Ero Copper Corp. (the “Company”)
(TSX:
ERO, NYSE: ERO) is pleased to provide a quarterly update
on the ongoing exploration drill programs for its 99.6% owned MCSA
Mining Complex 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 early April
through mid-June 2021.
HIGHLIGHTS
MCSA In-Mine and Near-Mine Exploration
Programs
- Deepening
Extension drilling, within the Pilar Mine, has delineated a new
open zone of “Superpod” mineralization extending over 350 meters in
strike length at the deepest limits of the previously defined 2020
Inferred mineral resource shell. From north to south, results are
highlighted by a selection of some of the best drill results
drilled by the Company in the Curaçá Valley to date. Mineralization
remains open to depth and along strike:
- FC5522: 67.0
meters @ 9.21% copper (“Cu”) including 21.0 meters @ 14.14% Cu
(best hole on a grade-meter basis drilled by the Company, located
approximately 470 meters beneath the current development of the
mine);
- FC5523: 35.2
meters @ 5.51% Cu, including 9.0 meters @ 8.60% Cu (located on the
same level, approximately 100 meters south of intercept
FC5522);
- FC5395: 38.1
meters @ 3.60% Cu, including 10.1 meters @ 5.19% Cu (located on the
same level, approximately 150 meters south of intercept
FC5522);
- FC5389: 46.6
meters @ 4.98% Cu, including 31.2 meters @ 6.94% Cu (located on the
same level, approximately 200 meters south of intercept FC5522 –
see Platinum Group Metals (“PGM”) highlights for location and
intercept of PGM values in this hole);
- FC48173E: 72.1
meters @ 2.81% Cu including 14.0 meters @ 4.40% Cu (located on the
same level, approximately 350 meters south of intercept FC5522);
and,
- FC48183A: 32.8
meters @ 5.75% Cu, including 10.4 meters @ 8.97% Cu (located
approximately 350 meters south of intercept FC5522 and
approximately 160 meters above intercept FC48173E).
- At the Vermelhos
Mine, new drilling continues to extend mineralization adjacent to
mine infrastructure as well as intercept new mineralized lenses up
to 125 meters beneath the main orebodies. Results are highlighted
by:
- FVS-999: 27.0
meters @ 6.86% Cu, including 3.8 meters @ 16.29% copper (extending
mineralization along the eastern edge of the Toboggan orebody,
adjacent to existing infrastructure).
- FVS-1253: 5.7
meters @ 3.38% Cu (located approximately 125 meters beneath the
developed infrastructure of the mine).
NX Gold Mine Highlights
- New extensions to
depth of the Santo Antonio Vein are highlighted by the best
intercept in the history of the mine in hole SA94A, located
approximately 10 meters beyond the limit of the 2020 Inferred
mineral resource shell and 45 meters down-plunge from previously
released hole SA89 (2.7 meters @ 15.38 grams per tonne (“gpt”) gold
(“Au”)), plus the discovery of a new high-grade extension of the
Matinha Vein:
- Santo Antonio
Vein, SA94A: 9.0 meters @ 22.66 gpt Au; and,
- Matinha Vein,
MAT20A: 2.8 meters @ 19.73 gpt Au (new vein extension, located
approximately 600 meters down-plunge from the previously defined
limit of the Matinha Vein).
- Regional discovery
of two new mineralized gold systems, known as the Sovaco de Cobra
(“Cobra”) and the Mata Verde Systems, located approximately 1.2
kilometers northeast and 25 kilometers east-northeast of the NX
Gold Mine, respectively. Results are highlighted by:
- Cobra System,
SC01: 1.0 meter @ 6.23 gpt Au and 0.4 meters @ 2.55 gpt Au;
and,
- Mata Verde System,
MTV10: 0.5 meters @ 20.20 gpt Au and MTV16: 2.0 meters @ 1.60 gpt
Au.
MCSA Past Producing Open Pit Mine
Re-Evaluation
- At Lagoa da Mina,
Surubim District, part of the past-producing Angicos Mine, new
drilling continues to confirm a high-grade zone of mineralization
approximately 70 meters beneath the historic open pit:
- FLM-77: 32.2
meters @ 2.69% Cu, including 6.0 meters @ 4.00% Cu (a 30 meter
step-out hole beneath previously released hole FLM-16: 15.0 meters
@ 3.03% Cu)
- Surubim Mine,
Surubim District, new drilling continues to confirm high-grade zone
of mineralization approximately 150 meters beneath the historic
open pit:
- FS-GH007: 7.2
meters @ 2.01% Cu including 3.0 meters @ 3.07% Cu (approximately
275 meters south from previously released hole FSEX-64: 9.1 meters
@ 1.92% Cu including 5.1 meters @ 3.05% Cu).
MCSA Platinum Group Metal
Evaluation
Results from the Company’s PGM evaluation
program continues to highlight the persistent presence of gold and
platinum group elements (“PGEs”) throughout the deposits of the
Curaçá Valley, including within the newly identified high-grade
lenses of the Deepening Extension at the Pilar Mine, as well as
zones of enriched PGEs associated with low-grade near-surface
copper lenses at the Surubim Mine. Results are highlighted by:
- Enriched PGE Zone,
Deepening Extension, Pilar Mine, FC5389: 1.0 meter @ 0.35% Cu and
6.44 gpt 3PGE+Au (0.10 gpt Au, 1.46 gpt Palladium (“Pd”), 4.28 gpt
Platinum (“Pt”), 0.70 gpt Rhodium (“Rh”)). This intercept is
located approximately 23 meters downhole from the high-grade copper
intercept in the same hole (46.6 meters @ 4.98% Cu, including 31.2
meters @ 6.94% Cu).
- Enriched PGE Zone,
Surubim Mine, FS-GH006: 16.5m @ 1.27% Cu and 0.52 gpt 3PGE+Au (0.38
gpt Au, 0.11 gpt Pd, 0.04 gpt Pt) including 3.0 meters @ 2.86% Cu,
and 0.62 gpt 3PGE+Au (0.34 gpt Au, 0.23 gpt Pd, 0.04 gpt Pt). The
enriched PGE zone is approximately 25 meters beneath the bottom of
the Surubim Mine, and approximately 75 meters west of the new
high-grade copper intercept in hole FS-GH007 (7.2 meters @ 2.01% Cu
including 3.0 meters @ 3.07% Cu).
