Ero Copper Corp. (TSX: ERO, NYSE: ERO)
("Ero" or the “Company”) is pleased to provide an update on its
ongoing regional nickel sulphide exploration program within the
Curaçá Valley. Drilling activity over the last several months has
focused on delineating the Umburana System, which has a current
strike length of approximately five kilometers. Mineralization,
which outcrops at surface, remains open to depth, to the north and
between the VB and Lazaro ("LZ") Zones.
To date, the Company has received assays on 97
diamond drill holes across the Umburana System, including 63
diamond drill holes within the VB Zone and 34 within the LZ Zone.
New results from drilling conducted since September 2022 are
highlighted by:
- VB Zone
- VB-41: 11.2 meters at 1.86% Ni, 0.26% Cu and 0.05% Co (2.08%
NiEq), including 5.0 meters at 3.71% Ni, 0.13% Cu and 0.09% Co
(4.00% NiEq)
- Interval includes 1.9 meters of massive-sulphide textures
grading 7.09% Ni, 0.18% Cu and 0.18% Co (7.61% NiEq)
- VB-52: 25.9 meters at 0.69% Ni, 0.18% Cu and 0.02% Co (0.80%
NiEq), including 15.5 meters at 1.01% Ni, 0.25% Cu and 0.03% Co
(1.17% NiEq)
- VB-59: 18.7 meters at 0.79% Ni, 0.14% Cu and 0.02% Co (0.90%
NiEq), including 6.8 meters at 1.49% Ni, 0.22% Cu and 0.04% Co
(1.68% NiEq)
- LZ Zone
- LZ-25: 46.1 meters at 0.20% Ni, 0.04% Cu and 0.03% Co (0.28%
NiEq), including 2.6 meters at 0.75% Ni, 0.18% Cu and 0.06% Co
(0.96% NiEq)
- LZ-32: 11.3 meters at 0.43% Ni, 0.10% Cu and 0.02% Co (0.51%
NiEq), including 7.0 meters at 0.61% Ni, 0.14% Cu and 0.03% Co
(0.73% NiEq)
In addition to new drill results, the Company
has commenced metallurgical test work on the Umburana System. While
the program remains ongoing, initial metallurgical tests, completed
on three composite samples of varying grades, demonstrates nickel
recoveries through the rougher circuit ranging from 77% to 91%
across a range of grind sizes, suggesting that the vast majority of
nickel within the Umburana System is contained within sulphide
minerals with very little nickel encapsulated within silicate
minerals that would render the nickel unrecoverable.
Commenting on the update, David Strang, Chief
Executive Officer, said "We are excited by the continuity and
growth we are seeing with the Umburana System, which we believe
demonstrates the Curaçá Valley's potential to be a globally
significant magmatic sulphide district for both copper and nickel.
Notably, the VB Zone has increased from one distinct zone of
mineralization to three, with massive-sulphide nickel
mineralization extending to a depth of approximately 325 meters and
remaining open to depth and along strike. Furthermore, our
exploration team has identified several new and distinct nickel
targets within the Curaçá Valley with similar geological signatures
to the Umburana System, which we are currently drilling or plan on
drilling later this year."
TECHNICAL DISCUSSION
Detailed geologic mapping, comprehensive
multi-element soil geochemistry and re- interpretation of the
Company's available geophysical datasets throughout 2021 and the
first half of 2022 resulted in the discovery of a new nickel
system, announced in September 2022, featuring favourable geology
with coincident geochemical and geophysical anomalies. To date,
detailed exploration has focused primarily on two target areas
located at the interpreted northeast and southwest boundary of a
five-kilometer system, each characterized by multiple expressions
of outcropping nickel mineralization in the form of gossans,
geochemical and geophysical anomalies - all associated with
mafic-ultramafic intrusions. Please refer to Figure 5 for a plan
view map of the Umburana System.
Initial drill-testing at the northeast and
southwest boundaries of the currently known system has identified
nickel sulphide mineralization ranging from disseminated and
interstitial nickel sulphides (containing less than 10% sulphides)
extending over 50 meters in thickness to patchy net-textured
sulphides (containing approximately 10% to 30% sulphides) with
localized centimeter up to 1.9 meter thick massive-sulphide lenses
(containing approximately 60% to 80% sulphides) grading up to 7.09%
nickel (7.61% NiEq). Mineralization within these zones is hosted by
pyroxenite and websterite ultramafic rocks. Sulphide minerals are
mainly pyrrhotite, pentlandite (loop-textured where massive
sulphide, see Figure 2) with lesser pyrite and chalcopyrite.
