VANCOUVER, British Columbia, July 30, 2019 (GLOBE NEWSWIRE) -- Ero Copper Corp. (the “Company”) (ERO.TO) is pleased to announce the first regional discovery based upon the Company’s targeting exercise incorporating the result of the airborne survey completed in late 2018. The new discovery, named Siriema, is located approximately 1.5 kilometers south of the Vermelhos Mine.
To date, copper mineralization at Siriema has been defined by both core drilling (11 holes) and reverse circulation (“RC”) drilling (22 holes) totaling 8,566 meters and has been interpreted as a mineralized zone extending approximately 400 meters in strike-length, approximately 20 to 50 meters in width, and from surface to a depth of approximately 250 meters. The zone is interpreted to contain multiple sub-vertical mineralized lenses and remains open to depth and to the east. While the mineralization encountered to date is predominately disseminated, drilling following down-hole electromagnetic (“EM”) anomalies continues to intercept a shallow-plunging east-dipping zone of high-grade massive-sulphide breccia mineralization trending to the north-northwest. Follow-up drilling as well as additional down-hole EM surveys along this massive-sulphide zone remain ongoing. Results received to date are highlighted by:
- Drill hole CRN5-06 that intersected 32.0 meters grading 1.81% copper including 13.0 meters grading 2.57% copper from 43.0 meters downhole;
- Drill hole CRN5-12 that intersected 21.0 meters grading 1.74% copper including 5.0 meters grading 3.93% copper from 146.0 meters downhole;
- Drill hole FSI-37 that intersected 29.7 meters grading 1.13% copper, including 3.0 meters grading 5.25% copper from 261.9 meters downhole.
Commenting on the discovery, David Strang, President & CEO, stated, “We are absolutely delighted with the Siriema discovery. As the first target to be drilled following our targeting exercise, Siriema validates our data-driven exploration methodology particularly as Siriema had several historic holes that were drilled in the opposite orientation missing the main mineralized trend. Our geology teams’ data-driven approach gives us confidence in our regional exploration program as we continue to step-out away from our existing mining operations towards the more than fifty regional target clusters identified to date during this work. The Siriema discovery confirms that the Vermelhos mineralized system continues to extend, remains open to the South and has significant expansion potential that will remain a key area of exploration for the Company for the foreseeable future.
“At Siriema specifically, with mineralization extending from surface and higher-grade intercepts occurring at depth, we will continue to work on delineating the extent of mineralization, move towards delineating a mineral resource and reserve for the project and follow-up on several promising EM anomalies between Siriema and the Vermelhos Mine.”
There are currently two core drill rigs continuing to test the extent of mineralization at Siriema. The results for both core and RC exploration drill holes drilled to date are shown in the following tables. Please see Figures 1 and 2 for plan maps detailing collar locations and Figure 3 for a north-south long-section of the Siriema discovery.
Siriema Core Drill Results
|Hole ID||From (m)||To (m)||Length (m)||Cu (%)|
NSI indicates no significant intercept, based on cut-off grade of 0.18% copper for near-surface intervals and 0.68% for intervals below 200 meters down hole. Drill holes were drilled from surface. 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.
Siriema RC Drill Results
|Hole ID||From (m)||To (m)||Length (m)||Cu (%)|
NSI indicates no significant intercept, based on cut-off grade of 0.18% copper for near-surface intervals and 0.68% for intervals below 200 meters down hole. Drill holes were drilled from surface. 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 based on RC drilling, which are composited every meter.
ABOUT ERO COPPER CORP
Ero Copper Corp, headquartered in Vancouver, B.C., is focused on copper production growth from the Vale do Curaçá Property, located in Bahia, Brazil. The Company’s primary asset is a 99.6% interest in the Brazilian copper mining company, Mineração Caraíba S.A. (“MCSA”), 100% owner of the Vale do Curaçá Property with over 39 years of operating history in the region. The Company currently mines copper ore from the Pilar underground mine, the R22W open pit mine and the Vermelhos underground mine. In addition to the Vale do Curaçá Property, MCSA owns 100% of the Boa Esperanҫa development project, an IOCG-type copper project located in Pará, Brazil and the Company, directly and indirectly, owns 97.6% of the NX Gold Mine, an operating gold and silver mine located in Mato Grosso, Brazil. Additional information on the Company and its operations, including Technical Reports on the Vale do Curaçá, Boa Esperanҫa and NX Gold properties, can be found on the Company’s website (www.erocopper.com) and on SEDAR (www.sedar.com).
QUALITY ASSURANCE / QUALITY CONTROL
Vale do Curaçá Property
The Company is currently drilling on surface and underground with core and RC drill rigs using a combination of owned and third-party contracted drill rigs. Drill rigs at Siriema were operated by Major Drilling, Mackay Drilling Inc., 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 MCSA’s 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 one-meter sample intervals unless an interval crosses a geological contact. All core 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 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 independent of the Company.
