Subscribe
Be the first with the news that moves the market- Ero Copper Corp (TSX:ERO) has discovered significant new copper and gold mineralisations in Brazil, during its first quarter drill program
- At the company’s Pilar Mine extended drilling between December and March has successfully defined a new deep copper mineralisation 800 metres across and 400 metres down
- Likewise, at the NX Gold Mine, drilling has interested high-grade levels of gold outside the known resource, which is likely to increase the mineralisation estimate at the site and extend the mine’s life
- However, due to the third-party laboratory closures, related to the COVID-19 pandemic, the company’s other pending drill results have been delayed
- Ero Copper Corp (ERO) is up 1.25 per cent, with shares trading for C$12.98 and a market cap of $1.11 billion
Ero Copper (TSX:ERO) has discovered significant new copper and gold mineralisations in Brazil, during its first quarter drill program.
At the company’s Pilar Mine, an extended drill program between December and March has successfully defined a new deep copper mineralisation trend.
Notably, drilling intersected 22.8 meters at 3.18 per cent copper. Within this core was a higher-grade reading of 5.29 per cent across 10.6 metres.
Through this latest drill program, the company has been able to define a deep extension below the mine. Ero now estimates the area is 800 meters in strike length and reaches 400 meters down.
At Ero’s NX Gold Mine, efforts to increases the site’s known mineralisation have met early success.
Among the highlighted drill results, the company intersected 3.8 meters at 19.22 grams per tonne gold. This result was discovered at the edge of the known resource and further high-grade results have been interested at up to 125 metres below the current resource.
With these results in hand, the company is confident it will be able to extend the mine’s life through the newly discovered mineralisations.
David Strang, President and CEO of Ero Copper, said the company’s strong first quarter drilling activities are in line with its 2020 exploration objectives.
“The first and foremost objective was to demonstrate continuity of high-grade mineralization within the Deepening Extension zone of the Pilar Mine.
“Similarly, the results from resource upgrade and extensional exploration programs at the NX Gold Mine give us comfort that we will be able to continue to add significantly to mine life and secure the future of the mine,” he said.
David went on to say that, while the company’s operations remain uninterrupted by the COVID-19 pandemic, its ability to process results has been impacted.
A number of third-party laboratories have been forced to close due to government-mandated shutdowns, delaying Ero’s pending assays.
To mitigate future delays, the company is now developing in-house testing facilities to remove the need for third-party laboratories.
Ero Copper Corp (ERO) is up 1.25 per cent, with shares trading for C$12.98 at 2:54am EST.
