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 and assay
results received from September 2020 through late November 2020,
after the cut-off date of the Company’s recently updated National
Instrument 43-101, Standards of Disclosure for Mineral Projects
(“NI 43-101”) compliant mineral resource and reserve estimates and
updated life-of-mine plans for 2020 at its Vale do Curaçá Property
and NX Gold Mine. Drilling during the period was focused primarily
on the Deepening Extension of the Pilar underground mine, the
Southern Vermelhos Corridor of the Vermelhos District and further
extensions of the Santo Antonio Vein at the NX Gold Mine. In
addition, assay results were received during the period from a
preliminary broad-based platinum group metal (“PGM”) review of the
Curaçá Valley that commenced in early 2020.
HIGHLIGHTS
- Opportunity to meaningfully
increase copper grades within the newly defined Deepening Extension
Zone of the Pilar Mine due to the identification of an unexpected
new zone of high-grade “Superpod” style mineralization encountered
in the south-central section of the zone, results in this area are
highlighted by:
- FC48155: 46.5
meters grading 4.96% copper including 36.5 meters grading 6.08%
copper and including 6.0 meters grading 11.98% copper; and,
- FC48161: 20.3
meters grading 4.76% copper including 9.5 meters grading 7.12%
copper and including 2.2 meters grading 12.07% copper.
- A new target zone, interpreted as a
potential parallel lens at depth, is emerging approximately 70 to
120 meters east of the main Deepening Extension Zone. Initially
defined by hole FC47173 that intersected 7.2 meters grading 3.28%
copper including 3.0 meters grading 4.35% copper and hole FC5381
that intersected 6.0 meters grading 1.07% copper, drilled
approximately 300 meters apart, the zone has been interpreted to
extend approximately 600 meters in strike length.
- Exploration drilling in the
Southern Vermelhos Corridor continues to intercept stacked
mineralized lenses within a modeled structural corridor, extending
over 700 meters in strike length. Five drill rigs are scheduled to
systematically drill this target area during 2021 and down-hole
electromagnetic (“EM”) targeting work remains ongoing. Results from
the period are highlighted by:
- FVS-910: 17.2
meters grading 1.20% copper including 9.1 meters grading 1.83%
copper and including 2.7 meters grading 4.30% copper;
- FVS-911: 13.1
meters grading 1.21% copper and 5.1 meters grading 1.98% copper;
and,
- FSI-101: 9.2 meters
grading 3.03% copper including 3.9 meters grading 5.98% copper.
- Initial results from a program
designed to evaluate PGM associations within the Curaçá Valley. The
program, which commenced in early-2020, has resulted in the
interpretation of three distinct styles of PGM mineralization that
can be observed in samples throughout each of the Company’s main
operating districts. Occurrences of elevated PGMs have now been
documented from near-surface open pit deposits to the deepest known
extent of mineralization within the Pilar Mine. Results for each
style of mineralization are highlighted by:
- Style 1, high-grade
copper-nickel-PGMs (this style of mineralization shows similarities
to footwall zones described within the Sudbury District, Canada and
localized copper-rich mineralized zones at Noril’sk, Russia),
highlighted by previously announced Siriema results: FSI-40, 9.1
meters grading 2.59% copper, 1.74% nickel and 1.61 grams per tonne
(“gpt”) 4PGE+Au including 5.6 meters grading 3.37% copper, 2.59%
nickel and 2.28gpt 4PGE+Au (platinum group elements (“PGEs”) in
this context are defined as platinum, palladium, rhodium and
ruthenium);
- Style 2, high-grade
PGM low-sulphide content, reef-style mineralization (this style of
mineralization shows similarities described in PGM deposits, such
as the Bushveld Complex, South Africa and some zones within the
Marathon Intrusion, Canada), highlighted by: hole FC47139, within
the Pilar Deepening Extension, 1.0 meter grading 0.76% copper,
0.05% nickel and 4.12gpt 4PGE+Au; and,
- Style 3,
copper-palladium rich (this style of mineralization shows
similarities to zones described within the Sudbury District and
Marathon Intrusion), highlighted by: FS-E002, a near-surface sample
from beneath the Surubim open pit mine, 27.0 meters grading 2.04%
copper, 0.06% nickel and 0.33gpt 4PGE+Au including 6.0 meters
grading 3.03% copper, 0.13% nickel and 0.87gpt 4PGE+Au.
