Ero Copper Corp.
(TSX: ERO, NYSE:
ERO) ("Ero" or the “Company”) is pleased to
announce the discovery of a regional nickel sulphide system within
the Curaçá Valley over an initial strike length of five kilometers.
The system remains open in all directions and is highlighted by
multiple surface expressions of nickel mineralization. Results from
first-pass drilling conducted on two of the identified zones along
the currently interpreted northeast and southwest boundaries of the
system are highlighted by:
- VB Zone
- VB-17: 16.5 meters at 1.22% Ni, 0.17%
Cu and 0.03% Co (1.37% NiEq), including 3.8 meters at 3.60% Ni,
0.22% Cu and 0.09% Co (3.92% NiEq)
- Interval includes 1.5 meters of
massive-sulphide textures (~80% sulphides) grading 6.59% Ni, 0.26%
Cu and 0.17% Co (7.11% NiEq)
- VB-25: 30.4 meters at 0.63% Ni, 0.12%
Cu, 0.02% Co (0.72% NiEq), including 5.1 meters at 2.06% Ni, 0.25%
Cu, 0.05% Co (2.28% NiEq)
- Interval includes 1.4 meters of
massive-sulphide textures (~60% sulphides) grading 4.94% Ni, 0.14%
Cu, 0.12% Co (5.30% NiEq)
- Lazaro ("LZ") Zone
- LZ-03: 24.1 meters at 0.81% Ni,
0.18% Cu and 0.04% Co (0.97% NiEq), including 13.0 meters at
1.11% Ni, 0.25% Cu and 0.05% Co (1.33% NiEq)
- LZ-06: 22.5 meters at 0.84% Ni,
0.15% Cu and 0.05% Co (1.02% NiEq), including 8.0 meters at 1.34%
Ni, 0.25% Cu and 0.07% Co (1.61% NiEq)
- LZ-07: 17.7 meters at 0.93% Ni,
0.21% Cu and 0.05% Co (1.14% NiEq), including 5.0 meters at 1.15%
Ni, 0.20% Cu and 0.06% Co (1.38% NiEq)
The newly discovered nickel system, known as the
"Umburana System", is located approximately 20 kilometers from the
Company's existing Caraíba processing facilities. The system was
discovered using new detailed field mapping and soil geochemistry
collected during the Company's 2021 and 2022 exploration programs
in conjunction with the Company's airborne electromagnetic ("AEM")
survey. First-pass drilling comprised of 48 drill holes initially
testing where ultramafic rocks have been mapped at surface. The
ongoing program has identified large intervals of disseminated and
interstitial nickel sulphides as well as zones of high-grade
semi-massive (containing approximately 30% to 60% sulphides) and
massive sulphides (containing approximately 60% to 80% sulphides),
with massive sulphide intercepts up to 1.5 meters in thickness
grading up to 6.59% nickel (7.11% NiEq). Nickel mineralization
outcrops at surface, is evident in trenches and remains open
down-plunge. Maximum depth of drilling to date is approximately 300
meters below surface. There are four exploration drill rigs
currently operating on the system.
Commenting on the discovery, David Strang, Chief
Executive Officer, said "This is a significant and pivotal moment
for the Company and, more broadly, for the region. To think that
copper in the Curaçá Valley was first documented in the late 1700s
and we are just now discovering nickel sulphide mineralization not
far from where copper has been mined for over 40 years is truly
remarkable. As a Company, we have been working to better understand
the potential for nickel occurrences since first observed within
the Vermelhos Mine in 2018. With newly compiled datasets, dedicated
resources focused exclusively on understanding and finding nickel
and a complete re-look of several historic datasets this past year,
our efforts and persistence have paid off. We believe today's
results confirm the Curaçá Valley's potential to be a globally
significant magmatic sulphide district for both copper and
nickel."
Mike Richard, the Company's Chief Geological
Officer, added "From my perspective, this is the most significant
development in the Curaçá Valley's regional exploration program to
date. I am incredibly proud of our exploration team for their
contributions to making our first nickel discovery and believe we
are at the early stages of unlocking significant value for the
Company. These zones are the first targets we have drill tested in
what is an emerging new exploration frontier, and based upon
results to date, we have good geological evidence to support the
"key" signatures for nickel potential that we expect will vastly
enhance our nickel exploration program in the months and years
ahead."