Commenting on the results, David Strang, CEO,
stated, “I believe our exploration results this quarter, in the
simplest sense, serve to highlight what a special asset the Curaçá
Valley really is. On a grade-meter basis, the holes we have drilled
in the Deepening Extension of the Pilar Mine are not only some of
the best intercepts we have ever drilled as a Company, but rank
favorably amongst all copper exploration drilling globally over the
last few years. The new Deepening Extension holes, drilled over 350
meters in strike length at the limit of known mineralization of the
mine, provide strong support for the decision we made last year to
invest in the long-term future of the Pilar Mine with a new
external shaft. On the back of these drill results, and in parallel
with detailed engineering work currently underway for the Deepening
Extension Project, we are advancing new studies aimed at
potentially unlocking additional value from the Deepening Extension
zone of the Pilar Mine. Throughout the broader Curaçá Valley, we
continue to advance all exploration objectives within our
portfolio, highlighting potential to augment our operations over
the near, medium and longer term as we continue to work towards
increasing production versus what is outlined in our 2020
life-of-mine plan through utilization of available excess mill
capacity.
We are also excited by the step-out drilling at
Lagoa da Mina beneath the past producing Angicos Mine and new
drilling beneath the Surubim Mine, as both programs continue to
highlight continuity within high-grade mineralized lenses that
remain open to depth. On the regional side, we are continuing to
work and refine exploration targets within previously announced
mineral systems and have progressed work within several new areas
we expect to provide more color on during the second half of the
year. In addition, now that multi-element analysis has been brought
in-house, we have been able to clear a backlog of pending assay
results from the Deepening, provide color on our review of the
Surubim Mine historic data and present results from new drilling in
the Deepening Extension. Overall, these results continue to support
our hypothesis that PGMs (and gold) are prevalent throughout the
Curaçá Valley, and we will continue to allocate resources to this
program.
At NX Gold, where we currently have nine drill
rigs operating, exploration continues to focus on extending the
known mineralization of the Santo Antonio Vein, identifying new
veins within and adjacent to the mine’s infrastructure, such as the
Matinha Vein, and conducting the first regional exploration drill
program on newly identified structures. While assay results from
these ongoing programs have been slow to return due to a back-log
stemming from lab closures, due to Covid-19 in Brazil and Peru, we
are extremely pleased by the early results of these programs and
the continued success in extending the Santa Antonio Vein. In
addition to intercepting the best hole ever drilled at the NX Gold
Mine in step-out drilling within the Santo Antonio Vein and
discovery of high-grade extensions of the Matinha Vein at depth, we
have also discovered near-surface gold mineralization on two
completely new gold systems, located 1.2 and 25 kilometers away
from the NX Gold Mine, respectively. Work to further identify and
extend mineralization within these newly discovered systems remains
ongoing.”
There are currently twenty-four drill rigs
working throughout the Curaçá Valley, including six drill rigs
allocated to regional exploration. Nine drill rigs are operating at
NX Gold and the Company now has three drill rigs operating at the
Boa Esperança project in Para State.
Exploration activities during the period
continued to advance target zones and new mineral systems within
each of the Company’s core exploration programs. These programs are
focused on developing a portfolio of assets in parallel with
potential to meaningfully augment each phase of the Company’s
life-of-mine production plans from the near to medium-term and over
the long-term at both the MCSA Mining Complex and the NX Gold Mine.
A summary of relevant highlights from these programs is presented
in Table 1, attached to this press release.
Expansions and extensions, as referenced herein,
reflect mineralization not captured in the Company’s updated NI
43-101 (as defined below) compliant mineral resource and mineral
reserve models, as outlined in the Company’s technical reports
dated January 8, 2021, and January 14, 2021 for NX Gold Mine and
the MCSA Mining Complex (or the “Curaçá Valley”), 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 Pilar and Vermelhos 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).
IN-MINE & NEAR-MINE EXPLORATION PROGRAMS
During the period, the Company continued to
prioritize drilling of the Deepening Extension within the Pilar
Mine, where the Company continues to confirm thick and high-grade
mineralization at depth as well as extensions of the Vermelhos
Mine, including within the Southern Vermelhos Corridor.
The Deepening Extension Zone, Pilar
Mine
Exploration activities in the Deepening
Extension remain focused on upgrading the Inferred mineral resource
classification through infill drilling and further extending the
known limits of mineralization to depth. The drill program, using
directional drilling technology to evaluate the mineralized
potential of the Deepening Extension to depth, continues as
planned. These holes can be differentiated by the letter ascribed
to the same numerical “parent” hole. Deepening Extension drilling
is currently targeting mineralization on the East Limb of the Pilar
Mine to level -1550 approximately 1,200 meters to 2,000 meters
below surface (completed to level -1,000).
The known limits of mineralization within the
Deepening Extension, which remains open, extends over approximately
900 meters in strike length, over a total down-dip depth of
approximately 600 meters and over average thicknesses ranging from
10 to 15 meters with localized thickening throughout the zone.
Within the total strike length, the Company had previously
identified two higher-grade continuous zones of sub-vertical
mineralization within the northern and south-central segments of
the target area, and a new offset zone of parallel mineralization
located approximately 70 to 120 meters east of the Deepening
Extension, known as the “Offset Zone” (first detailed in the
Company’s press release dated December 15, 2020).