Based upon these
results, a comprehensive review of PGM occurrences, comprising
approximately 5,000 additional samples, is now underway to better
understand continuity and significance of these initial
results.
- Continued 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 hole SA89 that intersected 2.7
meters grading 15.38 grams per tonne gold, representing the deepest
intercept drilled to date by the Company at the Santo Antonio
Vein.
Commenting on the results, David Strang,
President and CEO, stated, “The results from our ongoing
exploration programs within the Curaçá Valley and at our NX Gold
Mine, build upon our recently released updated life-of-mine plans
and continue to demonstrate that the best is yet to come for our
Company.
At the Pilar Mine, drill results from the
Deepening Extension Zone continue to exceed our own lofty
expectations, and are highlighted this quarter by an unexpected and
significant increase in mineralized thicknesses and grades around
section 48, opening the southern portion of the Deepening Extension
for new high-grade ‘Superpod’ style mineralization. Additionally,
an emerging new target area, which has the potential to be a
parallel structure extending over 600 meters in strike length at
depth has been identified. Drill results within the Deepening
Extension Zone continue to support our expectation that, over time,
we will be able to meaningfully improve upon our recently released
base case production profile from the Pilar Mine.
Within the Vermelhos District, the Southern
Vermelhos Corridor remains a key focus area of our ongoing
exploration efforts, and will be a cornerstone of our 2021
exploration program. Drill results during the period, continue to
highlight zones of stacked mineralized lenses over a modeled target
strike length of approximately 700 meters. Downhole EM targeting
work is being conducted in this area to prioritize higher-grade
zones within the corridor as we systematically drill this area over
the course of the next year with five drill rigs. Due to the close
proximity of the existing Vermelhos Mine infrastructure, we see
strong potential to meaningfully extend the mine life and enhance
the production profile of the Vermelhos Mine in the near- to
medium-term with continued exploration success in the Southern
Vermelhos Corridor.
More broadly on the exploration front, following
the initial discovery of PGMs at the Siriema Deposit in late-2019,
we embarked on a strategic review of PGM occurrences elsewhere
within the Curaçá Valley. An initial assay program comprised of a
series of selected drill holes, representing a variety of deposits
and mineralized zones, commenced in early 2020. Due to the onset of
COVID-19 and third-party laboratory closures, the results have only
arrived in recent weeks. While results to date are based on a
relatively limited number of samples, our work thus far
demonstrates that not only are elevated PGM values present
throughout the Curaçá Valley, but we have, so far, been able to
identify at least three-distinct styles of deposition, one of which
includes a high-grade PGM reef style, similar to that found in the
Bushveld Complex of South Africa, associated with low-grade copper
values, in what would have historically been treated as waste in
the Company’s mining operations. We are in the early days of
unlocking what could be a potentially significant development in
enhancing the already world-class exploration potential of the
Curaçá Valley, but a considerable amount of additional work is
needed. In order to further evaluate this potential, a
comprehensive testing and re-assay program comprising approximately
5,000 samples from previously drilled holes, as well as systematic
PGM analysis using our internal laboratory for all of our ongoing
and future drilling exploration programs, is underway.
At the NX Gold Mine, results continue to deliver
high-grade intersections at depth within the Santo Antonio Vein,
further demonstrating continuity of mineralization within the
Inferred mineral resource envelope outlined in our most recent
resource and reserve update, and extensions down-plunge. Results
highlight the potential to continue to increase mine life and
ultimately grow production volumes from the mine. The first
regional exploration efforts commenced during the third quarter at
the NX Gold Mine, and there are now a total of eight drill rigs in
operation.”
Throughout December, drill rigs within the
Curaçá Valley are being demobilized for year-end maintenance and
are expected to restart in January 2021. Eight drill rigs are
currently operating at the NX Gold Mine.