Loop-textured pentlandite is an important geologic indicator
commonly observed in magmatic nickel sulphide deposits. The full
extent of the system remains unknown at this time with
mineralization open to depth and along strike both between the VB
and LZ Zones and to the north of the Umburana System.
Based upon the exploration techniques used to
identify the Umburana System, the Company has identified several
geographically distinct nickel targets, two of which are currently
being drilled. Surface field work and data interpretation is also
underway to identify additional targets.
The Company has begun evaluating the
metallurgical characteristics, recoveries and concentrates grade to
determine whether a saleable nickel concentrate is achievable from
the Umburana System. While the program is comprehensive and remains
ongoing, initial rougher stage flotation tests demonstrate a range
of recoveries of between 77% and 91% depending on grind size (75 to
150 microns). The results of this test work, combined with ongoing
mineralogy studies, suggests that nickel within the Umburana System
is associated primarily with sulphide minerals with very little
nickel encapsulated in silicate minerals. Further test work remains
ongoing to determine whether saleable concentrate grades are
achievable, and if so, overall nickel recoveries.
Figure 1: Rougher stage nickel
recovery versus grind size.
Composite samples were prepared based on nickel grades within
each zone, and are summarized as follows:
- LZ Zone HG Composite = 0.90% Ni
- LZ Zone LG Composite = 0.45% Ni
- VB Zone Composite = 0.92% Ni
Where applicable, nickel equivalent ("NiEq") in
this press release has been calculated using the following formula:
NiEq = Ni + (Cu x $3.50/$9.80) + (Co x $25.50/$9.80). No adjustment
for metallurgical recoveries has been made when calculating
NiEq.
VB Zone
At the northeast extent of the Umburana System
nickel-bearing ultramafic rocks have been identified over 1.4
kilometers north-south and up to 200 meters east-west using surface
mapping supported by soil geochemistry and 30 trenches. To date, 63
diamond drill holes with assay results have been received with
nickel mineralization identified starting at surface and to a depth
of approximately 450 meters from surface. Mineralization remains
open to depth as the majority of holes drilled to date have focused
on delineating near surface open pit-able mineral resources, and
remains open to the south trending towards the LZ Zone.
Mineralization within the VB Zone is
characterized by disseminated and patchy net-textured nickel
sulphides with three distinct high-grade (north, central and south)
zones of massive sulphides featuring localized thickening of up to
1.9 meters grading up to 7.09% nickel (7.61% NiEq). Within the VB
Zone, higher-grade mineralization continues to be focused at the
base of a pyroxenite intrusion. Mineralization occurs predominantly
within orthopyroxenites ranging from isotropic to locally
banded.
Within the northern high-grade portion of the VB
Zone, results are highlighted by holes VB-38 and VB-56, both
located on the same section, which intercepted small intervals of
disseminated, interstitial and patchy net-texture nickel sulphides
ranging between approximately 3 and 9 meters grading between 0.63%
NiEq to 1.69% NiEq.
Results within the central high-grade zone are
highlighted by hole VB-41, which intercepted high-grade massive
sulphide of 1.9 meters grading 7.61% NiEq within a broader
mineralized interval of 11.2 meters grading 2.08% NiEq. Please see
Figure 2 and Figure 3 for photos showing high-grade massive
sulphides within hole VB-41. Please see "VB Zone Intercepts" table
below for complete results.
High-grade mineralization in the southern zone
are highlighted by holes VB-52 and VB-59, both located on the same
section, which intercepted large intervals of disseminated and
interstitial nickel sulphides ranging between approximately 18 and
26 meters grading between 0.80% NiEq to 0.90% NiEq.
The deepest drilling to date within the VB Zone,
is highlighted by hole VB-47 that intercepted two intervals of
disseminated nickel sulphide mineralization, 20.7 meters grading
0.47% NiEq and 9.8 meters grading 0.53% NiEq, the latter of which
is approximately 450 meters below surface.
There is currently one drill rig active within
the VB Zone, focused on expanding the current limits of
mineralization along strike and two additional drill rigs testing
regional nickel targets. Please see Figures 6 and 7 for details on
drill hole locations and intercepts within the VB Zone.
