Ero Copper Corp. (TSX: ERO, NYSE: ERO) (“Ero” or
the “Company”) is pleased to provide a quarterly update on the
ongoing exploration 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 mid-June through the end of
September 2021 ahead of the Company's 2021 National Instrument
43-101, Standards of Disclosure for Mineral Projects ("NI 43-101")
compliant resource and reserve updates for the MCSA Mining Complex
and the NX Gold Mine, expected to be completed prior to year-end.
HIGHLIGHTS
MCSA In-Mine and Near-Mine Exploration
Programs
- Deepening Extension drilling,
within the Pilar Mine, continues to extend high-grade "Superpod"
mineralization down-plunge and along strike from the current
mineral resource:
- FC5527: 71.2 meters at 3.55% copper ("Cu"), including 13.0
meters at 8.87% Cu (65 meters south of previously released hole
FC5522, which intercepted 67.0 meters at 9.21% Cu)
- FC5396: 61.0 meters at 2.11% Cu, including 18.0 meters at 3.92%
Cu (located on the same level approximately 150 meters south of
intercept FC5527 and over 200 meters south of previously released
intercept FC5522)
- Drilling within the South
Extension, located in the upper levels of the Pilar Mine, has
intercepted new and unexpected high-grade mineralization
approximately 40 meters outside of the current mineral resource
shell and 50 meters from existing mine infrastructure. This new
high-grade zone remains open to the south where additional
exploration drilling is underway:
- FC2974: 8.7 meters at 5.39% Cu, including 4.7 meters at 7.99%
Cu
- FC2977: 22.0 meters at 1.57% Cu, including 4.0 meters at 3.43%
Cu
- Results within the Deepening
Extension and ongoing drill programs within the upper levels of the
Pilar Mine, including new drilling within the South Extension, are
supportive of new design efforts to evaluate the potential for
increasing overall production volumes from the mine relative to the
2020 life-of-mine plan through the development of a two-mine system
in which the upper levels of the mine would be serviced by the
existing shaft while lower levels would be completely serviced by
the new external shaft.
- Exploration drilling at the Vermelhos Mine continued to extend
the limits of known mineralization within a north-trending
mineralized corridor (encompassing the East ZoneConduit, in-mine
extensions of UG1 and UG3 and the Southern Vermelhos Corridor
connecting the Vermelhos Mine to Siriema). Drilling during the
period targeted the northern extension of this corridor between the
Vermelhos Mine and the N8 deposit as well as extensions of
mineralization adjacent to the main Vermelhos Mine orebodies.
Highlights include:
- FV-321: 24.0 meters at 0.81% Cu,
including 4.0 meters at 1.50% Cu (East Zone Conduit, beneath N8
deposit)
- FVS-876: 13.5 meters at 1.24% Cu,
including 2.0 meters at 2.53% Cu (East Zone Conduit, approximately
475 meters south of the intercept in FV-321)
- FVS-1162: 16.9 meters at 1.66% Cu,
including 5.8 meters at 9.87% Cu (Vermelhos Mine, extension of
Sombrero orebody to depth)
- FVS-1275: 8.4 meters at 3.01% Cu
and 13.8 meters at 4.65% Cu, including 5.3 meters at 7.90% Cu
(Vermelhos Mine, extension of Toboggan orebody within existing
infrastructure)
MCSA Past Producing Open Pit Mine
Re-Evaluation
- Exploration activities at Lagoa da
Mina, part of the past-producing Angicos Mine, continued to
undertake wide-spaced step-out drilling beyond the previously
identified high-grade zone of mineralization located approximately
70 meters beneath the historic open pit. New drill results indicate
the zone of high-grade mineralization extends an additional 200
meters down-plunge and remains open to depth. Results are
highlighted by:
- FLM-94: 16.0 meters at 1.18% Cu and 24.0 meters at 1.54% Cu,
including 11.0 meters at 2.30% Cu (intercept located 250 meters
down-plunge from previously announced hole FLM-77 that intercepted
32.2 meters at 2.69% Cu, including 6.0 meters at 4.00% Cu)
NX Gold Mine Highlights
- Drilling throughout the NX Gold Mine continues to demonstrate
continuity of high-grade gold mineralization within the Santo
Antonio Vein as well as extend the limits of known mineralization
within the recently discovered Matinha Vein with apparent
thickening at depth:
- Santo Antonio, SA104: 8.8 meters at 3.92 grams per tonne
(“gpt”) gold (“Au”), including 2.6 meters at 6.33 gpt Au (a
down-plunge extension of approximately 115 meters from the limit of
the current Inferred mineral resource shell)
- Santo Antonio, SA94B: 6.0 meters at 23.61 gpt Au (intercept
located 40 meters south of previously released drill hole SA94A
that intercepted 9.0 meters at 22.66 gpt Au and approximately 40
meters down-plunge of previously released drill hole SA89 that
intercepted 2.7 meters at 15.38 gpt Au)
- Matinha, MAT25: 10.9 meters at 3.52 gpt Au (located 65 meters
down-plunge of previously announced drill hole MAT20A: 2.8 meters @
19.73 gpt Au)
Commenting on the results, David Strang, CEO,
stated, “Our third quarter drill results continued to highlight our
disciplined and methodical exploration strategy throughout our
exploration portfolio where we have made significant strides thus
far in 2021. With the latest set of drill results from the
Deepening Extension zone of the Pilar Mine, the Vermelhos Mine and
at NX Gold, we expect to see a positive impact on our year-end
mineral reserve and resource estimates across our assets. At the
same time, we have continued to advance our programs throughout the
Curaçá Valley including further extending high-grade mineralization
at Lagoa da Mina and throughout our regional exploration programs
where efforts are currently focused on newly identified
mineralization within the Pilar District.