At the deepest limits of the 2020 Inferred
mineral resource shell, new drilling has highlighted a continuous
zone of extremely high-grade “Superpod” style mineralization where
the two plunging zones previously identified within the northern
and south-central segments appear to be joining together over an
identified strike length of approximately 350 meters. Drilling in
this area has returned some of the best drill results by the
Company in the Curaçá Valley to date. The new zone remains open and
is approximately 470 meters below the current infrastructure of the
mine. Results along the 350 meter strike length are located at the
same level as the previously announced deepest known intercepts of
the Pilar Mine and Curaçá Valley (FC48173A and FC48173B) and
indicate the potential for increased thickening, of mineralization,
to depth within the mine. Apparent thickening within the zone
exceeds 30 meters compared to previously modeled thicknesses of
between 10 to 15 meters within the 2020 Inferred mineral resource
shell. Results are highlighted on section 55 by hole FC5522 that
intercepted 67.0 meters grading 9.21% copper including 21.0 meters
grading 14.14% copper, and at the same level, on section 53 and 48,
approximately 200 and 350 meters south of the intercept in hole
FC5522, respectively: hole FC5389 that intercepted 46.6 meters at
4.98% copper, including 31.2 meters at 6.94% copper, and hole
FC48173E that intercepted 72.1 meters at 2.81% copper including
14.0 meters at 4.40% copper. These new intercepts, on section 48 to
the south, are located approximately 160 meters below hole FC48183A
that intercepted 32.8 meters grading 5.75% copper, including 10.4
meters grading 8.97% copper and, to the north on section 56, 170
meters below the previously announced intercept of hole FC5625 that
intercepted 96.4 meters grading 3.97% copper including 60.6 meters
grading 5.61% copper. Together with prior results, these intercepts
demonstrate vertical continuity of high-grade mineralization over a
down-dip distance of approximately 200 meters throughout the 350
meters of identified strike length. Please refer to the Company’s
press release dated April 29, 2021, June 23, 2020, and December 15,
2020 for additional detail on previously released holes.
New multi-element results from the Deepening
Extension have been made available through a combination of
clearing backlogged results from previously announced holes in the
Company’s December 2020 and April 2021 exploration press releases
previously delayed in South Africa, as well as new results from the
Company’s in-house multi-element analysis program. Overall, the
results of this program continue to highlight persistent values of
elevated PGMs throughout zones of copper mineralization as well as
outside of the primary mineralized lenses. Results are highlighted
by hole FC5389 that intercepted a 1.0 meter zone of enriched PGMs
grading 0.35% Cu and 6.44 gpt 3PGE+Au (0.10 gpt Au, 1.46 gpt Pd,
4.28 gpt Pt, 0.70 gpt Rh). The enriched PGM mineralization
identified in hole FC5389 lies approximately 23 meters downhole
from the high-grade copper mineralization intercepted in the same
hole (46.6 meters grading 4.98% copper including 31.2 meters
grading 6.94% copper). As noted previously, the copper values
within this PGM enriched zone are below cut-off grades, and as a
result, historically this zone would have been treated as waste.
Additional work to isolate and model zones of enriched PGMs going
forward, such as those demonstrated in hole FC5389, remains
ongoing.
Please see Figure 1 for a north-south long
section, Figure 2 for a west to east composite section and Figure 3
for a level map showing collar locations of Deepening Extension
drilling within the Pilar Mine.
Hole ID |
From(m) |
To(m) |
Length(m) |
Cu(%) |
Ni(%) |
Au(gpt) |
Pd(gpt) |
Pt(gpt) |
Rh(gpt) |
3PGE+Au (gpt) |
Q2 2021 Deepening Intercepts (including available PGM
Results) |
FC48173E |
316.8 |
323.1 |
6.3 |
2.10 |
0.02 |
0.09 |
NA |
0.03 |
NA |
0.13 |
and |
329.4 |
336.0 |
6.7 |
1.06 |
0.02 |
0.03 |
NA |
0.02 |
NA |
0.05 |
and |
343.0 |
346.0 |
3.0 |
7.23 |
0.07 |
0.02 |
0.08 |
0.02 |
NA |
0.13 |
and |
392.0 |
397.0 |
5.0 |
1.27 |
0.02 |
0.03 |
NA |
NA |
NA |
0.03 |
and |
406.0 |
478.2 |
72.1 |
2.81 |
0.03 |
0.11 |
0.04 |
0.06 |
0.01 |
0.21 |
including |
429.0 |
443.0 |
14.0 |
4.40 |
0.03 |
0.11 |
0.02 |
0.04 |
0.01 |
0.18 |
FC48183A |
465.2 |
498.0 |
32.8 |
5.75 |
0.06 |
Assay Results Pending |
including |
468.2 |
478.6 |
10.4 |
8.97 |
0.06 |
Assay Results Pending |
FC5389 |
794.3 |
800.3 |
6.0 |
2.19 |
0.03 |
0.10 |
NA |
0.04 |
NA |
0.14 |
and |
811.3 |
857.9 |
46.6 |
4.98 |
0.04 |
0.10 |
0.07 |
0.13 |
0.01 |
0.30 |
including |
824.8 |
855.9 |
31.2 |
6.94 |
0.04 |
0.10 |
0.08 |
0.07 |
0.01 |
0.13 |
and |
879.9 |
880.9 |
1.0 |
0.35 |
0.02 |
0.10 |
1.46 |
4.28 |
0.70 |
6.44 |
and |
887.9 |
894.9 |
7.0 |
2.25 |
0.03 |
Assay Results Pending |
FC5395 |
744.3 |
782.4 |
38.1 |
3.60 |
0.06 |
Assay Results Pending |
including |
767.3 |
777.4 |
10.1 |
5.19 |
0.08 |
Assay Results Pending |
FC5520 |
NSI |
NSI |
NSI |
NSI |
NSI |
NSI |
NSI |
NSI |
NSI |
NSI |
FC5521 |
887.5 |
893.5 |
6.0 |
1.77 |
0.02 |
0.03 |