Expansions and extensions, as referenced herein,
reflect mineralization not captured in the Company’s recently
updated NI 43-101 mineral resource and mineral reserve models, as
outlined in the Company’s press releases dated November 24, 2020
and November 30, 2020 for NX Gold Mine and the Vale do Curaçá
Property, respectively. 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.
During the period, the Company continued to
prioritize drilling of the Deepening Extension Zone within the
Pilar underground mine, where the Company continues to confirm
thick and high-grade mineralization.
The Deepening Extension
Zone
Exploration activities in the Deepening
Extension Zone during the period reflect the initial phase of
drilling following the Company’s updated life-of-mine plan for the
zone, released on November 30, 2020. Drilling within the Deepening
Extension Zone remains focused on upgrading the inferred mineral
resource classification through infill drilling and further
extending known limits of mineralization to depth and to the north,
down-plunge. A surface drill program utilizing directional drilling
technology to evaluate the mineralized potential of the Deepening
Extension Zone north of section 57 continued as planned during the
period and this program will continue into 2021.
Deepening Extension Zone drilling is currently
targeting mineralization on the East Limb of the Pilar Mine to
level -1500 approximately 1,200 meters to 2,000 meters below
surface and approximately 100 meters laterally from the current
level of the primary ramp (completed to level -925).
The known limits of mineralization, which remain
open, within the Deepening Extension Zone extend 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,
and a new zone of high-grade mineralization is emerging at depth in
the south-central segment of this 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 in 2021.
Results during the period are highlighted by
noteworthy high-grade drilling within the south-central segment of
the zone, in an area previously modeled as lower grade. Results in
this area include hole FC48155 that intersected 46.5 meters grading
4.96% copper including 36.5 meters grading 6.08% copper and 6.0
meters grading 11.98% copper. Also on section 48, hole FC48161
intersected 20.3 meters grading 4.76% copper including 9.5 meters
grading 7.12% copper. Hole FC48161 represents an approximate 100%
increase in interpreted thickness of the modeled mineralization
within the vicinity of this new intercept, demonstrating localized
thickening of up to 20 meters, at higher than expected grades. The
newly encountered high-grade zone within the south-central segment
of the Deepening Extension remains open at depth.
In addition, a new zone of parallel
mineralization at depth, and a new target zone, is emerging
approximately 70 to 120 meters east of the main Deepening Extension
Zone. Results during the period are highlighted by hole FC47173
that intersected 7.2 meters grading 3.28% copper including 3.0
meters grading 4.35% copper and hole FC5381 that intersected 6.0
meters grading 1.07% copper. The intercept in hole FC47173 is
approximately 300 meters south of the intercept in hole FC5381,
approximately 80 meters to the east of the main Deepening Extension
Zone and approximately 400 meters south of previously drilled holes
that also intersected this target area. The potential for a new,
parallel structure extends over a north-south strike length of
approximately 600 meters.
Please see Figure 1 for a north-south long
section, Figure 2 for an west-southwest to east-northeast composite
section and Figure 3 for a level map showing collar locations of
Deepening Extension Zone drilling within the Pilar Mine.
Hole ID |
From (m) |
To (m) |
Length (m) |
Cu (%) |
FC47173 |
647.8 |
657.8 |
10.0 |
0.87 |
and |
665.8 |
670.8 |
5.0 |
0.83 |
and |
679.8 |
682.8 |
3.0 |
0.81 |
and |
812.5 |
819.7 |
7.2 |
3.28 |
including |
814.5 |
817.5 |
3.0 |
4.35 |
FC48155 |
617.9 |
664.5 |
46.5 |
4.96 |
including |
621.0 |
657.5 |
36.5 |
6.08 |
including |
641.5 |
647.5 |
6.0 |
11.98 |
FC48161 |
679.9 |
700.1 |
20.3 |
4.76 |
including |
681.3 |
690.8 |
9.5 |
7.12 |
FC5174 |
NSI |
NSI |
NSI |
NSI |
FC5381 |
612.8 |
616.8 |
4.1 |
1.06 |
and |
622.1 |
625.2 |
3.1 |
1.63 |
and |
682.9 |
688.9 |
6.0 |
1.07 |
FC5383 |
487.6 |
491.8 |
4.2 |
1.47 |
FC5515 |
NSI |
NSI |
NSI |
NSI |
FC5516 |
655.1 |
659.0 |
3.9 |
1.29 |
NSI indicates no significant intercept based on
a three meter mining width and cut-off grade of 0.51% copper. Drill
holes were drilled from level -670 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, Southern Vermelhos Corridor, East Zone, Siriema, N8/N9
deposit and several high priority targets, that extends over ten
kilometers in strike length.