"Within the Deepening Extension zone, recent
drilling has further extended the known limits of the high- grade
'Superpod' mineralization and enhanced our understanding of the
increasing potential of the Deepening relative to the project as
outlined in 2020. Site clearing and early civil works commenced in
September, and in parallel, new drill results are being
incorporated into engineering efforts focused on ensuring the
optimal external shaft design. We are taking the time to
strategically review the shaft design parameters relative to what
we knew about the mineral resources of the Deepening in 2020 to
provide the maximum benefit for the long-term future of the
Company. These efforts are centered upon a potential increase in
the shaft depth and diameter in order to (i) enhance flexibility
for continuing to extend the mine to depth with new drilling and
(ii) optimize material and personnel movement to maximize
productive shaft capacity from the highest-grade known area of the
Pilar Mine. In the simplest sense, we see an opportunity for
increased production volumes from the Pilar Mine through
development of a two-mine system with upper level production,
including new high-grade areas identified within the South
Extension, to be serviced by the existing 650 meter shaft while the
Deepening Project will be a mine within a mine, fully serviced by
our new 1,500 meter external shaft.
"Our exploration activities at the NX Gold Mine
are also generating exciting results, particularly at the Matinha
Vein, which like the early days of Santo Antonio, now appears to
have the potential to become an additional feed source for the mill
while leveraging the nearby mine infrastructure of the Brás
Vein."
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 four drill rigs operating at the
Boa Esperança project in Pará 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. Highlights from ongoing
exploration activities at the Boa Esperança project were included
in the Company's press release dated September 28, 2021 and
additional drilling will be included in subsequent exploration
updates.
Expansions and extensions, as referenced herein,
reflect mineralization not captured in the Company’s NI 43-101
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 infill and extensional drilling of several key areas
within the Company's operations in advance of its 2021 mineral
resource and reserve update, expected to be released prior to
year-end. These programs prioritized drilling of (i) the Deepening
Extension within the Pilar Mine, where the Company continues to
confirm thick and high-grade mineralization at depth, (ii) new
drilling in the South Extension, targeting a high-grade zone
located within the upper levels of the Pilar Mine, and (iii)
extensions of the Vermelhos Mine, including the northern extension
between the Vermelhos Mine and N8 deposit known as the East Zone
Conduit.
The Deepening Extension Zone, Pilar
Mine
Exploration activities within the Deepening
Extension remain focused on upgrading high-grade zones of Inferred
mineral resources through infill drilling as well as further
extending the known limits of mineralization to depth. Deepening
Extension drilling is currently targeting mineralization on the
East Limb of the Pilar Mine to level -1550 approximately 1,200 to
2,000 meters below surface. Current development within the mine has
been completed to level -1000.
At the deepest limits of the 2020 Inferred
mineral resource shell, new drilling continues to increase
confidence and extend the limits of an extremely high-grade
"Superpod" style zone of mineralization where two plunging zones
previously identified within the Deepening Extension appear to join
together over an identified strike length of approximately 450
meters and demonstrated vertical continuity over 365 meters.