TECHNICAL
DISCUSSION
The first significant documented occurrence of
nickel sulphides in the Curaçá Valley was made by the Company
during the Vermelhos Mine development, and later in discrete zones
of copper-nickel massive sulphides within the Siriema Deposit in
late 2018 and 2019, respectively. Detailed geologic mapping,
comprehensive multi-element soil geochemistry and re-interpretation
of the Company's available geophysical datasets throughout 2021 and
the first-half of 2022 has resulted in the discovery of a new
nickel system featuring favourable geology with coincident
geochemical and geophysical anomalies. To date, detailed
exploration has focused on two target areas located at the
interpreted northeast and southwest boundary of a five-kilometer
system each characterized by multiple expressions of outcropping
nickel mineralization in the form of gossans, geochemical and
geophysical anomalies - all associated with mafic-ultramafic
intrusions. Please refer to Figure 3 for a plan view map of the
Umburana System.
Initial drill-testing at the northeast and
southwest boundaries of the currently known system has identified
nickel sulphide mineralization ranging from disseminated and
interstitial nickel sulphides (containing less than 10% sulphides)
extending over 50 meters in thickness to patchy net-textured
sulphides (containing approximately 10% to 30% sulphides) with
localized centimeter up to 1.5 meter thick massive-sulphide lenses
(containing approximately 60% to 80% sulphides) grading up to 6.59%
nickel (7.11% NiEq). Mineralization within these zones is hosted by
pyroxenite and peridotite ultramafic rocks. Sulphide minerals are
mainly pyrrhotite, pentlandite (loop-textured where massive
sulphide, see Figure 1) with lesser pyrite and chalcopyrite.
Loop-textured pentlandite is an important geologic indicator
commonly observed in magmatic nickel sulphide deposits. The full
extent of the system is unknown at this time. Mineralization
remains open down-dip and along strike. Exploration work remains
ongoing.
No metallurgical testwork has been completed to
date. Metallurgical samples from select drillhole composites within
the Umburana System are currently being collected for preliminary
testwork including detailed mineralogy as well as laboratory
flotation tests. Where applicable, nickel equivalent ("NiEq") in
this press release has been calculated using the following formula:
NiEq = Ni + (Cu x $3.50/$9.80) + (Co x $25.50/$9.80). No adjustment
for metallurgical recoveries has been made when calculating
NiEq.
VB Zone
At the northeast extent of the Umburana System
nickel-bearing ultramafic rocks have been identified over 1.4
kilometers north-south and up to 200 meters east-west using surface
mapping supported by soil geochemistry and 20 trenches. To date, 24
holes with assay results have been received. Mineralization within
the VB Zone is primarily comprised of disseminated, and patchy
net-textured nickel sulphide mineralization with zones of high-
grade massive sulphide mineralization featuring localized
thickening of up to 1.5 meters grading up to 6.59% nickel (7.11%
NiEq). Within the VB Zone, higher-grade mineralization appears to
be focused at the base of a pyroxenite intrusion. Mineralization
occurs predominantly within orthopyroxenites ranging from isotropic
to locally banded.
Within the central high-grade portion of the VB
Zone, results are highlighted by two holes, VB-05 and VB-17, both
located on the same section, which intercepted high-grade massive
sulphides of up to 1.5 meters grading up to 7.11% NiEq within
broader mineralized intervals ranging between approximately 17 and
20 meters grading between 0.75% NiEq to 1.37% NiEq. Please see "VB
Zone Intercepts" table below for complete results.
The deepest drilling to date within the VB Zone
is highlighted by hole VB-25 that intercepted high-grade massive
sulphide of up to 1.4 meters grading up to 5.30% NiEq,
approximately 290 meters below surface. When combined with surface
trenching and previously highlighted intercepts in hole VB-05 and
hole VB-17, high-grade nickel sulphide mineralization can be traced
from surface to over 300 meters down-dip. Additional exploration
work to understand the relationship between these high-grade
massive sulphide intercepts and other intercepts of high-grade
nickel mineralization identified throughout the VB Zone remains
ongoing.