0.07 |
0.44 |
0.01 |
0.54 |
and |
911.4 |
916.9 |
5.5 |
3.00 |
0.03 |
Assay Results Pending |
FC5522 |
774.7 |
841.7 |
67.0 |
9.21 |
0.03 |
0.14 |
0.10 |
0.09 |
NA |
0.32 |
including |
795.7 |
816.7 |
21.0 |
14.14 |
0.03 |
0.20 |
0.14 |
0.08 |
NA |
0.42 |
and |
871.6 |
878.6 |
7.0 |
1.93 |
0.01 |
0.07 |
0.00 |
0.03 |
NA |
0.11 |
FC5523 |
801.9 |
837.0 |
35.2 |
5.51 |
0.06 |
0.09 |
0.06 |
0.08 |
NA |
0.23 |
including |
820.9 |
829.9 |
9.0 |
8.60 |
0.07 |
0.08 |
0.09 |
0.09 |
NA |
0.26 |
Previously Announced Deepening Intercepts with Completed
PGM Analysis (December 2020 and April 2021) |
FC45194(*) |
177.5 |
180.5 |
3.0 |
4.48 |
0.03 |
0.06 |
0.19 |
NA |
NA |
0.25 |
FC47173(*) |
647.8 |
657.8 |
10.0 |
0.87 |
0.07 |
0.05 |
0.02 |
0.01 |
NA |
0.08 |
and |
665.8 |
670.8 |
5.0 |
0.83 |
0.06 |
0.06 |
0.03 |
0.05 |
NA |
0.14 |
and |
679.8 |
682.8 |
3.0 |
0.81 |
0.08 |
0.06 |
0.02 |
0.02 |
0.01 |
0.12 |
and |
812.5 |
819.7 |
7.2 |
3.28 |
0.04 |
0.25 |
0.07 |
0.01 |
NA |
0.34 |
including |
814.5 |
817.5 |
3.0 |
4.35 |
0.04 |
0.17 |
0.11 |
0.02 |
NA |
0.30 |
FC48142(*) |
699.9 |
703.9 |
4.0 |
1.11 |
0.01 |
0.05 |
NA |
NA |
NA |
0.05 |
and |
727.4 |
748.3 |
20.9 |
5.16 |
0.04 |
0.09 |
0.08 |
0.01 |
NA |
0.18 |
including |
727.4 |
732.9 |
5.4 |
5.16 |
0.04 |
0.08 |
0.17 |
0.02 |
NA |
0.27 |
also including |
738.9 |
741.9 |
3.0 |
10.02 |
0.05 |
0.23 |
0.08 |
NA |
NA |
0.31 |
FC48155(*) |
617.9 |
664.5 |
46.5 |
4.96 |
0.04 |
0.18 |
0.11 |
0.04 |
NA |
0.33 |
including |
621.0 |
657.5 |
36.5 |
6.08 |
0.05 |
0.21 |
0.14 |
0.05 |
NA |
0.39 |
also including |
641.5 |
647.5 |
6.0 |
11.98 |
0.08 |
0.09 |
0.31 |
0.03 |
NA |
0.43 |
FC5381(*) |
509.3 |
516.5 |
7.2 |
3.28 |
0.02 |
0.13 |
0.04 |
0.02 |
NA |
0.18 |
including |
510.3 |
512.5 |
2.2 |
8.03 |
0.05 |
0.24 |
0.10 |
0.03 |
NA |
0.38 |
and |
526.4 |
529.6 |
3.2 |
5.64 |
0.03 |
0.05 |
0.13 |
0.02 |
NA |
0.20 |
and |
612.8 |
616.8 |
4.1 |
1.06 |
0.01 |
NSI |
NSI |
NSI |
NSI |
0.00 |
and |
622.1 |
625.2 |
3.1 |
1.63 |
0.03 |
0.03 |
0.02 |
0.02 |
NA |
0.07 |
and |
682.9 |
688.9 |
6.0 |
1.07 |
0.03 |
0.07 |
0.02 |
NA |
NA |
0.09 |
FC5515(*) |
NSI |
NSI |
NSI |
NSI |
NSI |
NSI |
NSI |
NSI |
NSI |
NSI |
FC5516(*) |
512.6 |
519.9 |
7.3 |
1.69 |
0.03 |
0.12 |
0.08 |
NA |
NA |
0.20 |
|
|
|
|
|
|
|
|
|
|
|
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 -674 and level -875 in the Pilar Mine. Holes not
included are either pending assay results, have been included in a
different section of this press release for clarity of discussing
drill results or were previously included in a prior press release.
The length of intercept may not represent the true width of
mineralization. Values may not add up due to rounding. From, to and
mineralized intercepts are rounded to the nearest tenth of a meter.
Nickel and PGM results shown for exploration significance only.
Below detection limit assay results (for external laboratory /
internal laboratory) for Au (0.001gpt / 0.018gpt) Pd (0.001gpt /
0.007gpt), Pt (0.005gpt / 0.017gpt) and Rh (0.001gpt / 0.01gpt)
composited assuming zero grade and are denoted by “NA” in the table
of results.(*) Denotes previously released drill holes from the
Company’s December 2020 and April 2021 exploration updates that
have been re-composited with nickel, gold and PGM values to further
demonstrate PGM occurrences within the Curaçá Valley. |
Vermelhos Mine Extensions
Within the Vermelhos Mine, drilling continued to
test continuity of mineralization near existing mine infrastructure
and target new high-grade lenses at depth. Results are highlighted
by new drilling that sought to test lateral continuity east of the
previously announced “Novo Zone” discovery. The Novo Zone is
located approximately 200 meters below the existing infrastructure
of the Vermelhos Mine and has been interpreted as a sub-horizontal,
north-plunging lens of high-grade massive sulphide mineralization,
extending over an identified strike length to date of approximately
200 meters. Results from this ongoing program continue to indicate
that the zone remains open, highlighted by hole FVS-870 that
intercepted 3.9 meters grading 1.13% copper and hole FVS-873 that
intercepted 4.1 meters grading 0.91% copper, drilled approximately
50 meters and 150 meters east, respectively, of previously
announced hole FVS-922 (13.8 meters grading 2.62% copper including
4.0 meters grading 5.52% copper). Additional extensional drilling
remains ongoing. Please refer to the Company’s press release dated
April 29, 2021 for previously released holes.
Adjacent to existing mine infrastructure,
mineralization continues to extend beyond the previously modeled
limits of the deposit through ongoing infill drilling. Results are
highlighted by hole FVS-999 that intercepted 27.0 meters grading
6.86% copper including 3.8 meters grading 16.29% copper at the
eastern edge of the Toboggan orebody, indicating significant
thickening within an area previously modeled as narrow lenses. In
addition, two holes drilled for mine planning purposes were
extended to depth beneath Toboggan, and the installed
infrastructure of the mine, the results of which continue to
provide evidence of high-grade mineralization continuing to depth.