Drilling in this area continues to confirm some of the best drill
results drilled by the Company in the Curaçá Valley. The zone
remains open to depth and is located approximately 550 meters
beneath current mine infrastructure. In parallel with early site
works that commenced in September, engineering and design efforts
are underway to review the 2020 shaft design, incorporating the
latest drilling. These efforts are centered upon maximizing
productive shaft capacity for the highest grade areas of the Pilar
Mine through the creation of a two-mine system. In this scenario,
all personnel and material movement for the deeper levels of the
mine would be independent from activities in the upper levels of
the mine. Design efforts are targeting increased overall production
volumes from the Pilar Mine relative to the Company's 2020
life-of-mine plan as well as enhanced operational flexibility to
support future development of the mine at depth, where high-grade
mineralization remains open.
Results during the period are highlighted by
hole FC5527 that intercepted 71.2 meters grading 3.55% copper,
including 13.0 meters at 8.87% copper. This intercept is located at
the same level, approximately 65 meters south, of the previously
released intercept within the Deepening Extension (hole FC5522 that
intercepted 67.0 meters grading 9.21% copper). Demonstrating
continuity of high-grade mineralization along strike, new drilling
in hole FC5396 intercepted 61.0 meters grading 2.11% copper,
including 18.0 meters at 3.92% copper, drilled at the same level
approximately 150 meters south of intercept FC5527, and over 200
meters south of previously released hole FC5522. Vertical
continuity within the zone is highlighted by the previously
released hole FC5625 that intercepted 96.4 meters grading 3.97%
copper, including 60.6 meters grading 5.61% copper, located
approximately 230 meters above the intercepts highlighted in holes
FC5527, FC5522 and FC5396. Together with prior results, these
intercepts demonstrate localized thickening and vertical continuity
of high-grade mineralization over a down-dip distance of
approximately 365 meters throughout the 450 meters of identified
strike length. Please refer to the Company's press releases dated
July 7, 2021 and June 23, 2020 for additional detail on previously
released holes.
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.
Q3 2021 Deepening
Intercepts(1)
Hole ID |
From (m) |
To (m) |
Length (m) |
Cu (%) |
FC48185 |
|
|
574.3 |
|
577.3 |
|
3.0 |
|
17.81 |
and |
|
|
605.6 |
|
610.3 |
|
4.6 |
|
1.20 |
and |
|
|
649.7 |
|
665.5 |
|
15.8 |
|
5.31 |
including |
|
|
659.7 |
|
664.5 |
|
4.8 |
|
8.40 |
and |
|
|
673.7 |
|
681.7 |
|
8.0 |
|
6.66 |
including |
|
|
675.7 |
|
678.7 |
|
3.0 |
|
11.90 |
FC5184 |
|
|
560.7 |
|
565.1 |
|
4.4 |
|
4.87 |
including |
|
|
561.7 |
|
563.7 |
|
2.0 |
|
9.22 |
and |
|
|
663.7 |
|
669.7 |
|
6.0 |
|
1.18 |
FC5185 |
|
|
NSI |
|
NSI |
|
NSI |
|
NSI |
FC5396 |
|
|
773.5 |
|
776.5 |
|
3.0 |
|
1.90 |
and |
|
|
785.5 |
|
846.5 |
|
61.0 |
|
2.11 |
including |
|
|
824.9 |
|
842.9 |
|
18.0 |
|
3.92 |
FC5524 |
|
|
807.7 |
|
810.8 |
|
3.1 |
|
1.07 |
and |
|
|
892.4 |
|
901.0 |
|
8.6 |
|
6.11 |
including |
|
|
896.4 |
|
899.4 |
|
3.0 |
|
8.75 |
FC5526 |
|
|
713.8 |
|
726.5 |
|
12.7 |
|
3.50 |
including |
|
|
723.8 |
|
726.5 |
|
2.7 |
|
7.78 |
and |
|
|
758.6 |
|
761.6 |
|
3.0 |
|
1.87 |
FC5527 |
|
|
818.1 |
|
889.3 |
|
71.2 |
|
3.55 |
including |
|
|
858.1 |
|
871.1 |
|
13.0 |
|
8.87 |
and |
|
|
900.8 |
|
925.2 |
|
24.4 |
|
1.70 |
including |
|
|
901.8 |
|
904.8 |
|
3.0 |
|
3.97 |
(1) 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 in the Pilar Mine. Holes
not included are either pending assay results, have been included
in a different section of this press release, or were 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 Length are rounded to the nearest tenth of a
meter.