During the period, the Company prioritized
drilling of the Southern Vermelhos Corridor, a near-mine
exploration zone extending from the Siriema Deposit to the UG1
mining area of the Vermelhos Mine. The target zone has a
north-south strike length of approximately 700 meters, an east-west
section width of approximately 300 meters and is currently defined
to a depth of approximately 400 meters below surface.
Southern Vermelhos Corridor
Exploration activities during the period focused
on two primary objectives: (i) testing continuity of high-grade
copper mineralization within the Southern Vermelhos Corridor and
(ii) conducting down-hole EM surveys to identify high-grade
exploration targets.
Preliminary results of this program, which
remains ongoing, demonstrates the presence of multiple stacked
mineralized lenses, including high-grade mineralization within the
corridor. Five drill rigs are expected to be operational within the
Southern Vermelhos Corridor during 2021 focused on systematically
testing the continuity of mineralization. The program has been
designed on 50 meter drill spacing. Initially, the focus will be
the northern section of the Southern Vermelhos Corridor given its
proximity to the existing mine infrastructure of the Vermelhos Mine
and the potential for exploration success to meaningfully enhance
the near-term base-case grade profile through replacement of lower
grade production in addition to extending the mine life of the
Vermelhos Mine.
Results are highlighted by FVS-910 that
intersected 17.2 meters grading 1.20% copper including 9.1 meters
grading 1.83% copper and FVS-911 that intersected 13.1 meters
grading 1.21% copper and 5.1 meters grading 1.98% copper.
Approximately 400 meters south of FVS-910 and FVS-911, FSI-101
intersected 2.8 meters grading 1.51% copper and 9.2 meters grading
3.03% copper including 3.9 meters grading 5.98% copper, confirming
continuity of mineralization within the Siriema conduit at the
southern extent of the Southern Vermelhos Corridor.
Intercepts below three meters in thickness
drilled within the Southern Vermelhos Corridor are reported below
as not significant, consistent with the Company’s minimum mining
thickness and overall approach to reporting exploration drill
results.
Please see Figure 4 for a plan map detailing
Southern Vermelhos Corridor collar locations and Figure 5 for a
north-south long section.