Results of this drilling are highlighted by FVS-1234 that
intercepted 6.7 meters grading 6.80% copper including 2.0 meters
grading 9.03% copper immediately beneath the Toboggan orebody and
hole FVS-1253 that intercepted 5.7 meters grading 3.38% copper
approximately 125 meters beneath the Toboggan orebody.
Mineralization within the Vermelhos Mine remains open down-plunge
and drilling of the new target zones, along with borehole
electro-magnetic (“EM”) surveys, remains ongoing.
Please see Figure 4 for a plan map detailing all
Vermelhos near-mine collar locations, Figure 5 for north-south long
section detailing all Vermelhos near-mine drilling.
Hole ID |
From (m) |
To (m) |
Length (m) |
Cu (%) |
Vermelhos Mine Toboggan Extension |
FVS-988* |
21.6 |
25.3 |
3.8 |
6.07 |
and |
31.6 |
37.2 |
5.6 |
11.86 |
including |
33.6 |
35.6 |
2.0 |
15.72 |
FVS-997* |
11.5 |
18.2 |
6.7 |
6.28 |
FVS-999* |
50.7 |
77.7 |
27.0 |
6.86 |
including |
73.4 |
77.2 |
3.8 |
16.29 |
FVS-1063* |
7.0 |
13.2 |
6.2 |
9.81 |
including |
7.0 |
10.3 |
3.3 |
15.48 |
FVS-1068* |
24.8 |
32.2 |
7.4 |
2.19 |
FVS-1124* |
10.8 |
17.2 |
6.5 |
2.43 |
including |
11.8 |
13.8 |
2.0 |
5.12 |
FVS-1198* |
26.9 |
31.8 |
4.9 |
3.06 |
and |
66.9 |
72.5 |
5.6 |
1.03 |
FVS-1234* |
0.0 |
6.7 |
6.7 |
6.80 |
including |
2.0 |
4.0 |
2.0 |
9.03 |
FVS-1253* |
5.9 |
9.7 |
3.8 |
8.15 |
including |
5.9 |
7.9 |
2.0 |
12.90 |
and |
166.5 |
172.2 |
5.7 |
3.38 |
FVS-1255* |
1.6 |
5.5 |
3.9 |
11.17 |
Novo Zone |
FVS-870 |
174.8 |
178.7 |
3.9 |
1.13 |
FVS-873 |
131.5 |
135.6 |
4.1 |
0.91 |
FVS-874 |
NSI |
NSI |
NSI |
NSI |
FVS-926 |
573.7 |
576.7 |
3.0 |
2.03 |
FVS-927 |
NSI |
NSI |
NSI |
NSI |
FVS-928 |
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 +258, level +170,
level +190 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. Values may not add up due to rounding. From, to and
mineralized intercepts are rounded to the nearest tenth of a meter.
(*) Denotes short-term drilling undertaken for mine planning
purposes that intersected new unmodeled mineralized envelopes. |
Southern Vermelhos Corridor
Exploration activities within the Southern
Vermelhos Corridor, a near-mine exploration zone extending from the
Siriema Deposit to the UG1 mining area of the Vermelhos Mine,
remain focused on two primary objectives: (i) testing continuity of
high-grade copper mineralization within the corridor, and (ii)
conducting borehole EM surveys to identify high-grade exploration
targets. The target zone within the Southern Vermelhos Corridor 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 800 meters below
surface.
The program continues to demonstrate the
presence of multiple stacked mineralized lenses, including
high-grade mineralization. Three drill rigs will continue to remain
operational within the Southern Vermelhos Corridor to
systematically test continuity of mineralization. The program has
been designed on 50 meter drill spacing. The focus will continue to
be the northern section of the Southern Vermelhos Corridor given
its proximity to the existing Vermelhos Mine infrastructure and the
potential for exploration success to meaningfully enhance the
near-term base-case production profile and extend the overall mine
life of the mine.
Results are highlighted by hole FSI-108 that
intersected 20.0 meters grading 0.97% copper and 5.6 meters grading
2.09% copper as well as hole FSI-109 that intersected 18.9 meters
grading 1.35% copper including 4.0 meters grading 3.73% copper.
These intercepts are interpreted to be part of the down-plunge
continuity of high-grade mineralization extending from surface at
the Siriema deposit to depth. To date, this north-plunging zone has
been traced over a total down-plunge length of 1,100 meters from
surface to the intercepts of FSI-108 and FSI-109, which are the
deepest mineralized intercepts drilled within the Vermelhos System
to date. Results indicate the presence of high-grade copper
mineralization up to 800 meters below surface and the
mineralization remains open.
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 detailing all Vermelhos near-mine
drilling.
Hole ID |
From (m) |
To (m) |
Length (m) |
Cu (%) |
Southern Vermelhos Corridor |
FSI-108 |
853.3 |
873.3 |
20.0 |
0.97 |
and |
896.5 |
902.1 |
5.6 |
2.09 |
FSI-109 |
900.7 |
919.6 |
18.9 |
1.35 |
including |
900.7 |
904.7 |
4.0 |
3.73 |
FVS-918 |
562.6 |
567.9 |
5.2 |
0.78 |
FVS-920 |
627.8 |
631.7 |
3.9 |
0.79 |
FVS-921 |
612.2 |
618.5 |
6.4 |
0.72 |
FVS-923 |
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. |
PAST PRODUCING MINE RE-EVALUATION
In late 2020, the Company commenced an
exploration program designed to strategically review and
re-evaluate known zones of mineralization existing beneath several
past producing open pit mines throughout the Curaçá Valley. This
program sought to utilize and incorporate new datasets developed
during the Company’s regional exploration programs to isolate and
extend high-grade mineralized envelopes beneath the mines that may
be suitable for open pit and/or underground mine development. The
results from this program continue to demonstrate continuity of
high-grade mineralization, and with future success, these new zones
may form an integral component of the Company’s near to medium-term
growth objectives with respect to utilizing excess mill capacity at
elevated grade profiles.