South Extension, Pilar Mine
In 2019, a comprehensive exploration campaign
targeting the southern limits of the Pilar Mine orebody, known as
the "South Extension" was undertaken. The results of this campaign,
along with subsequent exploration programs throughout the mine,
have contributed to significant increases in the known extent of
mineralization. During the period new drilling within the South
Extension, located approximately 100 meters below the underground
primary crushers and existing shaft infrastructure on level -120,
was performed adjacent to an active mining area beyond the known
limits of the mineral resource shell. This drilling encountered
unexpected extensions of high-grade mineralization approximately 40
meters from the previously modeled limits of the mineral resource
shell and 50 meters from existing mine infrastructure. Relative to
the 2019 campaign, newly encountered high-grade mineralization is
on the same level approximately 100 meters further south of the
previously released intercept of hole FC3264 (21.0 meters grading
1.41% copper, including 4.0 meters grading 3.54% copper, and 31.9
meters grading 2.78% copper, including 3.0 meters grading 5.63%
copper, as detailed in the Company’s press release dated June 20,
2019). Engineering work is focused on incorporating this newly
identified extension into the Pilar Mine's near-term mine plan
while additional drilling is planned to further extend high-grade
mineralization, which remains open to the south.
Results during the period are highlighted by
hole FC2974 that intercepted 8.7 meters grading 5.39% copper,
including 4.7 meters grading 7.99% copper, and hole FC2977 that
intercepted 22.0 meters grading 1.57% copper, including 4.0 meters
grading 3.43% copper. These new intercepts, drilled approximately
25 meters apart, demonstrate lateral continuity over 50 meters and
vertical continuity of 40 meters and, with prior drilling, continue
to provide evidence of high-grade continuity south of known
mineralization in the upper levels of the Pilar Mine.
Please see Figure 4 for a level map showing
collar locations of South Extension drilling within the Pilar
Mine.
South Extension
Intercepts(1)
Hole ID |
From (m) |
To (m) |
Length (m) |
Cu (%) |
FC2974* |
|
|
86.0 |
|
94.7 |
|
8.7 |
|
5.39 |
including |
|
|
89.0 |
|
93.7 |
|
4.7 |
|
7.99 |
and |
|
|
101.8 |
|
111.3 |
|
9.5 |
|
1.15 |
FC2975* |
|
|
79.4 |
|
85.3 |
|
5.9 |
|
1.36 |
and |
|
|
106.6 |
|
113.1 |
|
6.5 |
|
3.91 |
including |
|
|
107.1 |
|
110.1 |
|
3.0 |
|
5.11 |
FC2977* |
|
|
96.4 |
|
103.1 |
|
6.7 |
|
1.25 |
and |
|
|
118.6 |
|
140.7 |
|
22.0 |
|
1.57 |
including |
|
|
123.6 |
|
127.6 |
|
4.0 |
|
3.43 |
FC2980* |
|
|
106.6 |
|
116.6 |
|
10.0 |
|
0.88 |
FC2981* |
|
|
87.5 |
|
91.4 |
|
3.9 |
|
1.04 |
and |
|
|
98.6 |
|
103.6 |
|
5.0 |
|
1.03 |
and |
|
|
118.9 |
|
136.0 |
|
17.1 |
|
1.06 |
(1) 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 -170 in the Pilar Mine. Holes
not included are either pending assay results, have been included
in a different section of this press release, or were 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 Length are rounded to the nearest tenth of a
meter. (*) Denotes short-term drilling undertaken for mine planning
purposes that intersected new un-modeled mineralized envelopes.
Vermelhos Mine Extensions
Within the Vermelhos District, drilling during
the period sought to conclude a planned program targeting
mineralization within the northern portion of the East Zone from
the Vermelhos Mine to the southern limits of the N8 deposit over a
strike length of approximately 500 meters. The results of this
program have now demonstrated continuity of mineralization along a
structural corridor connecting Siriema with the planned mining
stopes of UG1 and UG3 (within the Vermelhos Mine) through the
Southern Vermelhos Corridor, north through the East Zone to the N8
Deposit. The results of this concluded program are expected to be
reflected in the Company's upcoming 2021 mineral resource and
reserve update. Additionally, drilling within the Vermelhos Mine
during the period sought to further test continuity of
mineralization within the vicinity of the Vermelhos Mine main
orebodies, Toboggan and Sombrero.
