BASE METALS

Ero Copper cuts high-grade Vermelhos drill intercept

Toronto-listed Ero Copper finished the week strongly after reporting the highest-grade drill intercept yet at its new Vermelhos underground mine, in Brazil.

Staff Reporter
Ero Copper is confident it can sustain mining at the Vale do Curaçá property for years to come

Ero Copper is confident it can sustain mining at the Vale do Curaçá property for years to come

The company reported an intersection of 28.1m grading 12.6% copper, which included 18m at 15.62%. Ero said initial drilling beneath the main ore zones of the Vermelhos mine encountered high-grade mineralisation about 70m below the Toboggan orebody, intersecting 13.4m grading 5.86% copper, which also included 8.4m grading 7.04% from 306.3m down-hole.

The results are part of an ongoing drilling campaign at the flagship Vale do Curaçá property in Bahia state, and at its NX gold mine, in Mato Grosso state.

Ero also reported a new mineralised zone, Baraúna, which it discovered at the Pilar mine, immediately below the southern portion of the historic openpit.

At the NX mine the company is focused on delineating the extent of mineralisation at the new Santo Antonio discovery, highlighted by hole SA49 that intersected 2.9m grading 30.33g/t gold.

The company said 26 drill rigs were now operating throughout the Curaçá valley, including 13 within the Vermelhos district and 13 within the Pilar district. Three drill rigs were testing high-priority regional exploration targets within the districts, the company said.

To expedite the process the company just took delivery of a truck-mounted drill rig, which will focus on regional exploration drilling. There are seven drill rigs turning at the NX mine.

"We are excited by the new high-grade mineralisation encountered about 70m below the Toboggan orebody, but cautious to draw any definitive conclusions from this single intercept until we have further evaluated the surrounding area with two newly mobilised underground drill rigs," said CEO David Strang.

"The new Baraúna discovery at Pilar continues to speak to the great work our geology teams are doing in compiling nearly 50 years of historic data into a modern database. Along with the West Limb and East zone discoveries, the newly identified Baraúna zone increases our confidence that we will continue to extend the mine's life for years to come.

"The near-surface nature of the Baraúna discovery in relation to the past producing openpit mine may, following detailed engineering, support reopening portions of the openpit to mining in the future."

Ero shares (TSXERO) achieved a new 12-month high on Friday, closing at C$21.83 to take its market capitalisation to $1.86 billion. The stock price has more than doubled since January.

 

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.

editions

Mining Journal Intelligence Mining Equities Report 2023

Access an exclusive, inside look on the quarterly mining IPOs and secondary raisings data and mining equities performance tables with an annual Stock Exchange Comparisons supplement.

editions

Mining Journal Intelligence World Risk Report 2023 (feat. MineHutte ratings)

A detailed analysis of mining investment risks across 121 jurisdictions globally, built on 11 ‘hard risk’ metrics and an industrywide survey.

editions

Mining Journal Intelligence Global Leadership Report 2023: Social licence

Gain insights into social licence trends and best practices from interviews with 20+ top mining company executives and an industrywide survey.