Ero Copper Corp. (the “Company”)
(TSX:
ERO) is pleased to announce the
results from its comprehensive ore sorting trial campaign, which
commenced in the first quarter of 2020 and tested approximately
29,000 tonnes of material through early September. Material from
eight sources within the Curaçá Valley were tested, representing a
range of grade profiles. Confirmatory testing on additional
deposits within the Vermelhos District remains ongoing in support
of the Company’s upcoming life-of-mine plan update, which remains
on track for completion in the fourth quarter.
HIGHLIGHTS
- Up to 4.5x upgrade
ratios achieved across all grade profiles for samples tested within
the Vermelhos Mine and for high-grade samples from the Pilar Mine
at minimal copper loss after sorting, averaging only 9.8% for
screened sorter feed samples.
- Upgrade ratios of
approximately 1.4x to 2.0x achieved for several open pit deposits
throughout the Curaçá Valley with slightly higher copper losses,
averaging 15.5% to 26.0%, for screened sorter feed samples tested
at the Surubim and Suçuarana Mines, low-grade development material
from within the Pilar Mine and material from a historic Angicos
Mine stockpile.
- Based on the
success of the trial campaign and economic evaluations, ore sorting
is expected to be integrated into the Company’s upcoming
life-of-mine plan update with a focus on implementing the
technology within the Vermelhos District as a result of the
excellent response to ore sorting and potential savings in
transport costs.
- Potential
ancillary benefits of ore sorting implementation include reduced
consumption of fresh-water, diesel and electricity and reduced
flotation tailings generated per tonne of copper produced –
substantially advancing towards achieving the Company’s long-term
environmental and sustainability commitments within the Curaçá
Valley.
Commenting on the results of the campaign, David
Strang, President & CEO, stated, “One of our objectives for
this year was to fully evaluate ore sorting at commercial
throughput rates. The comprehensive trial campaign conducted during
the first part of the year has clearly demonstrated that deposits
throughout the Curaçá Valley are amenable to upgrading. Given the
combination of excellent upgrade ratios across grade-profiles, high
waste rejection rates, minimal copper losses and the ability to
meaningfully save on transportation costs relative to other mining
areas within the Curaçá Valley, we view integration of ore sorting
technology in the Vermelhos District as having significant
potential economic benefit and financial returns across our
operations.
The ore sorting unit, currently installed at the
Pilar Mine, is expected to remain in operation through the balance
of 2020 to complete confirmatory test-work on additional sources of
material prior to being moved to the Vermelhos District. While
test-work and economic evaluations continue, we fully expect that
ore sorting will become an integral component of our updated
life-of-mine production plan and contribute to the profitability
and sustainability of our Curaçá Valley operations moving
forward.”
Ore Sorting Trial Campaign
Results
A total of approximately 29,000 tonnes of
material from eight different sources of material throughout the
Curaçá Valley were run at commercial throughput rates through the
Company’s X-ray Fluorescence (“XRF”) ore sorting machine from early
2020 through September. The XRF sorting unit was installed at the
Pilar Mine for the purposes of the trial campaign. For further
information on material sources tested, please refer to the 2019
Technical Report (as defined herein).
For each deposit tested, and for material from
the Angicos Mine stockpile, material was crushed and screened to
between 30 and 90 millimeters and fed into the XRF sorting unit at
a rate of approximately 20 tonnes per hour using a belt feeder to
provide a consistent feed rate. Minus 30 millimeter material and
fines generated during the crushing process were screened away from
the ore sorting feed and sent directly to the mill. For each source
tested, the trial campaign sought to model sorting performance at a
variety of selectivity ranges (or ‘set points’) to determine the
unique performance characteristics throughout the selectivity
curve. Optimal mass yield, defined as the amount of material that
is upgraded in the sort product, is based on maximizing the upgrade
ratio, defined as sort product copper grade divided by feed grade,
while minimizing copper loss of the sort product. Samples of both
the sort product and sort reject were collected at routine
intervals and assayed for total copper at the Company’s on-site
laboratory. Prior to changing selectivity set points and between
each of the sources tested, the crushing and XRF sorting unit were
cleaned to prevent contamination of results.
Upgrade ratios were determined across a range of
mass yields using the selectivity curves generated for each source.