There are currently three drill rigs active
within the VB Zone. Please see Figures 4 and 5 for additional
details on drill hole locations and intercepts.
VB Zone
Intercepts
|
Hole ID |
From (m) |
To (m) |
Length (m) |
Ni (%) |
Cu (%) |
Co (%) |
| VB-01 |
73.9 |
80.9 |
6.9 |
0.21 |
0.06 |
0.01 |
|
and |
151.4 |
153.5 |
2.1 |
0.24 |
0.08 |
0.02 |
| VB-02 |
225.4 |
231.1 |
5.7 |
0.16 |
0.04 |
0.01 |
| VB-03 |
80.3 |
89.8 |
9.5 |
0.15 |
0.03 |
0.01 |
|
and |
115.5 |
131.5 |
16.0 |
0.24 |
0.07 |
0.01 |
|
and |
140.5 |
147.5 |
7.0 |
0.48 |
0.10 |
0.01 |
|
including* |
145.5 |
146.0 |
0.5 |
3.63 |
0.28 |
0.07 |
| VB-04 |
138.1 |
146.6 |
8.5 |
0.28 |
0.23 |
0.01 |
|
including |
139.6 |
140.6 |
1.0 |
1.80 |
0.22 |
0.07 |
| VB-05 |
144.0 |
163.8 |
19.8 |
0.65 |
0.14 |
0.02 |
|
including |
150.0 |
157.9 |
7.8 |
1.18 |
0.24 |
0.03 |
|
including* |
152.4 |
152.9 |
0.5 |
5.88 |
0.05 |
0.15 |
| VB-06 |
NSI |
NSI |
NSI |
NSI |
NSI |
NSI |
| VB-07 |
33.1 |
42.1 |
9.0 |
0.16 |
0.06 |
0.02 |
| VB-08 |
105.7 |
113.7 |
8.0 |
0.13 |
0.04 |
0.01 |
|
and |
157.2 |
177.9 |
20.7 |
0.51 |
0.09 |
0.02 |
|
including |
161.8 |
164.6 |
2.8 |
2.07 |
0.18 |
0.07 |
|
including* |
163.6 |
164.1 |
0.5 |
5.76 |
0.17 |
0.16 |
|
and |
176.2 |
177.9 |
1.7 |
1.25 |
0.24 |
0.04 |
|
including |
176.7 |
177.2 |
0.5 |
2.12 |
0.24 |
0.07 |
| VB-09 |
53.6 |
54.6 |
1.0 |
0.72 |
0.07 |
0.02 |
| VB-10 |
52.1 |
58.1 |
6.0 |
0.13 |
0.03 |
0.01 |
|
and |
114.6 |
127.3 |
12.7 |
0.26 |
0.07 |
0.01 |
|
including |
123.6 |
126.6 |
3.0 |
0.43 |
0.11 |
0.02 |
| VB-11 |
42.8 |
48.8 |
6.0 |
0.22 |
0.04 |
0.00 |
| VB-12 |
104.5 |
110.0 |
5.5 |
0.23 |
0.06 |
0.01 |
| VB-13 |
133.7 |
168.6 |
34.9 |
0.44 |
0.09 |
0.01 |
|
including |
161.5 |
167.5 |
6.0 |
1.04 |
0.20 |
0.04 |
|
including |
163.5 |
165.5 |
2.0 |
1.48 |
0.31 |
0.05 |
| VB-14 |
237.7 |
270.7 |
33.1 |
0.32 |
0.12 |
0.01 |
|
including |
261.7 |
270.7 |
9.1 |
0.48 |
0.20 |
0.02 |
|
including |
269.3 |
270.7 |
1.4 |
1.12 |
0.26 |
0.04 |
| VB-15 |
83.7 |
115.7 |
32.0 |
0.15 |
0.06 |
0.01 |
| VB-16 |
94.0 |
113.0 |
19.0 |
0.14 |
0.04 |
0.01 |
| VB-17 |
203.6 |
220.1 |
16.5 |
1.22 |
0.17 |
0.03 |
|
including |
204.2 |
208.1 |
3.8 |
3.60 |
0.22 |
0.09 |
|
including* |
204.2 |
205.7 |
1.5 |
6.59 |
0.26 |
0.17 |
|
and |
225.1 |
236.1 |
11.0 |
0.25 |
0.13 |
0.01 |
| VB-18 |
NSI |
NSI |
NSI |
NSI |
NSI |
NSI |
| VB-19 |
NSI |
NSI |
NSI |
NSI |
NSI |
NSI |
| VB-20 |
256.2 |
278.0 |
21.7 |
0.39 |
0.09 |
0.01 |
| VB-21 |
231.9 |
246.4 |
14.5 |
0.37 |
0.17 |
0.02 |
|
including |
244.8 |
245.4 |
0.5 |
0.95 |
0.14 |
0.16 |
| VB-22 |
106.7 |
111.0 |
4.3 |
0.14 |
0.06 |
0.01 |
| VB-23 |
221.4 |
224.2 |
2.8 |
0.21 |
0.07 |
0.01 |
| VB-25 |
276.6 |
280.6 |
4.0 |
0.26 |
0.09 |
0.01 |
|
and |
290.6 |
