meters grading 1.30% copper and
FVS-905: 5.6 meters grading 0.84% copper and 3.1 meters grading
0.82% copper; and,
- Down-hole EM work
and further drilling is ongoing with seven drill rigs being used to
evaluate the full potential of these stacked structures to the
north, south and to depth.
- Completion of the
Deepening Extension Project drill program within the Pilar Mine in
support of the Company’s upcoming 2020 updated mineral resource
estimate. Results continue to extend the limits of high-grade
‘Superpod’ mineralization to the north and depth and further
highlight that mineralization remains open in both directions.
Results are highlighted by:
- FC5378: 12.4
meters grading 2.82% copper including 2.0 meters grading 8.39%
copper, 14.0 meters grading 1.80% copper including 2.0 meters
grading 6.05% copper, and 4.4 meters grading 1.66% copper;
- FC5513: 21.1
meters grading 2.02% copper including 3.0 meters grading 4.36%
copper; and,
- FC5514: 22.0
meters grading 2.14% copper including 9.0 meters grading 3.22%
copper.
- Further extensions
of the known limits of high-grade mineralization within the
Vermelhos Mine main orebodies, highlighted by:
- FVS-994: 12.9
meters grading 13.56% copper including 7.0 meters grading 16.43%
copper, representing a 100% increase in the interpreted thickness
of this area relative to the current (2019) mineral resource,
located along the western edge of the central Toboggan
orebody.
- Ongoing success in
demonstrating down-plunge continuity and extensions of the
high-grade mineralization of the Santo Antonio Vein at the NX Gold
Mine, highlighted during the period by the best results drilled to
date by the Company:
- SA85: 6.5 meters
grading 17.11 grams per tonne gold, the highest grade-meter
intercept drilled by the Company at the NX Gold Mine to date,
further confirming continuity of a thicker core of high-grade
mineralization at depth; and,
- SA83: 5.8 meters
grading 17.79 grams per tonne gold, the deepest intercept drilled
to date within the Santo Antonio Vein.
Commenting on the results, David Strang,
President and CEO, stated, “The latest results from our ongoing
exploration programs continue to demonstrate the potential of the
Pilar, Vermelhos and NX Gold Mines. We are pleased with the
completion of the current phase of drilling within the Deepening
Extension zone of the Pilar Mine that will be used to determine the
mineral resource and mineral reserves for the Deepening Extension
Project. The design of this project is currently underway for
inclusion in our 2020 life-of-mine plan update that remains on
track for completion during the fourth quarter. As evidenced in the
drilling conducted over the past several quarters, including this
update, continuity of high-grade mineralization within the
Deepening Extension zone continues to be well defined and remains
open to the north and to depth. We have not reached the limits of
this high-grade zone and are currently using directional drilling
equipment to further evaluate its growth potential. While the
current phase of drilling for the Deepening Extension Project has
been completed, drill rigs will remain in place to continue
upgrading the newly identified mineral resource classifications.
Based on results to date, we believe that in addition to
meaningfully increasing the size of the Pilar mineral resource and
extending the overall life of mine, the size and continuity of the
Deepening Extension zone may have the potential to support an
expansion of the Pilar Mine. This work remains ongoing and is being
evaluated in conjunction with our 2020 life-of-mine plan
update.
At Vermelhos, we see the two newly discovered
mineralized zones at Siriema and UG1 combined with the previously
identified Keel Zone at Siriema as the potential foundation for a
zone of stacked mineralized structures between the Siriema deposit
and Vermelhos Mine that, with further drilling, may demonstrate
continuity between these two deposits. Including ongoing drilling
at Siriema, seven surface drill rigs are currently focused on
evaluating continuity within this target zone, which extends
approximately 700 meters in a north-south direction between UG1 and
Siriema, approximately 300 meters on east-west section and
approximately 400 meters to depth.
The exploration program at the NX Gold Mine
continues to deliver outstanding high-grade results both within the
known limits of mineralization and in testing down-plunge
extensions of the Santo Antonio Vein. Exploration results include
the best hole on a grade-meter basis we have drilled as a Company
at the NX Gold Mine, and the deepest hole drilled to date within
the Santo Antonio Vein. These results showcase that the best is yet
to come for this mine. While our drill program remains ongoing, all
of the drilling for our updated NI 43-101 technical report has been
completed.
Our regional exploration program continues to
advance with eight drill rigs currently focused on the program.
