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Ero Copper Announces 31% Increase in Mineral Reserves of the Caraíba Operations and Extension of Mine Life to 20 Years
VANCOUVER, British Columbia, Nov. 07, 2022 (GLOBE NEWSWIRE) -- Ero Copper Corp. (TSX: ERO, NYSE: ERO) ("Ero" or the “Company”) is pleased to announce an update
About this update from Ero Copper Corp.
[{"type":"text","content":" VANCOUVER, British Columbia, Nov. 07, 2022 (GLOBE NEWSWIRE) -- Ero Copper Corp. (TSX: ERO, NYSE: ERO) (\"Ero\" or the “Company”) is pleased to announce an update of its National Instrument 43-101 (“NI 43-101”) compliant mineral reserves and resources along with a life-of-mine (\"LOM\") production plan for its Caraíba Operations, located in Bahia State, Brazil. The updated mineral reserve and mineral resource estimates incorporate drilling activities through June 30, 2022 while mining depletion has been updated through the effective date of the estimate, September 30, 2022. HIGHLIGHTS The addition of Project Honeypot contributes measured and indicated mineral resources, inclusive of reserves, of 9.7 Mt grading 1.87% copper containing 181.3 kt of copper; Increase of 31% in the Caraíba Operations proven and probable mineral reserves as compared to the 2021 estimate, including a 43% increase within the Pilar Mine, driven by the Project Honeypot maiden mineral reserve of approximately 129.7 kt of contained copper (8.1 Mt grading 1.59% copper); An additional 49.1 kt of contained copper (4.6 Mt grading 1.08% copper) was added to proven and probable mineral reserves from other areas within the upper levels of the Pilar Mine, resulting in a net increase of 150.5 kt of contained copper after mine depletion; The mineral reserve estimate for Project Honeypot currently reflects more conservative assumptions for dilution and mine recovery than what is being achieved in the Pilar Mine - see notes on mineral resources and reserves for additional details; The inclusion of Project Honeypot into Caraíba's 2022 Strategic LOM Plan provides operational flexibility and improvements over prior production guidance and the LOM plan included in the 2020 Technical Report (as defined below): A 5% increase in projected mill head grades when compared to same-year projections outlined in the Company's 5-Year Guidance (please refer to press release dated January 11, 2022); Vermelhos District open pits re-sequenced from 2026 / 2027 to beyond 2030, deferring capital related to pre-stripping and ore sorting as well as simplifying the Company's development initiatives over the medium-term; and, Steady growth in copper production from 45.3kt (2023) to 59.4 kt of copper by 2036 and current mine life of 20 years \"Caraíba's 2022 updated mineral reserves, mineral reso...