East Zone Conduit results during the period are
highlighted by hole FV-321 that intercepted 24.0 meters grading
0.81% copper, including 4.0 meters grading 1.50% copper, and hole
FVS-876 that intercepted 13.5 meters grading 1.24% copper,
including 2.0 meters grading 2.53% copper. These intercepts were
drilled approximately 475 meters apart. The intercept of hole
FVS-876 is located at the same depth, approximately 430 meters
north of the existing eastern-most underground infrastructure of
the Vermelhos Mine, and when paired with new and previously
released drilling, demonstrates mineralized continuity along the
north-trending corridor from Siriema, located south of the
Vermelhos Mine, to the N8 deposit north of the mine.
Ongoing infill drilling within the main
Vermelhos Mine orebodies, including at depth, continues to extend
mineralization beyond the previously defined limits of the deposit.
Results are highlighted by hole FVS-1162 that intercepted 16.9
meters grading 1.66% copper, including 5.8 meters grading 9.87%
copper, located approximately 25 meters beneath the existing
infrastructure of the mine below the Sombrero orebody, and hole
FVS-1275 that intercepted 8.4 meters grading 3.01% copper and 13.8
meters grading 4.65% copper, including 5.3 meters grading 7.90%
copper, located immediately above the Toboggan orebody. The
intercept of hole FVS-1275, paired with holes FVS-1273, FVS-1278,
FVS-1282 and FVS-1283, demonstrates extensions of mineralization
approximately 30 meters above the previously defined limits of the
Toboggan orebody within the existing infrastructure of the
mine.
Please see Figure 5 for a plan map detailing all
Vermelhos near-mine collar locations, Figure 6 for north-south long
section detailing all Vermelhos near-mine drilling.
Vermelhos
Intercepts(1)
Hole ID |
From (m) |
To (m) |
Length (m) |
Cu (%) |
Vermelhos Mine
Orebody Extensions |
|
|
|
|
|
|
|
|
FVS-1048* |
|
37.2 |
|
42.2 |
|
5.0 |
|
1.08 |
FVS-1124* |
|
10.8 |
|
18.2 |
|
7.5 |
|
2.18 |
FVS-1162* |
|
37.3 |
|
54.1 |
|
16.9 |
|
1.66 |
and |
|
106.6 |
|
112.3 |
|
5.8 |
|
9.87 |
FVS-1165* |
|
42.7 |
|
49.8 |
|
7.2 |
|
1.10 |
and |
|
52.0 |
|
65.0 |
|
13.0 |
|
1.39 |
and |
|
104.5 |
|
116.6 |
|
12.1 |
|
2.25 |
FVS-1226* |
|
6.0 |
|
12.0 |
|
6.0 |
|
3.16 |
FVS-1273* |
|
31.2 |
|
36.1 |
|
4.9 |
|
1.09 |
and |
|
43.0 |
|
48.7 |
|
5.7 |
|
0.54 |
FVS-1275* |
|
30.3 |
|
38.6 |
|
8.4 |
|
3.01 |
and |
|
45.2 |
|
59.0 |
|
13.8 |
|
4.65 |
including |
|
47.4 |
|
52.7 |
|
5.3 |
|
7.90 |
FVS-1276* |
|
27.3 |
|
47.6 |
|
20.3 |
|
1.07 |
including |
|
42.6 |
|
47.6 |
|
5.0 |
|
2.71 |
FVS-1278* |
|
57.1 |
|
77.3 |
|
20.2 |
|
0.90 |
and |
|
80.0 |
|
83.5 |
|
3.6 |
|
0.73 |
FVS-1282* |
|
70.5 |
|
87.0 |
|
16.5 |
|
1.22 |
FVS-1283* |
|
50.2 |
|
63.0 |
|
12.8 |
|
1.80 |
including |
|
59.1 |
|
63.0 |
|
4.0 |
|
4.16 |
East
Zone Conduit |
|
|
|
|
|
|
|
|
FV-199 |
|
277.8 |
|
294.8 |
|
17.0 |
|
0.81 |
and |
|
322.3 |
|
339.3 |
|
17.0 |
|
0.68 |
and |
|
342.3 |
|
348.5 |
|
6.1 |
|
0.84 |
FV-301 |
|
255.0 |
|
273.0 |
|
18.0 |
|
0.85 |
including |
|
255.0 |
|
258.0 |
|
3.0 |
|
1.57 |
and |
|
292.2 |
|
300.2 |
|
8.0 |
|
1.91 |
including |
|
297.2 |
|
299.2 |
|
2.0 |
|
5.09 |
and |
|
321.3 |
|
329.3 |
|
8.0 |