Results of the program across a range of mass yields are further
detailed in Table 1:
Table 1: Ore Sorting Trial
Campaign Results at Varying Mass Yields
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Results at Selected Ore Sorting Mass
Yield[1] |
Tested Mine / Source |
SampleTested(Tonnes) |
Sample HeadGrade(Cu %) |
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20% |
40% |
60% |
80% |
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Vermelhos HG Sample |
4,569 |
2.71 |
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Sort Product Grade (Cu%) |
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12.22 |
6.39 |
4.37 |
3.34 |
Upgrade Ratio (Sort Product Grade/Feed Grade) |
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|
4.50x |
2.35x |
1.61x |
1.23x |
Calculated Copper Loss (%) |
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9.8% |
5.7% |
3.2% |
1.4% |
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Vermelhos MG Sample |
4,246 |
1.21 |
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Sort Product Grade (Cu %) |
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5.46 |
2.85 |
1.95 |
1.49 |
Upgrade Ratio (Sort Product Grade/Feed Grade) |
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4.52x |
2.36x |
1.61x |
1.23x |
Calculated Copper Loss (%) |
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9.8% |
5.7% |
3.2% |
1.4% |
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Vermelhos LG Sample |
9,109 |
0.80 |
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Sort Product Grade (Cu %) |
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3.61 |
1.89 |
1.29 |
0.99 |
Upgrade Ratio (Sort Product Grade/Feed Grade) |
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4.49x |
2.35x |
1.61x |
1.23x |
Calculated Copper Loss (%) |
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9.8% |
5.7% |
3.2% |
1.4% |
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Pilar Mine HG (Deepening) |
1,161 |
1.97 |
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Sort Product Grade (Cu %) |
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8.86 |
4.64 |
3.17 |
2.43 |
Upgrade Ratio (Sort Product Grade/Feed Grade) |
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4.49x |
2.35x |
1.61x |
1.23x |
Calculated Copper Loss (%) |
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10.0% |
5.8% |
3.3% |
1.5% |
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Pilar Mine LG Development |
904 |
0.33 |
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Sort Product Grade (Cu %) |
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1.08 |
0.65 |
0.48 |
0.39 |
Upgrade Ratio (Sort Product Grade/Feed Grade) |
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3.33x |
1.99x |
1.48x |
1.20x |
Calculated Copper Loss (%) |
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34.4% |
21.4% |
12.5% |
5.7% |
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Surubim Mine |
940 |
0.30 |
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Sort Product Grade (Cu %) |
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0.97 |
0.59 |
0.44 |
0.35 |
Upgrade Ratio (Sort Product Grade/Feed Grade) |
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3.20x |
1.93x |
1.43x |
1.16x |
Calculated Copper Loss (%) |
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35.0% |
21.8% |
12.8% |
5.8% |
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Suҫuarana Mine |
3,753 |
0.27 |
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Sort Product Grade (Cu %) |
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0.69 |
0.46 |
0.36 |
0.31 |
Upgrade Ratio (Sort Product Grade/Feed Grade) |
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2.59x |
1.73x |
1.36x |
1.15x |
Calculated Copper Loss (%) |
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48.8% |
31.7% |
19.2% |
8.9% |
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Angicos Mine Stockpile |
4,216 |
0.38 |
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Sort Product Grade (Cu %) |
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1.04 |
0.67 |
0.52 |
0.44 |
Upgrade Ratio (Sort Product Grade/Feed Grade) |
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|
2.73x |
1.77x |
1.37x |
1.15x |
Calculated Copper Loss (%) |
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45.5% |
29.2% |
17.5% |
8.1% |
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[1] Ore sorting results presented excluding
minus 30 millimeter material which is not amenable to upgrading.
Fines generated range from 15% to 30% depending on source tested.
Calculated results at selected mass yields are based on selectivity
curves generated during the ore sorting trial-campaign and reflect
desired selectivity of sorting set points. Vermelhos HG, MG and LG
refers to high-grade, medium-grade and low-grade, respectively.
QUALITY ASSURANCE / QUALITY CONTROL
Vale do Curaçá Property
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
quality assurance – quality control (“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.
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.
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 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 |
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(604) 429-9244 |
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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 representativeness of
the material tested in the trial campaign to actual results of each
of the mines tested during the campaign, the timing and expected
outcome of the Company’s updated life-of-mine plan including the
potential implementation of ore sorting in those plans at any of
the Company’s operations including the Vermelhos District, any
potential savings on transport costs, any potential reduction in
water, diesel and electricity use, as well as any proposed
reductions in flotation tailings as a result of ore sorting
implementation, which may or may not occur in any capacity at the
Company’s operations or life-of-mine plans now or in the
future.
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 Mineração 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 (the “2019 Technical Report”).
Please see the 2019 Technical Report 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 and for additional details regarding the
deposits and stockpiles tested, including interpretations, the
QA/QC employed, sample, analytical and testing results and for
additional details regarding the Mineral Resource and Mineral
Reserve estimates of the Vale do Curaçá Property.
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.
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