Lagoa da Mina, Angicos Mine &
Surubim Mine, Surubim District
The past producing open pit Angicos Mine, within
the Surubim District, is located approximately 11 kilometers
northeast of the Surubim Open Pit Mine and approximately 32
kilometers north of the Pilar Mine. While the aggregate mineral
resource of the Angicos Mine is considered to be primarily
lower-grade disseminated copper sulphide mineralization, the
Company has identified a high-grade zone within the overall
mineralized envelope of the mineral resource that remains open
along strike and to depth. To date, an interpreted south-plunging
high-grade lens dipping to the west at approximately 60 degrees,
can be traced over 150 meters in strike length, 100 meters down-dip
and over variable thickness of between 30 and 45 meters.
Results at Lagoa da Mina continue to highlight
continuity of high-grade mineralization and further extend the
known limits of high-grade mineralization within the zone. Results
are highlighted by hole FLM-77 that intercepted 32.2 meters grading
2.69% copper including 6.0 meters grading 4.00% copper. This new
intercept was drilled as a 30 meter step-out hole from previously
announced hole FLM-16 that intercepted 15.0 meters grading 3.03%
copper including 4.0 meters grading 4.44% copper. At the Surubim
Mine, results are highlighted by new drilling, located
approximately 150 meters beneath the bottom of the open pit, by
hole FS-GH007 that intercepted 7.2 meters grading 2.01% copper
including 3.0 meters grading 3.07% copper. The new drill result
beneath the Surubim Mine is located approximately 275 meters south
from previously released hole FSEX-64 that intercepted 9.1 meters
grading 1.92% Cu including 5.1 meters grading 3.05% Cu. Please
refer to the Company’s press releases dated April 29, 2021, and
September 25, 2018 for complete Lagoa da Mina and Surubim Mine
results, respectively.
Please see Figure 6 for a plan map detailing
Lago da Mina collar locations and Figure 7 for a west-east
cross-section, as well as Figure 8 for a plan map detailing Surubim
collar locations and Figure 9 for a north-south long section of the
Surubim Mine.
Hole ID |
From (m) |
To (m) |
Length (m) |
Cu (%) |
Lagoa da Mina |
FLM-77 |
216.6 |
248.8 |
32.2 |
2.69 |
including |
235.3 |
241.3 |
6.0 |
4.00 |
FLM-78 |
216.9 |
243.4 |
26.5 |
0.90 |
FLM-79 |
192.0 |
209.5 |
17.5 |
0.65 |
FLM-80 |
NSI |
NSI |
NSI |
NSI |
FLM-81 |
288.1 |
303.3 |
15.3 |
0.79 |
including |
288.1 |
293.3 |
5.3 |
1.42 |
FLM-82 |
264.3 |
283.3 |
19.0 |
1.18 |
and |
298.1 |
332.0 |
33.9 |
0.75 |
Surubim |
FS-GH007 |
356.0 |
363.2 |
7.2 |
2.01 |
including |
357.0 |
360.0 |
3.0 |
3.07 |
|
|
|
|
|
NSI indicates no significant intercept, based on a three meter
mining width and a cut-off grade of 0.18% copper for regional
exploration programs to demonstrate geological controls,
irrespective of depth. 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. |
CURACA VALLEY DISTRICT PGM REVIEW
Following the Company’s press release dated
December 15, 2020, demonstrating evidence of background and
elevated PGM concentrations throughout the deposits of the Curaçá
Valley, the Company embarked on a program to re-analyze historic
drill data for PGMs in the Deepening Extension of the Pilar Mine
and the Surubim Mine through a comprehensive testing program with
contracted laboratories in South Africa. As a result of delays in
receiving assay results due to COVID-19 laboratory closures and the
favorable PGM results obtained in 2020, the Company installed and
commissioned its own internal multi-element analysis capabilities
in early 2021 for all of its ongoing drill programs. During the
period, the Company used its own laboratory to expedite analysis of
drill results from the Deepening Extension and the Surubim Mine.
PGM analysis for previously drilled holes within the Deepening
Extension was conducted through laboratories in South Africa and,
for new holes drilled during Q2 2021, the Company utilized its own
laboratory. Please refer to the Deepening Extension section of this
press release for additional PGM analysis results.
The PGM analysis program at the Surubim Mine
sought to test intervals both within and immediately adjacent to
known lenses of copper mineralization at the southern end of the
deposit. Results from the program are highlighted by hole FS-GH006
that intercepted 16.5 meters grading 1.27% Cu, 0.09% Ni and 0.52
gpt 3PGE+Au (0.38 gpt Au, 0.11 gpt Pd and 0.04 gpt Pt). Within this
intercept, two distinct zones of mineralization occur: (i) a “PGM”
rich zone of 3.0 meters grading 2.86% copper, 0.13% nickel and 0.62
gpt 3PGE+Au (0.34 gpt Au, 0.23 gpt Pd, and 0.04 gpt Pt), and (ii)
an “Au rich” zone of 3.5 meters grading 2.39% copper, 0.04% nickel
and 1.00 gpt 3PGE+Au (0.92 gpt Au, 0.05 gpt Pd and 0.03 gpt Pt). Rh
values for the Surubim PGM analysis program were below detection
limits.
Please see Figure 8 for a plan map detailing
Surubim collar locations and Figure 9 for a north-south long
section of the Surubim Mine including PGM results.