VB Zone Intercepts
Hole ID |
From (m) |
To (m) |
Length (m) |
Ni (%) |
Cu (%) |
Co (%) |
VB-26 |
NSI |
NSI |
NSI |
NSI |
NSI |
NSI |
VB-27 |
NSI |
NSI |
NSI |
NSI |
NSI |
NSI |
VB-28 |
326.6 |
329.3 |
2.7 |
0.50 |
0.36 |
0.02 |
and |
334.7 |
338.4 |
3.7 |
0.25 |
0.05 |
0.01 |
including |
337.3 |
338.4 |
1.1 |
0.60 |
0.15 |
0.02 |
and |
347.0 |
368.0 |
21.1 |
0.28 |
0.06 |
0.02 |
including |
347.0 |
347.5 |
0.5 |
0.87 |
0.13 |
0.03 |
including |
352.1 |
352.7 |
0.6 |
1.10 |
0.20 |
0.03 |
including |
361.7 |
368.0 |
6.4 |
0.50 |
0.22 |
0.02 |
including |
362.5 |
364.2 |
1.6 |
0.95 |
0.33 |
0.03 |
VB-29 |
301.0 |
304.0 |
3.0 |
0.27 |
0.08 |
0.01 |
and |
325.6 |
337.5 |
11.9 |
0.26 |
0.08 |
0.01 |
including |
332.5 |
337.5 |
5.0 |
0.36 |
0.12 |
0.01 |
VB-30 |
NSI |
NSI |
NSI |
NSI |
NSI |
NSI |
VB-31 |
283.7 |
308.0 |
24.3 |
0.27 |
0.08 |
0.01 |
including |
287.8 |
288.3 |
0.5 |
0.93 |
0.09 |
0.03 |
including |
289.1 |
289.8 |
0.7 |
0.76 |
0.29 |
0.03 |
VB-32 |
243.6 |
249.1 |
5.5 |
0.36 |
0.28 |
0.02 |
including |
243.6 |
244.6 |
1.0 |
1.06 |
0.29 |
0.05 |
VB-33 |
NSI |
NSI |
NSI |
NSI |
NSI |
NSI |
VB-34 |
NSI |
NSI |
NSI |
NSI |
NSI |
NSI |
VB-35 |
210.8 |
237.7 |
26.9 |
0.21 |
0.10 |
0.01 |
including |
237.2 |
237.7 |
0.5 |
0.69 |
0.64 |
0.02 |
VB-36 |
NSI |
NSI |
NSI |
NSI |
NSI |
NSI |
VB-37 |
NSI |
NSI |
NSI |
NSI |
NSI |
NSI |
VB-38 |
327.8 |
337.1 |
9.3 |
0.51 |
0.16 |
0.02 |
including |
330.2 |
332.0 |
1.9 |
1.08 |
0.22 |
0.05 |
including |
330.2 |
330.8 |
0.6 |
2.22 |
0.26 |
0.09 |
including |
333.0 |
337.1 |
4.1 |
0.54 |
0.13 |
0.03 |
including |
334.0 |
334.8 |
0.8 |
1.70 |
0.31 |
0.07 |
VB-39 |
NSI |
NSI |
NSI |
NSI |
NSI |
NSI |
VB-40 |
NSI |
NSI |
NSI |
NSI |
NSI |
NSI |
VB-41 |
359.5 |
370.2 |
10.7 |
0.29 |
0.08 |
0.01 |
and |
386.9 |
398.1 |
11.2 |
1.86 |
0.26 |
0.05 |
including |
390.8 |
395.8 |
5.0 |
3.71 |
0.13 |
0.09 |
including* |
390.8 |
392.7 |
1.9 |
7.09 |
0.18 |
0.18 |
including* |
395.1 |
395.8 |
0.8 |
6.22 |
0.20 |
0.16 |
VB-42 |
NSI |
NSI |
NSI |
NSI |
NSI |
NSI |
VB-43 |
NSI |
NSI |
NSI |
NSI |
NSI |
NSI |
VB-44 |
NSI |
NSI |
NSI |
NSI |
NSI |
NSI |
VB-45 |
NSI |
NSI |
NSI |
NSI |
NSI |
NSI |
VB-46 |
284.75 |
290.75 |
6.0 |
0.25 |
0.21 |
0.01 |
including |
285.8 |
286.8 |
1.0 |
0.47 |
0.16 |
0.03 |
VB-47 |
537.4 |
558.1 |
20.7 |
0.39 |
0.15 |
0.01 |
including |
537.4 |
549.7 |
12.3 |
0.39 |
0.15 |
0.01 |
including |
540.4 |
548.5 |
8.1 |
0.56 |
0.11 |
0.01 |
and |
565.6 |
575.4 |
9.8 |
0.44 |
0.13 |
0.02 |
VB-48 |
262.8 |
278.2 |
15.4 |
0.25 |
0.08 |
0.01 |
VB-49 |
NSI |
NSI |
NSI |
NSI |
NSI |
NSI |
VB-50 |
411.0 |
415.0 |
3.9 |
0.23 |
0.08 |
0.01 |
VB-51 |
NSI |
NSI |
NSI |
NSI |
NSI |
NSI |
VB-52 |
210.0 |
235.9 |
25.9 |
0.69 |
0.18 |
0.02 |
including |
210.0 |
225.5 |
15.5 |
1.01 |
0.25 |
0.03 |
including |
211.0 |
219.0 |
8.0 |
1.62 |
0.35 |
0.05 |
and |
316.9 |
333.2 |
16.3 |
0.21 |
0.06 |
0.01 |
including |
320.1 |
323.1 |
3.1 |
0.43 |