|
0.94 |
FV-304 |
|
274.4 |
|
281.4 |
|
7.0 |
|
0.84 |
and |
|
291.4 |
|
294.4 |
|
3.0 |
|
1.27 |
and |
|
324.0 |
|
331.0 |
|
7.0 |
|
0.69 |
and |
|
352.3 |
|
363.6 |
|
11.4 |
|
0.96 |
FV-308 |
|
NSI |
|
NSI |
|
NSI |
|
NSI |
FV-309 |
|
370.8 |
|
374.2 |
|
3.4 |
|
0.86 |
FV-310 |
|
332.6 |
|
336.6 |
|
4.0 |
|
0.77 |
and |
|
388.2 |
|
393.2 |
|
5.0 |
|
0.85 |
and |
|
423.1 |
|
430.1 |
|
7.0 |
|
0.95 |
FV-311 |
|
387.1 |
|
399.5 |
|
12.4 |
|
1.36 |
including |
|
395.1 |
|
398.5 |
|
3.4 |
|
2.16 |
and |
|
423.1 |
|
433.0 |
|
9.9 |
|
0.40 |
FV-312 |
|
341.2 |
|
345.4 |
|
4.2 |
|
0.75 |
and |
|
368.5 |
|
375.7 |
|
7.2 |
|
0.91 |
FV-313 |
|
359.7 |
|
362.7 |
|
3.0 |
|
1.51 |
FV-321 |
|
325.5 |
|
331.5 |
|
6.0 |
|
0.76 |
and |
|
344.2 |
|
368.1 |
|
24.0 |
|
0.81 |
including |
|
353.1 |
|
357.1 |
|
4.0 |
|
1.50 |
FV-331 |
|
367.5 |
|
388.3 |
|
20.8 |
|
0.84 |
including |
|
370.4 |
|
376.1 |
|
5.7 |
|
1.37 |
FVS-876 |
|
112.2 |
|
125.7 |
|
13.5 |
|
1.24 |
including |
|
122.3 |
|
124.3 |
|
2.0 |
|
2.53 |
FVS-877 |
|
NSI |
|
NSI |
|
NSI |
|
NSI |
(1) 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 +165, and level +350 in the Vermelhos
Mine. Holes not included are either pending assay results, have
been included in a different section of this press release, or were
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 Length are rounded to the nearest
tenth of a meter. (*) Denotes short-term drilling undertaken for
mine planning purposes that intersected new un- modeled mineralized
envelopes.
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 identify and
extend high-grade mineralized envelopes beneath mines that may be
suitable for open pit and/or underground mine development. The
results of this program continue to demonstrate continuity of
high-grade mineralization within Lagoa da Mina, part of the
past-producing Angicos Mine. With continued success, this new zone
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
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. Results at Lagoa da Mina
continue to highlight continuity of high-grade mineralization at
depth and extend the known limits of mineralization. To date, an
interpreted west-dipping high-grade lens can be traced over
approximately 200 meters in strike length, 300 meters down-dip
beginning approximately 70 meters below the bottom of the historic
open pit and over variable thicknesses up to 17 meters.
Results during the period are highlighted by
hole FLM-94 that intercepted 16.0 meters grading 1.18% copper and
24.0 meters grading 1.54% copper, including 11.0 meters at 2.30%
copper. The new high- grade intercept of hole FLM-94 reflects a
step-out hole by approximately 250 meters from previously released
holes FLM-77 that intercepted 32.2 meters grading 2.69% copper,
including 6.0 meters grading 4.00% copper, and FLM-16 that
intercepted 15.0 meters grading 3.03% copper, including 4.0 meters
grading 4.44% copper. Mineralization remains open down-plunge to
the north. Please refer to the Company’s press releases dated July
7, 2021 and April 29, 2021 for additional drill results.
Please see Figure 7 for a plan map detailing
Lagoa da Mina collar locations and Figure 8 for a north- south long
section.