While the COVID-19 pandemic has had an influence on the program
with respect to travel restrictions that have limited our geology
team’s ability to travel to site and manage the program, we
continue to make good progress albeit at a slower pace than
anticipated. The team has uncovered a number of interesting
opportunities that we are investigating further. Consistent with
our overall approach, we will only make announcements on new copper
discoveries once we are comfortable that there is sufficient grade
and tonnage continuity to support the delineation of a mineral
resource. In parallel, we continue to evaluate the potential for
the discovery of additional metals often associated with
magmatic-sulphide deposits.
I would like to thank our operating and
exploration teams in Brazil for their tireless efforts in
minimizing the impact of the COVID-19 pandemic on our business. Our
exploration programs continue to progress largely as planned, a
remarkable accomplishment during these unprecedented times.”
Twenty-six drill rigs are currently operating in
the Curaçá Valley, including nine within the Pilar District, eleven
in the Vermelhos District, and eight operating on regional
exploration targets throughout 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 estimates. 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).
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 focused on upgrade and exploration programs within and
adjacent to the Vermelhos Mine, including extensions of the Siriema
deposit and follow-up drilling beneath the UG1 mining area.
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.
Exploration activities at Siriema during the
period focused on two primary objectives: (i) begin to test
down-hole EM anomalies that were highlighted during the Company’s
ongoing exploration program and (ii) continue to test continuity
and extend the known limits of mineralization within the Siriema
conduit – a north-plunging mineralized controlling structure
comprised of both disseminated and massive sulphide mineralization,
including the massive sulphide breccia zone of elevated copper,
nickel, cobalt and PGMs of the Keel Zone (please refer to the
Company’s press release dated December 3, 2019 for previously
released multi-element intercepts).
Ongoing down-hole EM work identified a new
exploration target offset by approximately 120 meters northwest of
the known controlling structure of the Siriema conduit. A
previously released drill hole, FSI-40 (please refer to the
Company’s press release dated December 3, 2019 for previously
released intercepts), was extended from its original length of 396
meters to 660 meters down-hole. The extension intersected 10.0
meters grading 4.50% copper and 0.68% nickel including 4.0 meters
grading 8.53% copper and 1.25% nickel at the location of the EM
anomaly. The newly discovered zone was confirmed with a second
hole, FSI-99, that intersected 13.2 meters grading 1.92% copper and
0.78% nickel including 2.5 meters grading 5.73% copper and 3.33%
nickel. The two intercepts are located approximately 60 meters
apart and represent some of the highest copper grades discovered in
the Vermelhos District outside of the Vermelhos Mine, and highest
nickel grades intercepted outside of the Keel Zone to date. PGM
results are pending. The newly identified zone is located
approximately 260 meters beneath and 120 meters northwest of the
previously announced Keel Zone, and remains open in all
directions.
This new zone, when viewed in context with the
previously announced Keel Zone, prior Siriema conduit drilling, and
the new zone discovered beneath UG1 highlighted by FVS-608 (see the
Vermelhos Near-Mine section of this press release) suggest that
multiple “stacked” mineralized structures may be present between
the Siriema deposit and the Vermelhos Mine, a distance of
approximately 700 meters in strike-length. Seven surface drill rigs
are currently focused on evaluating continuity within this target
zone, which extends approximately 700 meters in a north-south
direction between Siriema and UG1, approximately 300 meters on
east-west section and approximately 400 meters to depth.
Extensional results along this target zone are supported by
previously released Siriema conduit drilling highlighted by hole
FSI-92 that intersected 17.0 meters grading 0.78% copper including
7.0 meters grading 1.23% copper and hole FSI-93 that intersected
12.8 meters grading 0.68% copper including 6.0 meters grading 1.00%
copper. These results were located approximately 370 meters and 550
meters down-plunge from the limit of the current mineral resource;
respectively (please refer to the Company’s press release dated
June 23, 2020 for previously released intercepts). A detailed
plan-view map of the Siriema-UG1 target zone is shown in Figure
1.