0.12 |
0.02 |
VB-53 |
482.1 |
485.4 |
3.3 |
1.43 |
0.15 |
0.04 |
including |
483.8 |
484.9 |
1.1 |
3.92 |
0.15 |
0.11 |
including* |
483.8 |
484.3 |
0.5 |
6.63 |
0.12 |
0.18 |
including |
484.3 |
484.9 |
0.6 |
1.46 |
0.19 |
0.04 |
VB-54 |
484.2 |
487.2 |
3.0 |
0.31 |
0.04 |
0.01 |
including |
484.2 |
485.2 |
1.0 |
0.62 |
0.06 |
0.02 |
and |
523.4 |
528.0 |
4.6 |
1.01 |
0.17 |
0.06 |
including |
523.4 |
523.9 |
0.5 |
3.52 |
0.40 |
0.09 |
including |
527.5 |
528.0 |
0.5 |
4.86 |
0.35 |
0.25 |
and |
534.5 |
548.1 |
13.6 |
0.50 |
0.15 |
0.02 |
including |
534.5 |
538.1 |
3.6 |
1.33 |
0.29 |
0.07 |
including |
537.6 |
538.1 |
0.5 |
5.58 |
0.20 |
0.18 |
VB-55 |
229.0 |
243.6 |
14.6 |
0.61 |
0.24 |
0.03 |
including |
232.6 |
243.6 |
11.0 |
0.77 |
0.29 |
0.04 |
including |
236.8 |
237.8 |
1.0 |
1.24 |
0.28 |
0.06 |
including |
238.8 |
240.3 |
1.4 |
1.65 |
0.24 |
0.08 |
including |
242.4 |
243.6 |
1.2 |
1.44 |
0.21 |
0.10 |
VB-56 |
439.8 |
442.9 |
3.1 |
0.51 |
0.14 |
0.02 |
and |
453.9 |
459.9 |
6.0 |
0.20 |
0.10 |
0.01 |
and |
464.3 |
467.6 |
3.3 |
1.43 |
0.30 |
0.06 |
including |
465.3 |
467.6 |
2.3 |
1.82 |
0.29 |
0.07 |
including |
466.3 |
467.0 |
0.7 |
3.67 |
0.10 |
0.14 |
VB-57 |
90.2 |
109.2 |
19.0 |
0.37 |
0.16 |
0.02 |
including |
104.4 |
109.2 |
4.8 |
0.56 |
0.25 |
0.03 |
including |
104.4 |
105.4 |
1.0 |
1.13 |
0.22 |
0.05 |
including |
108.7 |
109.2 |
0.5 |
0.98 |
0.34 |
0.04 |
VB-58 |
NSI |
NSI |
NSI |
NSI |
NSI |
NSI |
VB-59 |
281.1 |
299.7 |
18.7 |
0.79 |
0.14 |
0.02 |
including |
282.1 |
288.9 |
6.8 |
1.49 |
0.22 |
0.04 |
and |
304.3 |
311.4 |
7.1 |
0.33 |
0.10 |
0.01 |
and |
392.5 |
402.2 |
9.7 |
0.33 |
0.08 |
0.02 |
including |
400.6 |
401.1 |
0.6 |
1.10 |
0.14 |
0.06 |
VB-60 |
NSI |
NSI |
NSI |
NSI |
NSI |
NSI |
VB-61 |
226.4 |
240.9 |
14.5 |
0.37 |
0.07 |
0.01 |
including |
238.6 |
239.1 |
0.5 |
1.48 |
0.10 |
0.05 |
including |
239.8 |
240.9 |
1.1 |
1.20 |
0.20 |
0.04 |
VB-62 |
96.15 |
98.38 |
2.23 |
0.34 |
0.10 |
0.01 |
and |
103.5 |
112.2 |
8.8 |
0.45 |
0.12 |
0.01 |
VB-63 |
NSI |
NSI |
NSI |
NSI |
NSI |
NSI |
CRVB-01 |
NSI |
NSI |
NSI |
NSI |
NSI |
NSI |
CRVB-02 |
NSI |
NSI |
NSI |
NSI |
NSI |
NSI |
CRVB-03 |
NSI |
NSI |
NSI |
NSI |
NSI |
NSI |
CRVB-04 |
NSI |
NSI |
NSI |
NSI |
NSI |
NSI |
CRVB-05 |
NSI |
NSI |
NSI |
NSI |
NSI |
NSI |
CRVB-06 |
NSI |
NSI |
NSI |
NSI |
NSI |
NSI |
CRVB-07 |
98.0 |
102.0 |
4.0 |
0.23 |
0.05 |
0.01 |
CRVB-08 |
NSI |
NSI |
NSI |
NSI |
NSI |
NSI |
CRVB-09 |
NSI |
NSI |
NSI |
NSI |
NSI |
NSI |
CRVB-10 |
NSI |
NSI |
NSI |
NSI |
NSI |
NSI |
NSI denotes no significant intercept grading
above 0.10% Ni. Drill holes were drilled from surface. Holes not
included are either pending assay results or have been included in
a different section of this press release. The length of intercept
may not represent the true width of mineralization. Values may not
add up due to rounding. From, To and Length are rounded to the
nearest tenth of a meter.
