Named Siriema, copper mineralisation has been defined by 11 core holes and 22 reverse circulation holes totaling 8,566m, with a mineralised zone believed to extend 400m in strike-length, be 20 to 50m wide and running from surface to a depth of 250m. The zone is interpreted to contain multiple sub-vertical mineralised lenses.
Mineralisation is predominately disseminated with high-grade massive-sulphide breccia mineralisation also encountered with drilling highlights including 32m grading 1.81% copper.
"As the first target to be drilled following our targeting exercise, Siriema validates our data-driven exploration methodology particularly as Siriema had several historic(al) holes that were drilled in the opposite orientation missing the main mineralized trend. … The Siriema discovery confirms that the Vermelhos mineralised system continues to extend, remains open to the South and has significant expansion potential that will remain a key area of exploration for the company for the foreseeable future," said president and CEO David Strang in a statement.
Ero plans to continue delineating the extent of mineralisation at Siriema and move towards delineating a mineral resource, as well as following-up on electromagnetic anomalies between Siriema and the Vermelhos mine.
Shares in Ero Copper (TSX: ERO) are trading at C$24.95, valuing the company at $2.1 billion. Its share price has increased about 145% so far this year.