In addition, the Company continues to conduct
wide-spaced, down-plunge, 200 meter step-out exploration drilling
along the Siriema conduit to depth. To date, mineralization has now
been encountered from surface to a depth of approximately 620
meters below surface and over variable thicknesses from sub 1 meter
up to 20 meters. Results are highlighted by FSI-96 that intersected
26.2 meters grading 1.05% copper including 3.0 meters grading 4.43%
copper and 12.9 meters grading 4.50% copper including 4.0 meters
grading 5.72% copper. FSI-96 is located approximately 80 meters
south of previously announced drill hole, FSI-89, that intersected
6.0 meters grading 2.21% copper and 3.0 meters grading 1.04%
copper, demonstrating continuity of mineralization within the
Siriema conduit at depth.
Intercepts below three meters in thickness
drilled within 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. Assay
results for cobalt, PGMs and gold during the period, as well as
pending samples from previously released holes continue to be
delayed as a result of COVID-19 pandemic related global third-party
laboratory closures. The Company is currently undertaking
quality-assurance, quality-control (“QA/QC”) procedures on its
newly installed multi-element Inductively Coupled Plasma (“ICP”)
analytical equipment in order to transition away from third-party
laboratories in an effort to reduce assay turn-around times.
Please see Figure 2 for a plan map detailing
Siriema collar locations, Figure 3 for a north-south long section
and Figure 4 for a west-east composite cross section.
Hole ID |
From (m) |
To (m) |
Length (m) |
Cu (%) |
Ni (%) |
New Siriema Mineralized Zone |
FSI-40* |
526.3 |
536.3 |
10.0 |
4.50 |
0.68 |
including |
530.3 |
534.3 |
4.0 |
8.53 |
1.25 |
FSI-99 |
487.4 |
500.6 |
13.2 |
1.92 |
0.78 |
including |
497.1 |
499.6 |
2.5 |
5.73 |
3.33 |
Siriema Conduit Drilling |
FSI-94 |
NSI |
NSI |
NSI |
NSI |
NSI |
FSI-95 |
NSI |
NSI |
NSI |
NSI |
NSI |
FSI-96 |
649.0 |
675.2 |
26.2 |
1.05 |
0.02 |
including |
649.0 |
652.0 |
3.0 |
4.43 |
0.03 |
and |
732.6 |
745.5 |
12.9 |
4.50 |
0.11 |
including |
736.1 |
740.1 |
4.0 |
5.72 |
0.08 |
FSI-97 |
NSI |
NSI |
NSI |
NSI |
NSI |
FSI-98 |
NSI |
NSI |
NSI |
NSI |
NSI |
(*) New results from previously announced drill
hole extended during the period based on down-hole EM survey
results. 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 Near-Mine
Programs
Drilling during the period in and around the
Vermelhos Mine was focused on both infill drilling for mine
planning and testing extensions of: (i) a newly defined area
beneath the UG1 mining area, (ii) the known limits of
mineralization surrounding the main Vermelhos orebodies and (iii)
the East Zone conduit.
A new zone of mineralization was identified
beneath the UG1 mining area of the Vermelhos Mine approximately 500
meters beneath the existing mine infrastructure and has been
confirmed with two drill intercepts. The results of this drilling
program are highlighted by hole FVS-608 that intersected 16.6
meters of 0.95% copper and 7.0 meters of 1.30% copper and by hole
FVS-905 that intersected 5.6 meters grading 0.84% copper and 3.1
meters grading 0.82% copper. This new zone, when viewed in context
with the previously announced Keel Zone and new zone discovered
northwest of the Siriema deposit highlighted by FSI-40 and FSI-99,
suggests that multiple “stacked” mineralized structures may be
present between the Siriema deposit and the Vermelhos Mine as more
fully discussed in the Siriema section of this press release. A
detailed plan-view map of the UG1-Siriema target zone is shown in
Figure 1.
Within the Vermelhos Mine itself, drilling
during the period sought to test continuity of mineralization near
existing mine infrastructure and extensions of the main orebodies.
Results are highlighted by holes FVS-994 that intersected 12.9
meters grading 13.56% copper including 7.0 meters grading 16.43%
copper and FVS-1003 that intersected 3.5 meters grading 2.92%
copper. These intersections indicate a greater than 100% increase
in the mineralized thickness on the western edge of the Toboggan
main orebody and extend the mineralization approximately 20 meters
west relative to the current (2019) mineral resource, respectively,
within the central part of the Toboggan orebody. In addition,
FVS-991 that intersected 11.2 meters grading 2.48% copper including
2.4 meters grading 3.65% copper, and 4.9 meters grading 1.23%
copper that demonstrates a 60-meter extension of the mineralization
to the north of the Sombrero orebody.