Hole ID |
From (m) |
To (m) |
Length (m) |
Cu (%) |
Ni (%) |
Southern Vermelhos Corridor |
FVS-903 |
NSI |
NSI |
NSI |
NSI |
NSI |
FVS-904 |
496.4 |
503.9 |
7.5 |
0.59 |
0.03 |
FVS-906 |
529.8 |
532.8 |
3.0 |
2.04 |
0.01 |
FVS-908 |
498.8 |
502.1 |
3.3 |
0.80 |
0.02 |
FVS-909 |
408.3 |
411.3 |
3.0 |
1.27 |
0.11 |
FVS-910 |
350.9 |
368.1 |
17.2 |
1.20 |
0.25 |
including |
358.9 |
368.1 |
9.1 |
1.83 |
0.30 |
including |
364.4 |
367.1 |
2.7 |
4.30 |
0.39 |
FVS-911 |
383.3 |
396.4 |
13.1 |
1.21 |
0.29 |
and |
384.3 |
389.5 |
5.1 |
1.98 |
0.50 |
FVS-912 |
NSI |
NSI |
NSI |
NSI |
NSI |
FVS-913 |
NSI |
NSI |
NSI |
NSI |
NSI |
FVS-914 |
NSI |
NSI |
NSI |
NSI |
NSI |
FSI-100 |
NSI |
NSI |
NSI |
NSI |
NSI |
FSI-101 |
568.2 |
571.0 |
2.8 |
1.51 |
0.06 |
and |
576.4 |
585.6 |
9.2 |
3.03 |
0.37 |
including |
581.7 |
585.6 |
3.9 |
5.98 |
0.44 |
FSI-102 |
NSI |
NSI |
NSI |
NSI |
NSI |
NSI indicates no significant intercept based on
a three meter mining width and cut-off grade of 0.51% copper. Drill
holes were drilled from surface. 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 Near-Mine
Programs
Within the Vermelhos Mine, drilling during the
period sought to test continuity of mineralization near existing
mine infrastructure and extensions of the main orebodies as well as
further evaluation of the East Zone Conduit. Results are
highlighted by hole FVS-1148 that intersected 41.0 meters grading
2.05% copper including 19.0 meters grading 3.11% copper and hole
FVS-1135 that intersected 13.9 meters grading 1.63% copper
including 6.9 meters grading 2.70% copper and 6.0 meters grading
1.69% copper. These intersections, drilled approximately 30 meters
apart, occur near the bottom edge of the main Vermelhos orebodies,
approximately 60 meters from existing infrastructure, where there
is a gap in modeled mineralization, and demonstrate enhanced
continuity of high-grade mineralization within the mine.
Please see Figure 4 for a plan map detailing all
Vermelhos near-mine collar locations and Figure 5 for north-south
long section detailing all Vermelhos near-mine drilling.
Hole ID |
From (m) |
To (m) |
Length (m) |
Cu (%) |
Vermelhos Mine & East Zone Conduit |
FVS-1135 |
32.4 |
46.3 |
13.9 |
1.63 |
including |
39.4 |
46.3 |
6.9 |
2.70 |
and |
56.9 |
62.9 |
6.0 |
1.69 |
FVS-1148 |
63.2 |
104.2 |
41.0 |
2.05 |
including |
73.2 |
92.2 |
19.0 |
3.11 |
FVS-865 |
161.6 |
165.8 |
4.2 |
1.35 |
FVS-901 |
NSI |
NSI |
NSI |
NSI |
FV-186 |
325.9 |
329.0 |
3.1 |
0.69 |
FVS-866 |
28.5 |
31.5 |
3.0 |
2.92 |
FVS-867 |
NSI |
NSI |
NSI |
NSI |
FVS-868 |
NSI |
NSI |
NSI |
NSI |
FVS-907 |
NSI |
NSI |
NSI |
NSI |
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 0.51% for intervals below 200 meters
down hole. Drill holes were drilled from surface and from level
+170, level +150 and level +120 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. 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.
PGM REVIEW OF THE CURACA VALLEY
Following the discovery of the Siriema Deposit
in mid-2019 and, the discovery of the high-grade Keel Zone at
Siriema at the end of 2019 (including new massive sulphide breccia
zones containing elevated copper, nickel, cobalt and PGMs), the
Company collected and sent a series of samples from each of the
Company’s three primary operating districts of Vermelhos, Pilar and
Surubim for additional PGM analysis to further evaluate the
prevalence of PGMs within the broader Curaçá Valley (please refer
to the Company’s press release dated July 30, 2019 and December 3,
2019 for additional information on the Siriema Keel Zone). Based
upon the assay results from this initial program, which were
delayed due to the impacts of COVID-19, occurrences of elevated
PGMs can be found throughout the entirety of the Curaçá Valley.
Further, occurrences of elevated PGMs occur from near-surface open
pit deposits, such as the Surubim open pit mine, to depth including
some of the deepest known extents of mineralization within the
Pilar underground mine. The Company has commenced a comprehensive
program comprised of approximately 5,000 additional samples to
continue evaluating the potential for additional occurrences of
PGMs as well as evaluate continuity of PGM mineralization within
zones identified to date.