321.0 |
30.4 |
0.63 |
0.12 |
0.02 |
|
including |
315.9 |
321.0 |
5.1 |
2.06 |
0.25 |
0.05 |
|
including* |
319.6 |
321.0 |
1.4 |
4.94 |
0.14 |
0.12 |
NSI denotes no significant intercept grading
above 0.10% Ni. Drill holes were drilled from surface. Holes not
included are either pending assay results or have been included in
a different section of this 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 Length are rounded to the
nearest tenth of a meter.
(*) denotes interval of massive sulphide within larger reported
intercept.
(a)
(b)
Figure 1: Drill core from the
deepest intercept to date in the VB Zone (hole VB-25 at ~319
meters) highlighting loop textured pentlandite in
(a) and high-grade massive sulphide intervals
within the zone (b).
LZ Zone
At the southwest extent of the Umburana System,
located approximately 20 kilometers from the Company's Caraíba
milling operations and approximately 3.2 kilometers southwest of
the VB Zone, nickel-bearing ultramafic rocks have been identified
over 500 meters in strike- length and approximately 50 meters in
apparent thickness using surface mapping supported by geochemistry,
AEM response and eight trenches. To date, 24 holes with assay
results have been received. Mineralization within the LZ Zone is
primarily comprised of disseminated nickel sulphide mineralization
with intercalated intervals of interstitial and net-textured
sulphides (see Figure 2). Within the 500-meter identified strike
length of the LZ Zone, a zone of higher- grade mineralization has
been identified within the footwall of the mafic-ultramafic
intrusion associated with a peridotite layer.
Results within the footwall of the LZ Zone are
highlighted by two holes, LZ-03 and LZ-07, both located on the same
section, which intercepted broad mineralized intervals between 18
and 24 meters grading between 0.97% NiEq to 1.14% NiEq. South along
strike, hole LZ-06, drilled approximately 50 meters from holes
LZ-03 and LZ-07, intercepted 22.5 meters grading 1.02% NiEq. When
combined with surface trenching, higher-grade mineralization within
the footwall of the LZ Zone can be traced from surface
approximately 190 meters down-dip. Please see "LZ Zone Intercepts"
table below for complete results.
The deepest drilling to date within the LZ Zone
is highlighted by hole LZ-24 that intercepted broad mineralization
over approximately 46 meters grading 0.27% NiEq from approximately
185 meters downhole. At the bottom of this broader mineralized
intercept, an extension of the high-grade peridotite layer of the
footwall zone, approximately 200 meters below surface, was
intercepted over 5.7 meters grading 1.08% NiEq indicating the
footwall zone remains open along strike to the north and to depth.