RC drill sampling occurs at the drill-site using a rig-mounted Metzke Exploration Cyclone containing a cone splitter that collects both primary and duplicate samples for each one-meter intervals. Each one-meter interval is sampled twice with each sample weighing approximately 4 kilograms. The cyclone is cleaned at the end of every six meter drill rod. Samples are collected, bagged, weighed, and labeled on site prior to being sent to ALS Brasil Ltda’s facility located in Vespasiano, Minas Gerais, Brazil where they are dried, crushed and subjected to four acid digestion. Assay values for 48 elements are determined using ICP-AES and ICP-MS. Platinum, palladium and gold values are determined using fire-assay with ICP-AES. ALS Brasil Ltda is independent of the Company
Rubens Mendonça, MAusIMM, Chartered Professional – Mining, has reviewed and approved the scientific and technical information contained in this press release. Mr. Mendonça is a Qualified Person and is independent of the Company as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects (“NI 43-101”).
|ERO COPPER CORP. |
|Signed: “David Strang” ||For further information contact:|
|David Strang, President & CEO||Makko DeFilippo, Vice President, Corporate Development|
|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 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, expansion of mineralization near the Company’s existing operations and throughout the Curaçá Valley including the Company’s plans to focus on, and the potential significance of EM plates, the significance of any zone of massive sulphide mineralization or the extension of any portion of the Vermelhos Mine and District. |
Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, as of the date of this Press Release including, without limitation, assumptions about: favourable equity and debt capital markets; the ability to raise any necessary additional capital on reasonable terms to advance the production, development and exploration of the Company’s properties and assets; future prices of copper and other metal prices; the timing and results of exploration and drilling programs; the accuracy of any mineral reserve and mineral resource estimates; the geology of the Vale do Curaçá Property, NX Gold MIne and the Boa Esperanҫa 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; 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. While the Company considers these assumptions to be reasonable, the assumptions are inherently subject to significant business, social, economic, political, regulatory, competitive and other risks and uncertainties, contingencies and other factors that could cause actual actions, events, conditions, results, performance or achievements to be materially different from those projected in the forward-looking information. Many assumptions are based on factors and events that are not within the control of the Company and there is no assurance they will prove to be correct.
Furthermore, such forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of the Company to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking information. Such risks include, without limitation the risk factors listed under the heading “Risk Factors” in the Annual Information Form of the Company for the year ended December 31, 2018, dated March 14, 2019.
Although the Company has attempted to identify important factors that could cause actual actions, events, conditions, results, performance or achievements to differ materially from those described in forward-looking information, there may be other factors that cause actions, events, conditions, results, performance or achievements to differ from those anticipated, estimated or intended.
The Company cautions that the foregoing lists of important assumptions and factors are not exhaustive. Other events or circumstances could cause actual results to differ materially from those estimated or projected and expressed in, or implied by, the forward-looking information contained herein. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information.
Forward-looking information contained herein is made as of the date of this press release and the Company disclaims any obligation to update or revise any forward-looking information, whether as a result of new information, future events or results or otherwise, except as and to the extent required by applicable securities laws.
GENERAL Information of a scientific or technical nature in respect of the Vale do Curaçá Property included in this press release is based upon the Vale do Curaçá technical report entitled “2018 Updated Mineral Resources and Mineral Reserves Statements of Mineração Caraíba’s Vale do Curaçá Mineral Assets, Curaçá Valley”, dated October 17, 2018 with an effective date of August 1, 2018, prepared by Rubens Jose De Mendonça, MAusIMM, of Planminas and Porfirio Cabaleiro Rodrigues, MAIG, Fábio Valério Cãmara Xavier, MAIG, and Bernardo Horta de Cerqueira Viana, MAIG, all of GE21 Consultoria Mineral, whom are independent qualified persons under NI 43-101.
Please see the relevant Technical Reports filed on the Company’s profile at www.sedar.com, for details regarding the data verification undertaken with respect to the scientific and technical information included in this press release regarding the Vale do Curaçá Property.
Cautionary Notes Regarding Mineral Resource and Reserve Estimates In accordance with applicable Canadian securities regulatory requirements, all mineral reserve and mineral resource estimates of the Company disclosed or incorporated by reference in this press release have been prepared in accordance with NI 43-101 and are classified in accordance with the CIM Standards.
Mineral resources which are not mineral reserves do not have demonstrated economic viability. Pursuant to the CIM Standards, mineral resources have a higher degree of uncertainty than mineral reserves as to their existence as well as their economic and legal feasibility. Inferred mineral resources, when compared with Measured or Indicated mineral resources, have the least certainty as to their existence, and it cannot be assumed that all or any part of an Inferred mineral resource will be upgraded to an Indicated or Measured mineral resource as a result of continued exploration. Pursuant to NI 43-101, Inferred mineral resources may not form the basis of any economic analysis. Accordingly, readers are cautioned not to assume that all or any part of a mineral resource exists, will ever be converted into a mineral reserve, or is or will ever be economically or legally mineable or recovered.
A PDF accompanying this announcement is available at: http://ml.globenewswire.com/Resource/Download/c3f20f24-cab8-46cb-996f-430493eb2ca2