Please see Figure 5 for a plan map detailing all
Vermelhos near-mine collar locations and Figure 6 for north-south
long section detailing all Vermelhos near-mine drilling.
Hole ID |
From (m) |
To (m) |
Length (m) |
Cu (%) |
UG1 - Siriema Target
Zone |
FVS-608 |
483.1 |
499.7 |
16.6 |
0.95 |
and |
508.2 |
515.2 |
7.0 |
1.30 |
FVS-905 |
494.7 |
500.3 |
5.6 |
0.84 |
and |
505.3 |
508.4 |
3.1 |
0.82 |
Vermelhos Mine & East Zone Conduit |
FVS-857 |
66.7 |
74.7 |
8.0 |
1.96 |
FVS-858 |
NSI |
NSI |
NSI |
NSI |
FVS-859 |
282.4 |
285.5 |
3.2 |
0.97 |
and |
293.9 |
298.4 |
4.5 |
1.82 |
and |
308.3 |
312.3 |
4.0 |
1.26 |
and |
335.9 |
339.9 |
4.0 |
1.39 |
FVS-860 |
NSI |
NSI |
NSI |
NSI |
FVS-861 |
NSI |
NSI |
NSI |
NSI |
FVS-862 |
210.5 |
223.4 |
12.9 |
1.17 |
FVS-864 |
320.2 |
323.2 |
3.0 |
1.36 |
and |
408.4 |
412.4 |
4.0 |
1.17 |
FVS-900 |
716.6 |
721.5 |
4.9 |
1.23 |
FVS-902 |
NSI |
NSI |
NSI |
NSI |
FVS-991 |
33.3 |
44.5 |
11.2 |
2.48 |
including |
42.1 |
44.5 |
2.4 |
3.65 |
and |
55.5 |
60.4 |
4.9 |
1.23 |
FVS-994 |
57.6 |
70.5 |
12.9 |
13.56 |
including |
61.4 |
68.4 |
7.0 |
16.43 |
FVS-1003 |
77.0 |
80.5 |
3.5 |
2.92 |
NSI indicates no significant intercept, based on
a three meter mining width and a 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 and from level
+160, +170, level +185, level +255 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.
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. Nine 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
previously identified mineralized chamber, or “Superpod”, within
the Deepening Extension zone.
The Deepening Extension
Exploration activities in the Deepening
Extension zone during the period marked the conclusion of the
current phase of drilling that will be used in support of the
Company’s upcoming 2020 life-of-mine plan update. Although after
the cut-off date for this life-of-mine plan, the Company continues
to drill the Deepening Extension zone focusing on continuing to
upgrade mineral resource classification within the known limits of
the zone and further extend mineralization to depth and to the
north. A surface drill program utilizing directional drilling
technology to evaluate the mineralized potential of the Deepening
Extension zone north of section 57 commenced as planned during the
period. Initial drill results are expected prior to year-end.
The current phase of drilling in support of the
life-of-mine plan update targeted mineralization on the East Limb
of the Pilar Mine between level -1050 and level -1500 approximately
1,500 meters to 2,000 meters below surface and approximately 100
meters laterally from the current level of the primary ramp
(completed to level -945). Results continue to extend the known
limits of high-grade copper mineralization of the mine, including
the deepest intercept drilled within the Deepening Extension zone
to date.
The mineralized area within the Deepening
Extension zone extends over approximately 900 meters in strike
length, over a total depth of approximately 525 meters and over
average thicknesses ranging from 10 to 20 meters with localized
thickening throughout the zone. Within the total strike length, a
higher-grade continuous zone of approximately 400 to 500 meters in
strike length continues to be supported in the central and northern
segments of the target area. The zone remains open to the north and
to depth. Five underground exploration drill rigs will continue to
systematically drill the defined exploration target area within the
Deepening Extension zone.
Results during the period are highlighted by
notable confirmatory and extensional drilling within the central
segment of the high-grade target area. Results include hole FC5378
that intersected 12.4 meters grading 2.82% copper including 2.0
meters grading 8.39% copper, 14.0 meters grading 1.80% copper
including 2.0 meters grading 6.05% copper and 4.4 meters grading
1.66% copper. Also on section 53, hole FC5379 intersected 4.2
meters grading 1.63% copper, 9.8 meters grading 1.43% copper, 11.0
meters grading 1.10% copper and 4.0 meters grading 0.88% copper.
