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Ero Copper announces 78% increase in gold reserves at NX mine

Tue Nov 24 2020


Ero Copper (TSX: ERO) announced today significant increase in 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.


Indicated mineral resource increased by 55%, inclusive of mineral reserves, as compared to the Indicated mineral resources set out in the 2019 Technical Report, totalling 770,231 tonnes grading 10.90 grams per tonne containing 269,936 ounces of gold.


Probable mineral reserves increased by 78%, totalling 862,134 tonnes grading 8.83 grams per tonne containing 244,650 ounces of gold.

Inferred mineral resources increased by 37%, providing a roadmap for ongoing exploration programs to further extend the mine’s life, with potential for higher grades, through conversion of this material in the future. The 2020 Inferred mineral resource totals 573,772 tonnes grading 10.55 grams per tonne containing approximately 194,556 ounces of gold; and,


An updated LOM plan derived from the updated mineral reserve estimate, outlining a six-year mine life, producing a total of approximately 227,000 ounces of gold, at an average annual production rate of approximately 36,000 ounces of gold (approximately 41,400 over the first four years) at LOM average C1 cash costs of US$505 per ounce of gold produced and LOM average all-in sustaining costs of US$720 per ounce.


President & CEO David Strang said that “The positive results and significant extension of mine life at our NX Gold operations as outlined in our 2020 LOM update reflect the culmination of a multi-year commitment to organically grow our NX Gold operations. This effort began in mid-2018 with the first real exploration program conducted at the property since 2012. In a very short period of time, NX Gold has grown from a mine with no reserves in front of it (as outlined in our 2018 Technical Report) to a low-cost, highly profitable six-year operation featuring an actionable road-map to further grow production and extend mine-life through conversion of our newly defined high-grade Inferred mineral resource.”


Ero, 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 40 years of operating history in the region. The company currently mines copper ore from the Pilar and Vermelhos underground mines. In addition to the Vale do Curaçá Property, MCSA owns 100% of the Boa Esperança development project, an IOCG-type copper project located in Pará, Brazil and the Company owns 97.6% of the NX Gold Mine, an operating gold and silver mine located in Mato Grosso, Brazil.