The results, while preliminary, demonstrate that
elevated PGM grades within the Curaçá Valley occur in association
with both the high-sulphide copper and copper-nickel mineralized
envelopes of deposits such as the Keel Zone of Siriema, as well as
outside of the primary copper-mineralized zones where the
highest-grade PGM samples collected to date occur in low-sulphide
reef-style mineralized envelopes lying in zones that traditionally
would have been classified as waste due to their inherently low
association with copper. To date, the Company has observed three
distinct styles of PGM mineralization, which are further described
below, and supported by relevant examples from the early-2020
sample program and previously released multi-element results from
within the Keel Zone:
- Style 1:
copper-nickel-palladium-platinum rich, lessor gold (“Cu-Ni-Pd-Pt
± (Au)”), best evidenced within the Siriema
Deposit Keel Zone and more broadly within select intercepts of the
Southern Vermelhos Corridor, displaying a strong correlation
between copper-nickel and PGM grades. This style of mineralization
shows similarities to footwall zones described within the Sudbury
District, Canada and localized copper-rich mineralized zones at
Noril’sk, Russia;
- Style 2:
platinum-palladium rich, lessor copper-nickel (“PGM rich / Cu-Ni
poor”), best evidenced in samples collected from the Pilar Mine
Deepening Extension and in select samples from the Siriema Deposit,
which display elevated PGM grades occurring in reef-style
high-grade PGM envelopes, typically associated with low copper
grades, although higher grade values of copper have been documented
within this style. This style of mineralization shows similarities
described in PGM deposits, such as the Bushveld Complex, South
Africa and some zones within the Marathon Intrusion, Canada;
and,
- Style 3:
Copper-palladium rich, with lessor nickel-platinum-gold (“Cu-Pd
± (Ni-Pt-Au)”), evidenced in samples collected
from within the Vermelhos District, including samples from within
the Vermelhos Mine, the Deepening Extension Zone and beneath the
Surubim open pit mine, all of which display elevated copper and
palladium values with relatively lower grade nickel, platinum and
gold. This style of mineralization shows similarities to zones
described within the Sudbury District and Marathon Intrusion, both
in Canada.
Prior to year-end, the Company expects to submit
approximately 3,000 samples of the total 5,000 sample program to
third-party laboratories for PGM analysis, and has commenced
integrating systematic PGM assaying into its ongoing exploration
efforts. This effort is supported by the Company’s new in-house PGM
assay capability, built in response to early results from this
program. The Company continues to undertake additional
quality-assurance, quality-control (“QA/QC”) procedures on its
newly installed multi-element Inductively Coupled Plasma (“ICP”)
analytical equipment to transition away from third-party
laboratories in the future.
Please refer to Figure 1 for a north-south long
section, Figure 2 for a west-northwest to east-northeast composite
section, and Figure 3 for a level map showing collar locations of
Deepening Extension drilling within the Pilar Mine, Figure 4 for a
plan map detailing Vermelhos District collar locations, Figure 5
for a north-south long section of Vermelhos District drilling and
Figure 6 for a northwest-southeast cross section of the Surubim
open pit mine PGM intercept.