Q3 2021 Lagoa da Mina
Intercepts(1)
Hole ID |
From (m) |
To (m) |
Length (m) |
Cu (%) |
FLM-83 |
|
|
323.0 |
|
338.9 |
|
16.0 |
|
0.85 |
including |
|
|
335.9 |
|
338.9 |
|
3.0 |
|
1.71 |
and |
|
|
351.8 |
|
360.8 |
|
9.0 |
|
1.05 |
FLM-84 |
|
|
158.8 |
|
187.5 |
|
28.8 |
|
0.71 |
and |
|
|
202.7 |
|
207.5 |
|
4.8 |
|
1.46 |
and |
|
|
215.7 |
|
231.5 |
|
15.9 |
|
0.87 |
including |
|
|
215.7 |
|
221.5 |
|
5.8 |
|
1.33 |
FLM-85 |
|
|
308.4 |
|
341.1 |
|
32.7 |
|
0.88 |
including |
|
|
334.2 |
|
341.1 |
|
6.9 |
|
1.28 |
FLM-86 |
|
|
325.0 |
|
328.0 |
|
3.0 |
|
1.56 |
FLM-87 |
|
|
NSI |
|
NSI |
|
NSI |
|
NSI |
FLM-88 |
|
|
NSI |
|
NSI |
|
NSI |
|
NSI |
FLM-89 |
|
|
349.3 |
|
363.7 |
|
14.4 |
|
0.73 |
FLM-90 |
|
|
NSI |
|
NSI |
|
NSI |
|
NSI |
FLM-91 |
|
|
262.0 |
|
269.5 |
|
7.5 |
|
1.31 |
FLM-93 |
|
|
270.9 |
|
285.8 |
|
14.9 |
|
1.04 |
and |
|
|
293.7 |
|
298.7 |
|
5.0 |
|
1.05 |
FLM-94 |
|
|
405.8 |
|
421.8 |
|
16.0 |
|
1.18 |
and |
|
|
427.8 |
|
451.8 |
|
24.0 |
|
1.54 |
including |
|
|
435.8 |
|
446.8 |
|
11.0 |
|
2.30 |
and |
|
|
470.8 |
|
473.8 |
|
3.0 |
|
1.41 |
FLM-95 |
|
|
363.0 |
|
366.0 |
|
3.0 |
|
1.08 |
(1) 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, or were
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 Length are rounded to the nearest
tenth of a meter.
REGIONAL EXPLORATION PROGRAM
The Company continues to systematically develop,
refine and test its pipeline of regional exploration targets.
Progress of the program is excellent, reflecting a multi-year
effort to construct a detailed geological database that
incorporates airborne geophysics, ground geophysics, and detailed
groundwork including soil geochemistry, mapping and trenching. In
addition to follow-up work on the previously announced regional
systems of C4 and Terra do Sal, both located in the Central Surubim
District, the Company is actively working in a new regional system
located west of the Pilar Mine. The apparent extent of
mineralization, and its proximity to existing infrastructure in an
area which has historically seen very little exploration activity,
remains encouraging. Detailed work focusing on evaluating
structural controls, with the help of borehole EM, to target
high-grade mineralization within each of these zones remains
ongoing.
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 500 meters, and a newly increased
down-plunge distance of approximately 800 meters. 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 of
the Matinha Vein, located approximately 550 meters east of
development within the Brás Vein (approximately 750 meters east of
development within the Santo Antonio Vein).
Within the Santo Antonio Vein, results are
highlighted by SA94B that intercepted 6.0 meters at 23.61 gpt gold,
demonstrating continuity of high-grade gold mineralization to
depth. The intercept is located approximately 40 meters south from
previously released drill hole SA94A (9.0 meters at 22.66 gpt Au)
and approximately 40 meters down-plunge from previously released
drill hole SA89 (2.7 meters at 15.38 gpt Au). Additional drilling
down-plunge of the deepest known gold mineralization within Santo
Antonio Vein is highlighted by hole SA104 that intercepted 8.8
meters at 3.92 gpt gold, located approximately 115 meters beyond
the current limit of the Inferred mineral resource shell. The vein
remains open to depth.
Following the July 2021 announcement of newly
discovered extensions at depth within the Matinha Vein. New
drilling during the third quarter sought to further extend the
known limits of mineralization to depth. Results during the period
are highlighted by MAT25 that intercepted 10.9 meters at 3.52 gpt
gold, located approximately 65 meters down-plunge from previously
announced drill hole MAT20A (2.8 meters at 19.73 gpt Au) suggesting
apparent thickening of the vein at depth. Additionally, new
drilling in the Matinha Vein has highlighted the presence of two
parallel vein structures, known as the upper and lower veins, which
are separated by approximately 200 meters. The significance of the
parallel vein at depth remains unknown at this stage and
exploration drilling remains ongoing. Both vein occurrences remain
open along strike and to depth.
Please see Figure 9 for a plan map detailing NX
Gold Mine collar locations and Figure 10 for an east- west
composite section.