Hole LZ-24 is located approximately 50 meters north of the
higher-grade mineralization identified in the footwall highlighted
by holes LZ-03 and LZ-07, and approximately 100 meters north of the
footwall intercept in hole LZ-06. Exploration drilling to
understand the relationship between these higher-grade intercepts
remains ongoing, and there is currently 1 drill rig working within
the LZ Zone. In parallel, exploration efforts at the LZ Zone
continue to use systematic geological mapping, trenching, ground
electromagnetic ("EM") surveys and borehole EM surveys.
Please see Figure 6 and 7 for additional details
on drill hole locations and intercepts.
LZ Zone
Intercepts
|
Hole
ID |
From (m) |
To (m) |
Length (m) |
Ni (%) |
Cu (%) |
Co
(%) |
| LZ-01 |
41.6 |
96.1 |
54.5 |
0.12 |
0.03 |
0.01 |
| LZ-02 |
48.5 |
113.0 |
64.4 |
0.16 |
0.04 |
0.01 |
|
including |
108.5 |
112.2 |
3.7 |
0.61 |
0.13 |
0.03 |
| LZ-03 |
100.8 |
124.8 |
24.1 |
0.81 |
0.18 |
0.04 |
|
including |
100.8 |
113.8 |
13.0 |
1.11 |
0.25 |
0.05 |
| LZ-04 |
NSI |
NSI |
NSI |
NSI |
NSI |
NSI |
| LZ-05 |
NSI |
NSI |
NSI |
NSI |
NSI |
NSI |
| LZ-06 |
153.1 |
175.6 |
22.5 |
0.84 |
0.15 |
0.05 |
|
including |
156.3 |
164.3 |
8.0 |
1.34 |
0.25 |
0.07 |
| LZ-07 |
138.4 |
156.1 |
17.7 |
0.93 |
0.21 |
0.05 |
|
including |
148.4 |
153.4 |
5.0 |
1.15 |
0.20 |
0.06 |
| LZ-08 |
180.4 |
187.4 |
7.0 |
0.13 |
0.03 |
0.01 |
| LZ-09 |
148.0 |
171.5 |
23.5 |
0.51 |
0.12 |
0.03 |
|
including |
160.7 |
171.5 |
10.8 |
0.92 |
0.22 |
0.05 |
| LZ-10 |
145.2 |
165.2 |
20.0 |
0.11 |
0.02 |
0.01 |
| LZ-11 |
86.9 |
136.2 |
49.3 |
0.14 |
0.03 |
0.01 |
|
including |
134.7 |
135.7 |
1.0 |
0.79 |
0.23 |
0.04 |
| LZ-12 |
NSI |
NSI |
NSI |
NSI |
NSI |
NSI |
| LZ-13 |
NSI |
NSI |
NSI |
NSI |
NSI |
NSI |
| LZ-14 |
NSI |
NSI |
NSI |
NSI |
NSI |
NSI |
| LZ-15 |
115.5 |
143.7 |
28.2 |
0.13 |
0.07 |
0.02 |
|
including |
142.9 |
143.7 |
0.8 |
1.06 |
0.72 |
0.07 |
| LZ-16 |
NSI |
NSI |
NSI |
NSI |
NSI |
NSI |
| LZ-17 |
93.6 |
132.6 |
39.0 |
0.10 |
0.03 |
0.01 |
| LZ-18 |
3.0 |
52.3 |
49.3 |
0.26 |
0.07 |
0.02 |
|
including |
40.1 |
52.3 |
12.2 |
0.74 |
0.20 |
0.04 |
| LZ-19 |
NSI |
NSI |
NSI |
NSI |
NSI |
NSI |
| LZ-20 |
87.6 |
144.6 |
57.0 |
0.22 |
0.05 |
0.01 |
|
including |
131.6 |
143.6 |
12.0 |
0.46 |
0.12 |
0.03 |
| LZ-21 |
81.4 |
93.4 |
12.0 |
0.15 |
0.04 |
0.02 |
|
and |
102.4 |
141.4 |
39.0 |
0.13 |
0.03 |
0.01 |
| LZ-22 |
NSI |
NSI |
NSI |
NSI |
NSI |
NSI |
| LZ-23 |
NSI |
NSI |
NSI |
NSI |
NSI |
NSI |
| LZ-24 |
185.7 |
231.8 |
46.2 |
0.22 |
0.05 |
0.01 |
|
including |
226.1 |
231.8 |
5.7 |
0.88 |
0.20 |
0.05 |
NSI denotes no significant intercept grading
above 0.10% Ni. Drill holes were drilled from surface. Holes not
included are either pending assay results or have been included in
a different section of this 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 Length are rounded to the
nearest tenth of a meter.