PGM Mineralization Styles of the Curaçá
Valley
Deposit /Zone |
Hole ID |
From(m) |
To(m) |
Length(m) |
Cu(%) |
Ni(%) |
Co(%) |
Au(gpt) |
Pd(gpt) |
Pt(gpt) |
Rh(gpt) |
Ru(gpt) |
4PGE+Au(gpt) |
Style 1: Cu-Ni-Pd-Pt ± (Au) |
Siriema(includingKeel Zone) |
FSI-42(*) |
143.1 |
174.9 |
31.8 |
2.24 |
0.40 |
0.02 |
0.47 |
0.09 |
0.04 |
0.003 |
0.10 |
0.70 |
including |
166.5 |
171.5 |
5.0 |
5.63 |
0.90 |
0.04 |
1.70 |
0.25 |
0.02 |
0.006 |
0.18 |
2.15 |
FSI-43(*) |
123.5 |
149.7 |
26.2 |
1.89 |
0.29 |
0.02 |
0.25 |
0.09 |
0.05 |
0.004 |
0.07 |
0.46 |
including |
140.5 |
146.5 |
6.0 |
2.82 |
0.70 |
0.04 |
0.36 |
0.10 |
0.06 |
0.005 |
0.09 |
0.60 |
FSI-40(*) |
280.2 |
289.3 |
9.1 |
2.59 |
1.74 |
0.07 |
0.61 |
0.77 |
0.07 |
0.010 |
0.15 |
1.61 |
including |
283.7 |
289.3 |
5.6 |
3.37 |
2.59 |
0.10 |
0.82 |
1.13 |
0.12 |
0.015 |
0.19 |
2.28 |
FSI-64(*) |
273.3 |
284.6 |
11.4 |
5.02 |
0.43 |
0.03 |
0.99 |
0.12 |
0.03 |
0.004 |
NA |
1.15 |
including |
273.3 |
279.3 |
6.0 |
7.16 |
0.51 |
0.04 |
0.27 |
0.14 |
0.01 |
0.006 |
NA |
0.42 |
|
Style 2: PGM rich / Cu-Ni poor (“reef style
mineralization”) |
DeepeningExtension,Pilar Mine |
FC47139(*) |
671.6 |
672.6 |
1.0 |
0.76 |
0.05 |
0.01 |
0.03 |
1.85 |
1.17 |
0.400 |
0.67 |
4.12 |
FC4885(*) |
576.8 |
577.8 |
1.0 |
5.89 |
0.06 |
NA |
0.08 |
0.06 |
NA |
0.060 |
3.20 |
3.40 |
FC5615(*) |
385.0 |
386.0 |
1.0 |
1.50 |
0.03 |
0.01 |
0.08 |
1.13 |
1.32 |
0.120 |
0.19 |
2.84 |
Siriema |
FSI-74(*) |
154.6 |
155.1 |
0.5 |
0.12 |
0.03 |
0.01 |
0.10 |
1.56 |
1.41 |
0.150 |
0.21 |
3.43 |
and |
271.6 |
272.1 |
0.5 |
0.37 |
0.04 |
0.01 |
0.04 |
1.21 |
2.16 |
0.460 |
0.63 |
4.50 |
|
Style 3: Cu-Pd ± (Ni-Pt-Au) |
VermelhosMine |
FVS-162(*) |
147.0 |
159.2 |
12.2 |
11.07 |
1.19 |
0.08 |
0.50 |
0.38 |
0.01 |
0.000 |
0.00 |
0.88 |
FVS-321(*) |
219.7 |
222.2 |
2.5 |
14.48 |
2.40 |
0.06 |
0.10 |
0.22 |
0.16 |
NA |
0.01 |
0.50 |
FVS-355(*) |
185.2 |
203.2 |
18.0 |
9.28 |
0.34 |
NA |
0.39 |
0.29 |
0.02 |
0.012 |
0.01 |
0.72 |
FVS-616(*) |
426.9 |
427.9 |
1.0 |
6.47 |
0.31 |
NA |
0.18 |
0.35 |
NA |
NA |
NA |
0.53 |
SurubimOpen PitMine |
FS-E002 |
153.0 |
220.0 |
67.0 |
1.27 |
0.04 |
0.01 |
0.11 |
0.03 |
0.09 |
NA |
0.03 |
0.26 |
including |
168.0 |
185.0 |
17.0 |
0.21 |
0.01 |
0.00 |
0.02 |
0.01 |
0.27 |
NA |
0.02 |
0.32 |
Also including(**) |
193.0 |
220.0 |
27.0 |
2.04 |
0.06 |
0.01 |
0.22 |
0.05 |
0.02 |
NA |
0.04 |
0.33 |
including |
211.0 |
217.0 |
6.0 |
3.03 |
0.13 |
0.01 |
0.70 |
0.13 |
0.01 |
NA |
0.04 |
0.87 |
DeepeningExtension,Pilar Mine |
FC45167(*) |
267.8 |
275.9 |
8.1 |
4.30 |
0.03 |
NA |
0.07 |
0.23 |
0.02 |
0.009 |
0.01 |
0.34 |
including |
267.8 |
270.8 |
3.0 |
2.90 |
0.03 |
NA |
0.05 |
0.50 |
0.02 |
NA |
NA |
0.58 |
FC4888 |
533.4 |
535.7 |
2.3 |
7.86 |
0.06 |
NA |
0.12 |
0.21 |
0.11 |
0.024 |
NA |
0.47 |
FC47139(*) |
639.9 |
646.0 |
6.1 |
7.36 |
0.13 |
0.02 |
0.03 |
0.29 |
0.10 |
0.015 |
0.03 |
0.46 |
FC5165(*) |
535.6 |
537.6 |
2.0 |
7.73 |
0.10 |
NA |
0.09 |
0.24 |
NA |
NA |
NA |
0.32 |
FC5615(*) |
420.0 |
422.5 |
2.5 |
12.33 |
0.13 |
0.01 |
0.10 |
0.24 |
0.29 |
0.042 |
0.21 |
0.89 |
(*) Denotes previously released drill holes that
have been re-composited with nickel, gold and PGM values to further
demonstrate PGM mineralization styles and occurrences within the
Curaçá Valley.(**) Second interval shown in hole FS-E002 compiled
to show variations in PGM associations, particularly variations in
Pt and Pd, as well as variances in Au between intervals.Drill holes