(*) denotes interval of massive sulphide within larger reported
intercept.
Figure 2: Drill core from the VB Zone (hole
VB-41 at 392.4 meters) highlighting loop textured pentlandite.
Figure 3: Drill core from the VB Zone (hole
VB-41) highlighting high-grade massive sulphide within the zone
from 385.0 to 396.5 meters.
LZ Zone
At the southwest extent of the Umburana System,
located approximately 20 kilometers from the Company's Caraíba
milling operations and approximately 3.2 kilometers southwest of
the VB Zone, nickel-bearing ultramafic rocks have been identified
over 500 meters in strike- length and approximately 50 meters in
apparent thickness using surface mapping supported by geochemistry,
airborne electromagnetic response and eight trenches and has been
traced from surface to a depth of 315 meters down-dip. Drilling has
primarily focused to date on delineating near surface, open
pit-able mineral resources. Mineralization remains open to depth
and to the north. To date, 34 diamond drill holes with assay
results have been received.
Mineralization within the LZ Zone is primarily
comprised of disseminated nickel sulphide mineralization with
intercalated intervals of interstitial and patchy net-textured
sulphides (see Figure 4). Within the 500-meter identified strike
length, a zone of higher-grade mineralization has been identified
within the footwall of the mafic-ultramafic intrusion associated
with a websterite layer.
Results within the footwall are highlighted by
hole LZ-25 that intercepted a broad interval of mineralization
covering 46.1 meters grading 0.28% NiEq from approximately 230
meters downhole. Hole LZ-32 intercepted 11.3 meters grading 0.51%
NiEq from approximately 295 meters downhole. Together, these
intercepts demonstrate continuity of nickel sulphide mineralization
down-dip. Please see "LZ Zone Intercepts" table below for complete
results.
The deepest drilling to date is highlighted by
hole LZ-33 that intercepted disseminated nickel mineralization over
2.6 meters grading 0.70% NiEq, from approximately 350 meters
downhole. At the bottom of this mineralized intercept, an extension
of the high-grade websterite layer of the footwall zone,
approximately 320 meters below surface, was intercepted over 1.6
meters grading 1.03% NiEq, indicating continuity, albeit thinner,
to depth. There are no drill rigs currently working within the LZ
Zone, as exploration efforts are focused on the VB Zone and other
regional nickel targets within the Curaçá Valley identified using
systematic geological mapping, soil geochemistry, trenching and
ground electromagnetic ("EM") surveys.
Please see Figure 8 and 9 for additional details
on drill hole locations and intercepts within the LZ Zone.