(a)
(b)
(c)
Figure 2: Patchy net-textured
sulphides shown in detail for hole LZ-03 (~107 meters)
(a) showing both pentlandite and pyrrhotite
(b) within broader interval (100.8 to 124.8
meters) showing 24.1 meters at 0.81% Ni, 0.18% Cu and 0.04% Co
(0.97% NiEq), including 13.0 meters at 1.11% Ni, 0.25% Cu and 0.05%
Co (1.33% NiEq) in (c).
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 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 this nickel system
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
In support of its ongoing Umburana System
exploration program, the Company is currently drilling on surface
using third-party contracted core drill rigs. During the period
from January 2022 through September 2022, third-party drill rigs
were operated by Major Drilling do Brasil Ltda., and Layne
Christensen Co. both 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. All sample preparation is performed in MCSA’s
secure on-site laboratory. Total nickel and copper is determined
using a nitric-hydrochloric acid digestion and Atomic Absorption
Spectrometry and/or Titration at the on-site laboratory. 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. Check-assays for nickel and
copper were 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)
of HCM Consultoria Geologica Eireli, who is a “qualified person”
within the meanings of NI 43-101, has reviewed and approved the
disclosure of technical information, including verification of the
sampling, analytical and testing data in this press release.
Quarterly reviews entail sampling and laboratory procedure review
as well as verification of original assay certificates associated
with a selection of samples from Company’s internal database
included in this press release.
ABOUT ERO
COPPER CORP
Ero Copper Corp is a high-margin, high-growth,
clean copper producer with operations in Brazil and corporate
headquarters in Vancouver, B.C. The Company's primary asset is a
99.6% interest in the Brazilian copper mining company, MCSA, 100%
owner of the Company's Caraíba Operations (formerly known as the
MCSA Mining Complex), which are located in the Curaçá Valley, Bahia
State, Brazil and include the Pilar and Vermelhos underground mines
and the Surubim open pit mine, and the Tucumã Project (formerly
known as Boa Esperança), an IOCG-type copper project located in
Pará, Brazil. The Company also owns 97.6% of NX Gold S.A. which
owns the Xavantina Operations (formerly known as the NX Gold Mine),
namely comprised of an operating gold and silver mine located in
Mato Grosso, Brazil. Additional information on the Company and its
operations, including technical reports on the Caraíba Operations,
Xavantina Operations and Tucumã Project, can be found on the
Company's website (www.erocopper.com), on SEDAR (www.sedar.com),
and on EDGAR (www.sec.gov). The Company’s shares are publicly
traded on the Toronto Stock Exchange and the New York Stock
Exchange under the symbol “ERO”.
ERO COPPER
CORP.
|
/s/ David Strang |
|
For further information contact: |
| David Strang, CEO |
|
Courtney Lynn, VP, Corporate Development & Investor Relations
(604) 335-7504info@erocopper.com |
CAUTION REGARDING FORWARD LOOKING INFORMATION
AND STATEMENTS
This press release contains “forward-looking
statements” within the meaning of the United States Private
Securities Litigation Reform Act of 1995 and “forward-looking
information” within the meaning of applicable Canadian securities
legislation (collectively, “forward-looking statements”).
Forward-looking statements include 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. Forward-looking statements may include, but are not
limited to, statements with respect to potential extensions or
expansion of identified nickel occurrences; unlocking value for the
Company using geologic tools, the potential for the Curaçá Valley
to be a globally significant magmatic sulphide district for any
metal or commodity, the Company’s expectations, strategies and
plans for future exploration activities related to nickel including
the use of geophysics; the results of future exploration and
drilling campaigns targeting nickel; the importance or significance
of any nickel sulphide texture; the Company’s planned organic
growth and exploration activities; estimated completion dates for
certain milestones; successfully adding or upgrading mineral
resources and successfully developing new deposits; and any other
statement that may predict, forecast, indicate or imply future
plans, intentions, levels of activity, results, performance or
achievements.