were drilled from surface, except for the Deepening Extension holes
presented herein, which were drilled from underground within the
Pilar 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. Nickel, cobalt and PGM results shown for
exploration significance only. Below detection limit assay results
for Au (0.001gpt) Pd (0.001gpt), Pt (0.005gpt) and Rh (0.001gpt)
composited assuming zero grade and are denoted by “NA” in the table
of results.
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
and further upgrading of the Inferred mineral resources within the
vein. Results are highlighted by hole SA87 that intersected 1.9
meters grading 6.06 grams per tonne gold and hole SA89 that
intersected 2.7 meters grading 15.38 grams per tonne gold. The
mineralized intersection of SA89 represents the deepest
intersection drilled to date at the Santo Antonio Vein.
Please refer to Figure 7 for drill collar
locations and Figure 8 for an east-west vertical long-section of
the NX Gold Mine. Drill hole ID nomenclature of SA refers to Santo
Antonio vein drilling.
Hole ID |
From (m) |
To (m) |
Length (m) |
Au (gpt) |
SA86 |
NSI |
NSI |
NSI |
NSI |
SA87 |
567.2 |
569.1 |
1.9 |
6.06 |
SA88 |
NSI |
NSI |
NSI |
NSI |
SA89 |
726.6 |
729.4 |
2.7 |
15.38 |
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.
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 September
2020 through November 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. PGM and gold analysis during the period was performed at the
SGS S.A.’s facility in Rustenburg, South Africa and Mintek S.A.’s
facility in Johannesburg, South Africa, with values determined
using nickel sulphide and lead collection fire assay. SGS S.A. and
Mintek S.A. are independent of the Company. 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
September 2020 through November 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 Company's expected operations at the
Vale do Curaçá Property, 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 potential to convert any
portion of the inferred mineral resource base, 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 down-plunge
mineralization, further extensions and expansion of mineralization
near the Company’s existing operations of the Vale do Curaçá
Property or the NX Gold Mine, statements with respect to potential
for any additional PGM mineralization in the Curaçá Valley as well
as any implied significance or continuity therein, and statements
with respect to any potential positive economic enhancements as it
relates to the Company’s recent life-of-mine plan(s), or base-case
plan(s) for the Deepening Extension Zone, the Vermelhos Mine, or
the NX God Mine based upon exploration drill
results.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
Esperança 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 and critical
supplies, spare parts and consumables; 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
(the “AIF”). 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 Company’s press release dated November 30, 2020, 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 Company’s press release dated
November 24, 2020 and 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. |
Figures accompanying this
announcement are available
at: http://ml.globenewswire.com/Resource/Download/a8827edb-e36b-41ff-b7e4-af913a28b328
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