Hole FC5379 now represents the deepest intercept drilled by the
Company in the Pilar Mine to-date and is located approximately 570
meters below the current level of the primary ramp and an
additional 25 meters below the Company’s previously announced
deepest intercept of hole FC5367 (please refer to the Company’s
press release dated June 23, 2020).
On section 55 in the northern segment of the
high-grade target zone, approximately 90 meters north of section
53, results during the period are highlighted by FC5513 that
intersected 21.1 meters grading 2.02% including 3.0 meters grading
4.36% and FC5514 that intersected 22.0 meters grading 2.14%
including 9.0 meters grading 3.22%. These intercepts are located
approximately 40 meters and 50 meters south, respectively, of the
previously released intercept of hole FC5625 that intersected 96.4
meters grading 3.97% copper including 60.6 meters grading 5.61%
copper (please refer to the Company’s press release dated June 23,
2020).
Exploration results from the Deepening Extension
zone continue to demonstrate high-grade continuity within the
northern and central segments of the target area. The zone remains
open to the north and to depth.
Please see Figure 7 for a north-south long
section and Figure 8 for a level map showing collar locations of
Deepening Extension drilling within the Pilar Mine.
Hole ID |
From (m) |
To (m) |
Length (m) |
Cu (%) |
FC45192 |
220.7 |
225.3 |
4.6 |
1.30 |
and |
275.3 |
279.4 |
4.1 |
1.63 |
FC45193 |
221.7 |
230.9 |
9.2 |
1.20 |
including |
222.7 |
224.7 |
2.0 |
3.05 |
FC45194 |
177.5 |
180.5 |
3.0 |
4.48 |
FC5164 |
NSI |
NSI |
NSI |
NSI |
FC5165 |
535.6 |
543.0 |
7.5 |
3.15 |
including |
535.6 |
537.6 |
2.0 |
7.73 |
FC5167 |
536.4 |
541.9 |
5.5 |
4.16 |
including |
536.4 |
538.3 |
1.9 |
9.98 |
FC5172 |
373.2 |
377.9 |
4.7 |
1.04 |
FC5173 |
NSI |
NSI |
NSI |
NSI |
FC5254 |
581.6 |
588.6 |
7.0 |
0.87 |
FC5255 |
111.3 |
114.8 |
3.5 |
1.04 |
and |
456.8 |
460.8 |
4.0 |
1.29 |
FC5369 |
461.6 |
478.0 |
16.4 |
1.95 |
including |
468.2 |
471.2 |
3.0 |
4.75 |
and |
522.7 |
528.9 |
6.2 |
1.34 |
FC5371 |
658.7 |
672.0 |
13.3 |
1.25 |
including |
661.7 |
663.7 |
2.0 |
2.44 |
FC5378 |
508.4 |
520.8 |
12.4 |
2.82 |
including |
509.4 |
511.4 |
2.0 |
8.39 |
and |
660.4 |
674.4 |
14.0 |
1.80 |
including |
671.4 |
673.4 |
2.0 |
6.05 |
and |
679.4 |
683.8 |
4.4 |
1.66 |
FC5379 |
752.6 |
756.9 |
4.2 |
1.63 |
and |
829.3 |
839.1 |
9.8 |
1.43 |
and |
849.1 |
860.1 |
11.0 |
1.10 |
and |
871.1 |
875.1 |
4.0 |
0.88 |
FC5511 |
408.3 |
413.8 |
5.5 |
1.57 |
FC5512 |
448.1 |
457.1 |
9.0 |
1.97 |
including |
453.1 |
456.1 |
3.0 |
4.14 |
FC5513 |
666.9 |
688.0 |
21.1 |
2.02 |
including |
676.8 |
679.8 |
3.0 |
4.36 |
FC5514 |
689.6 |
711.6 |
22.0 |
2.14 |
including |
699.6 |
708.6 |
9.0 |
3.22 |
FC5627 |
775.1 |
780.4 |
5.2 |
1.33 |
FC5628 |
549.8 |
560.2 |
10.5 |
1.72 |
including |
555.2 |
557.2 |
2.0 |
3.97 |
FC5629 |
706.7 |
715.7 |
9.0 |
1.66 |
including |
713.7 |
715.7 |
2.0 |
3.07 |
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 -830 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.