Forward-looking statements are subject to a
variety of known and unknown risks, uncertainties and other factors
that could cause actual results, actions, events, conditions,
performance or achievements to materially differ from those
expressed or implied by the forward-looking statements, including,
without limitation, risks discussed in this press release and in
the Company's Annual Information Form for the year ended December
31, 2021 and dated March 11, 2022 (the "AIF") under the heading
“Risk Factors”. The risks discussed in this press release and in
the AIF are not exhaustive of the factors that may affect any of
the Company’s forward-looking statements. Although the Company has
attempted to identify important factors that could cause actual
results, actions, events, conditions, performance or achievements
to differ materially from those contained in forward-looking
statements, there may be other factors that cause results, actions,
events, conditions, performance or achievements to differ from
those anticipated, estimated or intended.
Forward-looking statements are not a guarantee
of future performance. There can be no assurance that
forward-looking statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. Forward-looking statements involves
statements about the future and are inherently uncertain, and the
Company’s actual results, achievements or other future events or
conditions may differ materially from those reflected in the
forward-looking statements due to a variety of risks, uncertainties
and other factors, including, without limitation, those referred to
herein and in the AIF under the heading “Risk Factors”.
The Company’s forward-looking statements are
based on the assumptions, beliefs, expectations and opinions of
management on the date the statements are made, many of which may
be difficult to predict and beyond the Company’s control. In
connection with the forward-looking statements contained in this
press release and in the AIF, the Company has made certain
assumptions about, among other things: continued effectiveness of
the measures taken by the Company to mitigate the possible impact
of COVID-19 on its workforce and operations; 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, gold 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
Caraíba Operations, the Xavantina Operations and the Tucumã Project
being as described in the respective technical report for each
property; production costs; the accuracy of budgeted exploration,
development and construction 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 continuing to remain healthy in the face of
prevailing epidemics, pandemics or other health risks (including
COVID-19), 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. Although the Company believes that the
assumptions inherent in forward-looking statements are reasonable
as of the date of this press release, these assumptions are 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 statements. The Company
cautions that the foregoing list of assumptions is 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 statements contained in this press
release.
Forward-looking statements contained herein are
made as of the date of this press release and the Company disclaims
any obligation to update or revise any forward-looking statement,
whether as a result of new information, future events or results or
otherwise, except as and to the extent required by applicable
securities laws.
CAUTIONARY NOTES REGARDING MINERAL RESOURCE AND
MINERAL 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 Canadian
Institute of Mining, Metallurgy and Petroleum (“CIM”) Definition
Standards for Mineral Resources and Mineral Reserves, adopted by
the CIM Council on May 10, 2014 (the “CIM Standards”). NI 43-101 is
a rule developed by the Canadian Securities Administrators that
establishes standards for all public disclosure an issuer makes of
scientific and technical information concerning mineral projects.
NI 43-101 differs significantly from the disclosure requirements of
the Securities and Exchange Commission (the “SEC”) generally
applicable to U.S. companies. For example, the terms “mineral
reserve”, “proven mineral reserve”, “probable mineral reserve”,
“mineral resource”, “measured mineral resource”, “indicated mineral
resource” and “inferred mineral resource” are defined in NI 43-101.
These definitions differ from the definitions in the disclosure
requirements promulgated by the SEC. Accordingly, information
contained in this press release may not be comparable to similar
information made public by U.S. companies reporting pursuant to SEC
disclosure requirements.
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.
Figure 3Umburana
System - Plan
Map
Figure
4VB Zone
- Plan Map
Figure
5VB Zone
- East-West
Composite Section
Figure
6LZ Zone
- Plan Map
Figure
7LZ Zone
- East-West
Composite Section
Ero Copper (NYSE:ERO)
Historical Stock Chart
From Mar 2024 to Apr 2024
Ero Copper (NYSE:ERO)
Historical Stock Chart
From Apr 2023 to Apr 2024