LZ Zone Intercepts
Hole ID |
From (m) |
To (m) |
Length (m) |
Ni (%) |
Cu (%) |
Co (%) |
LZ-25 |
236.6 |
282.8 |
46.1 |
0.20 |
0.04 |
0.03 |
including |
280.2 |
282.8 |
2.6 |
0.75 |
0.18 |
0.06 |
including |
280.2 |
281.2 |
1.0 |
1.16 |
0.25 |
0.05 |
including |
282.2 |
282.8 |
0.6 |
0.90 |
0.32 |
0.09 |
LZ-26 |
244.4 |
259.5 |
15.1 |
0.20 |
0.06 |
0.01 |
including |
253.4 |
256.4 |
3.0 |
0.36 |
0.10 |
0.02 |
and |
272.4 |
275.1 |
2.7 |
0.46 |
0.12 |
0.03 |
including |
274.4 |
275.1 |
0.7 |
0.78 |
0.21 |
0.04 |
LZ-27 |
NSI |
NSI |
NSI |
NSI |
NSI |
NSI |
LZ-28 |
279.4 |
281.4 |
2.0 |
0.29 |
0.07 |
0.02 |
and |
328.8 |
331.3 |
2.6 |
0.65 |
0.16 |
0.03 |
including |
329.7 |
331.3 |
1.6 |
0.91 |
0.22 |
0.04 |
LZ-29 |
NSI |
NSI |
NSI |
NSI |
NSI |
NSI |
LZ-30 |
NSI |
NSI |
NSI |
NSI |
NSI |
NSI |
LZ-31 |
NSI |
NSI |
NSI |
NSI |
NSI |
NSI |
LZ-32 |
296.9 |
308.2 |
11.3 |
0.43 |
0.10 |
0.02 |
including |
300.3 |
307.3 |
7.0 |
0.61 |
0.14 |
0.03 |
including |
300.3 |
301.4 |
1.1 |
1.35 |
0.29 |
0.05 |
including |
305.4 |
306.0 |
0.6 |
0.87 |
0.20 |
0.04 |
including |
306.7 |
307.3 |
0.7 |
1.44 |
0.25 |
0.06 |
LZ-33 |
320.9 |
324.0 |
3.1 |
0.31 |
0.10 |
0.02 |
and |
352.1 |
354.7 |
2.6 |
0.57 |
0.17 |
0.03 |
including |
353.1 |
354.7 |
1.6 |
0.84 |
0.24 |
0.04 |
LZ-34 |
148.3 |
150.3 |
2.0 |
0.21 |
0.08 |
0.01 |
and |
151.3 |
153.5 |
2.2 |
0.28 |
0.08 |
0.02 |
and |
169.8 |
172.9 |
3.0 |
0.39 |
0.08 |
0.02 |
including |
172.0 |
172.9 |
0.9 |
1.05 |
0.24 |
0.05 |
and |
189.3 |
193.1 |
3.8 |
0.30 |
0.06 |
0.01 |
CRLZ-01 |
NSI |
NSI |
NSI |
NSI |
NSI |
NSI |
CRLZ-02 |
NSI |
NSI |
NSI |
NSI |
NSI |
NSI |
CRLZ-03 |
NSI |
NSI |
NSI |
NSI |
NSI |
NSI |
CRLZ-04 |
NSI |
NSI |
NSI |
NSI |
NSI |
NSI |
CRLZ-05 |
NSI |
NSI |
NSI |
NSI |
NSI |
NSI |
CRLZ-06 |
NSI |
NSI |
NSI |
NSI |
NSI |
NSI |
CRLZ-07 |
NSI |
NSI |
NSI |
NSI |
NSI |
NSI |
NSI denotes no significant intercept grading
above 0.10% Ni. Drill holes were drilled from surface. Holes not
included are either pending assay results or have been included in
a different section of this press release. The length of intercept
may not represent the true width of mineralization. Values may not
add up due to rounding. From, To and Length are rounded to the
nearest tenth of a meter.
Figure 4: Brecciated and patchy net-textured
sulphides shown in detail for hole LZ-32 (~300 meters downhole)
showing both pentlandite and pyrrhotite
NOTE ON NI 43-101 COMPLIANT TECHNICAL
REPORT(S)
The conversion of drill results presented in
this press release into NI 43-101 compliant mineral resources and
mineral reserves all require additional work and analysis that
remains ongoing. To date, there has been insufficient exploration
and accompanying analysis to define a mineral resource and it is
uncertain if further exploration will result in this nickel system
being delineated as a mineral resource. Accordingly, the results
herein may not be included in future NI 43-101 compliant mineral
resources or mineral reserves depending on the results of this
additional work and analysis, and other technical and/or economic
reasons.
QUALITY ASSURANCE & QUALITY
CONTROL
In support of its ongoing Umburana System
exploration program, the Company is currently drilling on surface
using third-party contracted core drill rigs. During the period
from September 2022 through May 2023, third-party drill rigs were
operated by Major Drilling do Brasil Ltda., DrillGeo Geologia e
Sondagem Ltda. and Layne Christensen Co., 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. All sample
preparation is performed in MCSA’s secure on-site laboratory. Total
nickel and copper is determined using a nitric-hydrochloric acid
digestion and Atomic Absorption Spectrometry and/or Titration at
the on-site laboratory. All sample results during the period have
been monitored through a QA/QC program that includes the insertion
of certified standards, blanks, and pulp and reject duplicate
samples. Check-assays for nickel and copper were submitted to ALS
Brasil Ltda’s facility located in Vespasiano, Minas Gerais, Brazil,
at a rate of approximately 5%. ALS Brasil Ltda is a subsidiary of
ALS Limited and is independent of the Company.