REGIONAL EXPLORATION
There are currently eight drill rigs advancing
the Company’s regional exploration program. While the COVID-19
pandemic has adversely impacted the pace of regional programs, the
Company’s exploration group continues to uncover opportunities that
warrant further work. These efforts continue to focus on four
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 five kilometers and
contains multiple priority drill targets. While preliminary results
are encouraging, additional detail on these ongoing exploration
programs continues to be expected during the remainder of the year
once comfort is established that there is sufficient grade and
tonnage continuity to eventually support a mineral resource on any
potential new discovery.
In addition to copper, the Company continues to
evaluate the Curaçá Valley for the potential discovery of
additional metals often associated with magmatic-sulphide deposits
including nickel and PGMs.
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 345 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 focused on
further testing the down-plunge extension of the Santo Antonio
Vein. Results are highlighted by hole SA83 that intersected 5.8
meters grading 17.79 grams per tonne gold and hole SA85 that
intersected 6.5 meters grading 17.11 grams per tonne gold. These
holes are some of the best drilled by the Company at the NX Gold
Mine to date, and serve to confirm a thicker core of mineralization
at depth following a similar orientation to the plunge of the Bras
Vein. The mineralized intersection of SA83 represents the deepest
intersection drilled to date at the Santo Antonio Vein.
In total, results since the current mineral
resource estimate (2019) have increased the known extent of
mineralization within the Santo Antonio Vein down-plunge by a total
of approximately 225 meters and over a strike length of
approximately 275 meters. The vein remains open to depth.
Currently, five drill rigs are operating on the property.
Please refer to Figure 9 for drill collar
locations and Figure 10 for an east-west vertical long-section of
the NX Gold Mine. Drill hole ID nomenclature of SA and MAT refers
to Santo Antonio and Matinha vein drilling, respectively.
Hole ID |
From (m) |
To (m) |
Length (m) |
Au (gpt) |
SA79 |
NSI |
NSI |
NSI |
NSI |
SA83 |
699.8 |
705.6 |
5.8 |
17.79 |
SA84 |
639.2 |
640.8 |
2.6 |
6.48 |
SA85 |
646.7 |
653.2 |
6.5 |
17.11 |
MAT12 |
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. 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.
BOA ESPERANÇA
As a result of an ongoing internal technical
review, several potential opportunities were identified to optimize
and further realize the potential of the Boa Esperança project,
located in the Carajás Mineral Province in Pará State, Brazil,
including, but not limited to:
- Separating
high-grade and low-grade copper domains within the mineral resource
estimate to better optimize mining sequence, mineral reserve
conversion and improve overall project economics;
- Increase the
overall size of the open pit, targeting an increase in in-pit
mineral reserves, extension of mine life and an increase in
life-of-mine copper production;
- Implementation of
bulk ore-sorting with the goal of enhancing mine selectivity;
and,
- Re-design
processing plant reflecting optimization initiatives around
selective mining and the implementation of ore-sorting.
The Company’s technical team continues to
actively review these opportunities and is making headway in
advancing them into actionable deliverables. Should this work
continue to yield favorable results, the Company will commission an
Optimized Feasibility Study (“OFS”), incorporating these
initiatives. The Company expects to conclude these technical work
streams and provide additional guidance on a Boa Esperança OFS
during the first half of 2021.
NOTE ON NI 43-101 COMPLIANT TECHNICAL
REPORT(S)
The conversion of drill results presented in
this press release into 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 late May
2020 through early September 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.
NX Gold Mine
The Company is currently drilling on surface
with third-party contracted core drill rigs. During the period from
late May 2020 through early September 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.A.’s (“NX Gold”) 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. During the period, 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, 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 Esperança
development project, an IOCG-type copper project located in Pará,
Brazil and the Company 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 Esperança 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, the impact of the COVID-19 pandemic on the
Company’s planned drill programs, the timeline for issuance of
updated mineral resource, mineral reserves, mine plans and
associated technical reports for the Vale do Curaca Property and
the NX Gold Mine, the significance of any potential optimization
initiatives in connection with the Boa Esperanca development
project and the potential issuance, and timing of, an
OFS.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; work force continues to remain healthy in the face of
prevailing epidemics, pandemics or other health risks; 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. |
A PDF accompanying this announcement is available
at: http://ml.globenewswire.com/Resource/Download/cdc71e4a-75c4-4434-a579-6345384def03
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