Q3 2021 NX Gold In-Mine
Intercepts(1)
Hole ID |
From (m) |
To (m) |
Length (m) |
Au (gpt) |
Santo Antonio Extension to Depth |
|
|
|
|
|
|
|
|
SA94B |
|
760.7 |
|
766.7 |
|
6.0 |
|
23.61 |
SA99A |
|
NSI |
|
NSI |
|
NSI |
|
NSI |
SA99B |
|
827.6 |
|
835.2 |
|
7.6 |
|
3.98 |
including |
|
827.6 |
|
829.3 |
|
1.7 |
|
10.60 |
SA104 |
|
913.8 |
|
922.6 |
|
8.8 |
|
3.92 |
including |
|
920.0 |
|
922.6 |
|
2.6 |
|
6.33 |
SA106 |
|
685.0 |
|
690.4 |
|
5.4 |
|
0.97 |
Matinha Upper Vein |
|
|
|
|
|
|
|
|
MAT22 |
|
NSI |
|
NSI |
|
NSI |
|
NSI |
MAT22A |
|
NSI |
|
NSI |
|
NSI |
|
NSI |
MAT23 |
|
483.2 |
|
483.6 |
|
0.4 |
|
61.16 |
MAT24 |
|
564.8 |
|
566.2 |
|
1.5 |
|
2.71 |
including |
|
565.3 |
|
565.8 |
|
0.5 |
|
7.85 |
MAT25 |
|
578.5 |
|
589.4 |
|
10.9 |
|
3.52 |
including |
|
578.5 |
|
579.0 |
|
0.5 |
|
41.89 |
and |
|
583.0 |
|
584.0 |
|
1.0 |
|
7.37 |
MAT28 |
|
NSI |
|
NSI |
|
NSI |
|
NSI |
MAT29A |
|
598.8 |
|
606.4 |
|
7.6 |
|
2.00 |
including |
|
603.5 |
|
605.0 |
|
1.5 |
|
6.92 |
Matinha Lower Vein |
|
|
|
|
|
|
|
|
MAT24 |
|
760.5 |
|
762.9 |
|
2.4 |
|
0.92 |
including |
|
762.5 |
|
762.9 |
|
0.4 |
|
4.96 |
MAT26 |
|
668.6 |
|
670.2 |
|
1.6 |
|
8.04 |
MAT27 |
|
758.8 |
|
759.9 |
|
1.1 |
|
1.43 |
(1) 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 Length are rounded to the nearest tenth
of a meter. Drill hole intercept for MAT23 reflects new assays that
were previously pending.
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 continue to demonstrate that additional gold-bearing
quartz veins are prevalent throughout the broader NX Gold District.
Exploration activities are ongoing at the Mata Verde System,
located approximately 25 kilometers north-north-east of the NX Gold
Mine. To date, the Mata Verde System has been traced over
approximately 10.5 kilometers. Geophysics and geochemistry are
being used to identify drill targets within a system that is
predominantly covered by overburden. Exploration drilling, focused
on systematically testing the Mata Verde System, is expected to
continue for the duration of 2021.
NOTE ON NI 43-101 COMPLIANT TECHNICAL
REPORT(S)
The conversion of drill results presented in
this press release into NI 43-101 compliant mineral resources and
mineral reserves, including but not limited to the drill results
associated with the new and potential extensions of mineralization
across each of the mineral districts, 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 July 2021
through September 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. 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 July 2021 through September 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 Copper Corp, headquartered in Vancouver,
B.C., is focused on copper production growth from the MCSA Mining
Complex located in Bahia State, Brazil, with over 40 years of
operating history in the region. The Company's primary asset is a
99.6% interest in the Brazilian copper mining company, MCSA, 100%
owner of the MCSA Mining Complex, which is comprised of operations
located in the Curaçá Valley, Bahia State, Brazil, wherein the
Company currently mines copper ore from the Pilar and Vermelhos
underground mines, and the Boa Esperança development project, an
IOCG-type copper project located in Pará, Brazil. The Company also
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 on EDGAR (www.sec.gov).
ERO COPPER CORP.
/s/ David Strang
David Strang, CEO |
For further
information contact: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. 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 the importance of
any new discoveries or extensions of mineralization including any
potential to positively impact the Company's future mineral reserve
and resource estimates and timing of any such updates, 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 or project changes 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 (including the new
external shaft), the Vermelhos Mine, any past producing open pit
operations of the Company, the NX Gold Mine, or the Boa Esperança
Project 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: 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 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 Property 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 conditions 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 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,
global health, 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.
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 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 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.
Figures accompanying this release can be downloaded
here:
http://ml.globenewswire.com/Resource/Download/3af375a1-c7de-458c-a07e-bd1635e9477d
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