Mr. Cid Gonçalves Monteiro Filho, SME RM
(04317974), MAIG (No. 8444), MAusIMM (No. 3219148) 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 is a high-margin, high-growth, clean copper
producer with operations in Brazil and corporate headquarters in
Vancouver, B.C. The Company's primary asset is a 99.6% interest in
the Brazilian copper mining company, MCSA, 100% owner of the
Company's Caraíba Operations (formerly known as the MCSA Mining
Complex), which are located in the Curaçá Valley, Bahia State,
Brazil and include the Pilar and Vermelhos underground mines and
the Surubim open pit mine, and the Tucumã Project (formerly known
as Boa Esperança), an IOCG-type copper project located in Pará,
Brazil. The Company also owns 97.6% of NX GoldS.A. ("NX Gold")
which owns the Xavantina Operations (formerly known as the NX Gold
Mine), comprised of an operating gold and silver mine located in
Mato Grosso, Brazil. Additional information on the Company and its
operations, including technical reports on the Caraíba Operations,
Xavantina Operations and Tucumã Project, can be found on the
Company's website (www.erocopper.com), on SEDAR (www.sedar.com),
and on EDGAR (www.sec.gov). The Company’s shares are publicly
traded on the Toronto Stock Exchange and the New York Stock
Exchange under the symbol “ERO”.
FOR MORE INFORMATION, PLEASE 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. Forward-looking statements may include, but are not
limited to, statements with respect to potential extensions or
expansion of identified nickel occurrences; unlocking value for the
Company using geologic tools, the potential for the Curaçá Valley
to be a globally significant magmatic sulphide district for any
metal or commodity, the Company’s expectations, strategies and
plans for future exploration activities related to nickel including
the use of geophysics; the results of future exploration and
drilling campaigns targeting nickel; the importance or significance
of any nickel sulphide texture; the Company’s planned organic
growth and exploration activities; estimated completion dates for
certain milestones; successfully adding or upgrading mineral
resources and successfully developing new deposits; and any other
statement that may predict, forecast, indicate or imply future
plans, intentions, levels of activity, results, performance or
achievements.
Forward-looking statements are subject to a
variety of known and unknown risks, uncertainties and other factors
that could cause actual results, actions, events, conditions,
performance or achievements to materially differ from those
expressed or implied by the forward-looking statements, including,
without limitation, risks discussed in this press release and in
the Company's Annual Information Form for the year ended December
31, 2022 and dated March 7, 2023 (the "AIF") under the heading
“Risk Factors”. The risks discussed in this press release and in
the AIF are not exhaustive of the factors that may affect any of
the Company’s forward-looking statements. Although the Company has
attempted to identify important factors that could cause actual
results, actions, events, conditions, performance or achievements
to differ materially from those contained in forward-looking
statements, there may be other factors that cause results, actions,
events, conditions, performance or achievements to differ from
those anticipated, estimated or intended.
Forward-looking statements are not a guarantee
of future performance. There can be no assurance that
forward-looking statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. Forward-looking statements involve
statements about the future and are inherently uncertain, and the
Company’s actual results, achievements or other future events or
conditions may differ materially from those reflected in the
forward-looking statements due to a variety of risks, uncertainties
and other factors, including, without limitation, those referred to
herein and in the AIF under the heading “Risk Factors”.