Hole ID |
From(m) |
To(m) |
Length(m) |
Cu(%) |
Ni(%) |
Au(gpt) |
Pd(gpt) |
Pt(gpt) |
Rh(gpt) |
3PGE+Au (gpt) |
Surubim Open Pit Mine, PGM Analysis (previously drilled
holes) |
FS-C003 |
103.0 |
170.0 |
67.0 |
0.90 |
0.02 |
0.09 |
0.02 |
0.03 |
NA |
0.14 |
including |
107.0 |
114.0 |
7.0 |
1.68 |
0.04 |
0.14 |
0.03 |
0.02 |
NA |
0.18 |
also including |
125.0 |
140.0 |
15.0 |
0.84 |
0.02 |
0.20 |
0.01 |
0.05 |
NA |
0.26 |
FS-D006 |
164.8 |
180.2 |
15.5 |
0.50 |
0.02 |
0.04 |
0.02 |
0.04 |
NA |
0.10 |
and |
186.0 |
197.0 |
11.0 |
0.47 |
0.02 |
0.03 |
NA |
NA |
NA |
0.03 |
and |
207.2 |
227.4 |
20.3 |
1.45 |
0.05 |
0.17 |
0.05 |
0.02 |
NA |
0.24 |
including |
216.6 |
219.6 |
3.0 |
3.02 |
0.09 |
0.27 |
0.12 |
0.03 |
NA |
0.41 |
FS-F003 |
64.0 |
67.0 |
3.0 |
NA |
NA |
NA |
0.00 |
0.22 |
NA |
0.22 |
and |
147.0 |
159.0 |
12.0 |
1.38 |
0.03 |
0.11 |
0.04 |
0.06 |
NA |
0.20 |
including |
155.0 |
158.0 |
3.0 |
1.77 |
0.03 |
0.17 |
0.03 |
0.04 |
NA |
0.24 |
and |
220.0 |
223.0 |
3.0 |
0.06 |
0.01 |
NA |
0.02 |
0.12 |
NA |
0.14 |
FS-GH006 |
191.2 |
207.7 |
16.5 |
1.27 |
0.09 |
0.38 |
0.11 |
0.04 |
NA |
0.52 |
including(PGM rich) |
192.2 |
195.2 |
3.0 |
2.86 |
0.13 |
0.34 |
0.23 |
0.04 |
NA |
0.62 |
also including(Au rich) |
204.1 |
207.7 |
3.5 |
2.39 |
0.04 |
0.92 |
0.05 |
0.03 |
NA |
1.00 |
|
|
|
|
|
|
|
|
|
|
|
NSI indicates no significant intercept based on a cut-off grade of
0.18% 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.
Nickel and PGM results shown for exploration significance only.
Below detection limit assay results (for internal laboratory) for
Au (0.018gpt) Pd (0.007gpt), Pt (0.017gpt) and Rh (0.01gpt)
composited assuming zero grade and are denoted by “NA” in the table
of results. |
NX GOLD MINE
The NX Gold Mine is a producing high-grade 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 resulting in the Santo
Antonio Vein discovery. In late 2019, all mining activity was
transitioned from the Brás and Buracão Veins into the central Santo
Antonio Vein. To date, the Santo Antonio Vein has been defined over
a lateral extent of approximately 400 meters, a down-plunge
distance of approximately 400 meters and the vein remains open to
depth (see press release dated April 18, 2019 for detail regarding
the Santo Antonio Vein discovery).
Drilling at the NX Gold Mine remains focused on
three primary objectives for 2021: (i) infill and extension of the
Santo Antonio Vein, (ii) delineation and discovery of new
gold-bearing veins within the NX Gold Mine system near existing
infrastructure, such as the Matinha Vein, and (iii) executing upon
the first regional exploration program conducted on the broader NX
Gold land package.
NX Gold In-Mine Programs
Within the NX Gold Mine system, drilling was
focused on testing down-plunge continuity of the Santo Antonio Vein
and evaluating the potential for new down-plunge vein extensions
within a previously identified vein, known as Matinha, located
approximately 550 meters east of development within the Brás Vein
(approximately 750 meters east of development within the Santo
Antonio Vein).
Results are highlighted by Santo Antonio
down-plunge drilling in hole SA94A that intercepted 9.0 meters
grading 22.66 gpt gold making it the best hole drilled by the
Company on a grade-meter basis in the history of the NX Gold Mine
and the deepest hole drilled in Santo Antonio to date. The
intercept is located approximately 10 meters beyond the previously
defined limit of the 2020 Inferred mineral resource shell of the
Santo Antonio Vein and approximately 45 meters down-plunge of
previously announced hole SA89 that intercepted 2.7 meters grading
15.38 gpt gold. As a result of this new intercept and the apparent
thickening of the Santo Antonio Vein to depth, an exploration drift
into the hanging wall has commenced development to allow for
expedited detailed drilling from underground in the immediate area
of this intercept.
In addition to positive developments from the
Santo Antonio Vein, the first drill program designed to test the
down-plunge continuity of the Matinha Vein at depth was undertaken
during the first half of 2021. Results from this program are
highlighted by hole MAT20A that intercepted 2.8 meters grading
19.73 gpt gold approximately 550 meters east of the existing
infrastructure of the Brás Vein. The intercept of MAT20A is located
approximately 480 meters below surface, and approximately 600
meters down plunge from the previously known limit of the Matinha
Vein. This newly discovered extension at depth is analogous to the
first discovery hole from the Santo Antonio Vein exploration
program in 2019 (hole SA01 that intercepted 2.2 meters grading
14.10 gpt Au). Step-out drilling is underway in the vicinity of
MAT20A to define structural controls within the newly discovered
Matinha Vein extension, which remains open along strike and to
depth.
Please see Figure 10 for a plan map detailing NX
Gold Mine collar locations and Figure 11 for an east-west composite
section.
Hole ID |
From (m) |
To (m) |
Length (m) |
Au (gpt) |
Santo Antonio Extension to Depth |
SA94 |
770.8 |
773.5 |
2.7 |
1.51 |
including |
772.1 |
772.6 |
0.5 |
4.31 |
SA94A |
771.3 |
780.3 |
9.0 |
22.66 |
Matinha Vein |
MAT14 |
390.67 |
392.9 |
NSI |
NSI |
MAT15 |
433.83 |
435.00 |
1.17 |
2.30 |
including |
434.42 |
435.00 |
0.6 |
4.20 |
MAT16 |
419 |
419.33 |
NSI |
NSI |
MAT17 |
NSI |
NSI |
NSI |
NSI |
MAT18 |
633.15 |
634.15 |
1.0 |
3.54 |
MAT19 |
606.07 |
606.35 |
0.5 |
1.93 |
MAT20 |
688.13 |
689.13 |
1.0 |
2.68 |
MAT20A |
524.88 |
527.69 |
2.8 |
19.73 |
MAT21 |
NSI |
NSI |
NSI |
NSI |
MAT23 |
NSI |
NSI |
NSI |
NSI |
|
|
|
|
|
NSI indicates no significant intercept, based on cut-off grade of
1.40 grams per tonne gold. Drill holes were drilled from surface.
