Business
Ero Copper announces updated high-grade mineral reserve with average production of 40,500 ounces over initial three-year mine life extension at the NX Gold Mine
VANCOUVER, British Columbia, Dec. 19, 2019 (GLOBE NEWSWIRE) -- Ero Copper Corp. (“Ero” or the “Company”) (TSX: ERO) is pleased to announce its 2019 updated Nati
About this update from Ero Copper Corp.
[{"type":"text","content":" VANCOUVER, British Columbia, Dec. 19, 2019 (GLOBE NEWSWIRE) -- Ero Copper Corp. (“Ero” or the “Company”) (TSX: ERO) is pleased to announce its 2019 updated National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) compliant mineral reserve and resource estimate along with updated life of mine (“LOM”) production, capital and operating cost projections for its 97.6% owned NX Gold Mine, located in Mato Grosso State, Brazil. The update incorporates the results of the first systematic drill exploration effort undertaken since the mine commenced operations in 2012, and includes the Santo Antonio Vein discovery. Highlights of the update include: 416% increase in Indicated mineral resources, inclusive of mineral reserves, to 442,600 tonnes containing approximately 174,700 ounces of gold (a 296% increase in contained gold) compared to the Indicated mineral resources set out in the 2018 Technical Report (as defined below); 476% increase in Probable mineral reserves to 378,900 tonnes containing approximately 138,200 ounces of gold (a 448% increase in contained gold) compared to the Probable mineral reserves set out in the 2018 Technical Report; Over 1,000% increase in Inferred mineral resources to 470,200 tonnes containing approximately 141,700 ounces of gold (a 458% increase in contained gold) compared to the Inferred mineral resources set out in the 2018 Technical Report; and, Underpinning the significant increase in mineral reserves and resources, an updated LOM plan shows average annual production of approximately 40,500 ounces of gold at an average annual head grade of 11.63 grams per tonne gold resulting in average C1 cash costs of approximately US$479 per ounce of gold produced over the next three years. Commenting on the update, David Strang, President & CEO stated, “Our strategy for the NX Gold Mine at the outset of 2019 was to secure an initial mine life extension of three to five years at low-cost production for the Company. We are pleased with the result of this effort as we now see a strong foundation of gold production on which to build longer-term growth. The fact that this was achieved over only eight months of drilling in what amounts to the first real exploration effort undertaken at the property since 2012, speaks to the opportunity we see at NX Gold to continue to organ...