The Company’s forward-looking statements are
based on the assumptions, beliefs, expectations and opinions of
management on the date the statements are made, many of which may
be difficult to predict and beyond the Company’s control. In
connection with the forward-looking statements contained in this
press release and in the AIF, the Company has made certain
assumptions about, among other things: continued effectiveness of
the measures taken by the Company to mitigate the possible impact
of COVID-19 on its workforce and operations; favourable equity and
debt capital markets; the ability to raise any necessary additional
capital on reasonable terms to advance the production, development
and exploration of the Company’s properties and assets; future
prices of copper, gold and other metal prices; the timing and
results of exploration and drilling programs; the accuracy of any
mineral reserve and mineral resource estimates; the geology of the
Caraíba Operations, the Xavantina Operations and the Tucumã Project
being as described in the respective technical report for each
property; production costs; the accuracy of budgeted exploration,
development and construction costs and expenditures; the price of
other commodities such as fuel; future currency exchange rates and
interest rates; operating conditions being favourable such that the
Company is able to operate in a safe, efficient and effective
manner; work force continuing to remain healthy in the face of
prevailing epidemics, pandemics or other health risks (including
COVID-19), political and regulatory stability; the receipt of
governmental, regulatory and third party approvals, licenses and
permits on favourable terms; obtaining required renewals for
existing approvals, licenses and permits on favourable terms;
requirements under applicable laws; sustained labour stability;
stability in financial and capital goods markets; availability of
equipment; positive relations with local groups and the Company’s
ability to meet its obligations under its agreements with such
groups; and satisfying the terms and conditions of the Company’s
current loan arrangements. Although the Company believes that the
assumptions inherent in forward-looking statements are reasonable
as of the date of this press release, these assumptions are subject
to significant business, social, economic, political, regulatory,
competitive and other risks and uncertainties, contingencies and
other factors that could cause actual actions, events, conditions,
results, performance or achievements to be materially different
from those projected in the forward-looking statements. The Company
cautions that the foregoing list of assumptions is not exhaustive.
Other events or circumstances could cause actual results to differ
materially from those estimated or projected and expressed in, or
implied by, the forward-looking statements contained in this press
release. 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
Unless otherwise indicated, all reserve and
resource estimates included in this press release and the documents
incorporated by reference herein have been prepared in accordance
with National Instrument 43-101, Standards of Disclosure for
Mineral Projects (“NI 43-101") and the Canadian Institute of
Mining, Metallurgy and Petroleum (the “CIM”) — CIM Definition
Standards on Mineral Resources and Mineral Reserves, adopted by the
CIM Council, as amended (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.
Canadian standards, including NI 43-101, differ significantly from
the requirements of the United States Securities and Exchange
Commission (the “SEC”), and reserve and resource information
included herein may not be comparable to similar information
disclosed by U.S. companies. In particular, and without limiting
the generality of the foregoing, this press release and the
documents incorporated by reference herein use the terms “measured
resources,” “indicated resources” and “inferred resources” as
defined in accordance with NI 43-101 and the CIM Standards.
Further to recent amendments, mineral property
disclosure requirements in the United States (the “U.S. Rules”) are
governed by subpart 1300 of Regulation S-K of the U.S. Securities
Act of 1933, as amended (the “U.S. Securities Act”) which differ
from the CIM Standards. As a foreign private issuer that is
eligible to file reports with the SEC pursuant to the
multi-jurisdictional disclosure system (the “MJDS”), Ero is not
required to provide disclosure on its mineral properties under the
U.S. Rules and will continue to provide disclosure under NI 43-101
and the CIM Standards. If Ero ceases to be a foreign private issuer
or loses its eligibility to file its annual report on Form 40-F
pursuant to the MJDS, then Ero will be subject to the U.S. Rules,
which differ from the requirements of NI 43-101 and the CIM
Standards.
Pursuant to the new U.S. Rules, the SEC
recognizes estimates of “measured mineral resources”, “indicated
mineral resources” and “inferred mineral resources.” In addition,
the definitions of “proven mineral reserves” and “probable mineral
reserves” under the U.S. Rules are now “substantially similar” to
the corresponding standards under NI 43-101. Mineralization
described using these terms has a greater amount of uncertainty as
to its existence and feasibility than mineralization that has been
characterized as reserves. Accordingly, U.S. investors are
cautioned not to assume that any measured mineral resources,
indicated mineral resources, or inferred mineral resources that Ero
reports are or will be economically or legally mineable. Further,
“inferred mineral resources” have a greater amount of uncertainty
as to their existence and as to whether they can be mined legally
or economically. Under Canadian securities laws, estimates of
“inferred mineral resources” may not form the basis of feasibility
or pre-feasibility studies, except in rare cases. While the above
terms under the U.S. Rules are “substantially similar” to the
standards under NI 43-101 and CIM Standards, there are differences
in the definitions under the U.S. Rules and CIM Standards.
Accordingly, there is no assurance any mineral reserves or mineral
resources that Ero may report as “proven mineral reserves”,
“probable mineral reserves”, “measured mineral resources”,
“indicated mineral resources” and “inferred mineral resources”
under NI 43-101 would be the same had Ero prepared the reserve or
resource estimates under the standards adopted under the U.S.
Rules.
Figure 5 Umburana System
- Plan Map
Figure 6VB Zone - Plan
Map
Figure
7VB Zone - East-West Composite
Section
Figure
8LZ Zone - Plan Map
Figure
9LZ Zone - East-West Composite
Section
Photos accompanying this announcement are available at
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