The length of intercept may not represent the true width of
mineralization and reported intercepts reflect the entire thickness
of the vein. Values may not add up due to rounding. From, to and
mineralized intercepts are rounded to the nearest tenth of a
meter. |
NX Gold Regional Exploration Program
The first regional exploration campaign on the
broader NX Gold land package commenced in early 2021. Results from
this program, to date, have demonstrated that additional
gold-bearing quartz veins are prevalent throughout the broader NX
Gold District. Work is currently focused within the Cobra System,
located approximately 1.2 kilometers north of the NX Gold Mine, and
the Mata Verde System, located approximately 25 kilometers
north-north-east of the NX Gold Mine. To date, the Cobra System has
been traced over approximately 5 kilometers and tested with shallow
drilling over a limited 140 meters of strike length. Similarly, the
Mata Verde System has been traced over approximately 10.5
kilometers, of which, only about 1.1 kilometers has been tested
with shallow drilling to date. Results, while preliminary, are
encouraging and are highlighted by hole MTV10 that intercepted a
high-grade quartz vein grading 20.20 gpt gold. Ongoing work streams
within these systems includes geochemical surveys, geophysical
surveys, and follow-up drilling. Exploration drilling of other
identified priority regional exploration target systems is planned
for the second half of 2021.
Please see Figure 12 for a plan map detailing NX
Gold Mine regional program collar locations.
Hole ID |
From (m) |
To (m) |
Length (m) |
Au (gpt) |
Sovaco de Cobra (“Cobra”) System |
SC01 |
19.0 |
20.0 |
1.0 |
6.23 |
and |
38.6 |
39.0 |
0.4 |
2.55 |
SC02 |
NSI |
NSI |
NSI |
NSI |
Mata Verde System |
MTV01-MTV09(early exploration) |
NSI |
NSI |
NSI |
NSI |
MTV10 |
231.7 |
232.2 |
0.5 |
20.20 |
MTV11 |
NSI |
NSI |
NSI |
NSI |
MTV12 |
NSI |
NSI |
NSI |
NSI |
MTV13 |
NSI |
NSI |
NSI |
NSI |
MTV14 |
NSI |
NSI |
NSI |
NSI |
MTV15 |
NSI |
NSI |
NSI |
NSI |
MTV16 |
52.0 |
54.0 |
2.0 |
1.60 |
MTV17 |
NSI |
NSI |
NSI |
NSI |
MTV18 |
NSI |
NSI |
NSI |
NSI |
|
|
|
|
|
NSI indicates no significant intercept, based on cut-off grade of
1.40 grams per tonne gold. Drill holes were drilled from surface.
The length of intercept may not represent the true width of
mineralization and reported intercepts reflect the entire thickness
of the vein. Values may not add up due to rounding. From, to and
mineralized intercepts are rounded to the nearest tenth of a
meter. |
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, including new discoveries and
newly identified mineralized systems 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
MCSA Mining Complex
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 April
2021 through June 2021, 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 at MCSA’s
secure on-site laboratory with values determined using nickel
sulphide and lead collection fire assay and Inductively Coupled
Plasma – Optical Emission Spectrometry. SGS S.A. is 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
April 2021 through June 2021 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 MCSA Mining Complex,
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 MCSA Mining Complex 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 MCSA
Mining Complex, 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 MCSA Mining Complex, Boa Esperança and NX Gold properties, can
be found on the Company's website (www.erocopper.com), on SEDAR
(www.sedar.com) and EDGAR (www.sec.gov).
ERO COPPER CORP. |
|
Signed: “David Strang” |
For further information contact: |
David Strang, CEO |
Courtney Lynn, VP, Corporate Development & Investor
Relations |
|
(604) 335-7504 |
|
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
MCSA Mining Complex and the NX Gold Mine, 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 Company’s 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 MCSA
Mining Complex or the NX Gold Mine, statements with respect to
potential for any additional PGM mineralization in the Curaçá
Valley, statements with respect to the importance of any new
discoveries including newly identified mineral systems, the
significance of re-evaluation of the Company’s past producing open
pit mines, timing of deliverables including pending assay results,
any implied significance with respect to filling excess mill
capacity or improving grade profiles relative to the Company’s
current life of mine plans which may be dependent on future
exploration success, 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 of the Pilar Mine, the Vermelhos Mine, any past
producing open pit operations of the Company, or the NX Gold Mine
based upon exploration drill results.Forward-looking statements are
not a guarantee of future performance and are 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, 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 MCSA Mining Complex, 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 statements. 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 statements involve 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 statements. 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, 2020, dated March 16, 2021 (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
statements, 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 statements
contained herein. 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. Accordingly, readers should not place undue reliance on
forward-looking statements. 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 statements, 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 in
this press release have been prepared in accordance with Canadian
National Instrument 43-101 – Standards of Disclosure for Mineral
Projects (“NI 43-101”) and are classified in accordance with 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.General Information of a scientific or technical nature
in respect of the MCSA Mining Complex included in this press
release is based upon the MCSA Mining Complex technical report
entitled “2020 Updated Mineral Resources and Mineral Reserves
Statements of Mineração Caraíba’s Vale do Curaçá Mineral Assets,
Curaçá Valley”, dated January 14, 2021 with an effective date of
October 1, 2020, prepared by Porfirio Cabaleiro Rodrigues, FAIG,
Bernardo Horta de Cerqueira Viana, MAIG, Paulo Roberto Bergmann,
FAusIMM, Fábio Valério Câmara Xavier, MAIG and Dr. Augusto Ferreira
Mendonça, RM SME all of GE21 Consultoria Mineral Ltda. (“GE21”) and
Dr. Beck (Alizeibek) Nader, FAIG of BNA Mining Solutions (“BNA”),
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 technical report
entitled Mineral Resource and Mineral Reserve Estimate of the NX
Gold Mine, Nova Xavantina”, dated January 8, 2021 with an effective
date of September 30, 2020, prepared by Porfirio Cabaleiro
Rodrigues, FAIG, Paulo Roberto Bergmann, FAusIMM, Bernardo Horta de
Cerqueira Viana, MAIG and Leonardo de Moraes Soares, MAIG, all of
GE21, 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
MCSA Mining Complex 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. |
Figures accompanying this release can be downloaded
here:
http://ml.globenewswire.com/Resource/Download/20e8d0ff-d95f-4789-8e90-1253ffbc13b9
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