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 reserve and resource estimates for its Xavantina Operations, located in Mato Grosso State, Brazil. The updated mineral reserve and mineral resource estimates incorporate drilling activities and mining depletion on the properties through June 30, 2024.
HIGHLIGHTS
- 19% increase in proven and probable mineral reserves as compared to the 2023 estimate, including a 24% increase at the Santo Antônio Vein.
- Proven and probable mineral reserve compound annual growth rate (“CAGR”) of approximately 62% from 2018 to 2024.
- 26% increase in measured and indicated mineral resources, inclusive of mineral reserves, as compared to the 2023 estimate, including a 31% increase at the Santo Antônio Vein.
- Excess mill capacity of approximately 25% continues to offer further expansion potential in the near- and medium-term.
“Our ongoing exploration program at the Xavantina Operations continues to deliver exceptional results,” stated David Strang, Chief Executive Officer. “When we acquired this asset in 2016, it had no mineral reserves, no mine life, and annual production of just 25,000 ounces. We have since transformed it into a robust operation with nearly 600,000 ounces of measured and indicated resources, including 459,000 ounces of proven and probable reserves. The successful completion of our NX 60 Initiative in 2023, highlighted by first production from the Matinha Vein, was a major milestone, positioning Xavantina to sustain annual production of approximately 55,000 to 60,000 ounces in the years ahead.
“We are equally excited about Xavantina’s untapped potential, both near the mine and regionally. Our dual strategy remains focused on extending mine life and discovering new vein structures to expand mine and mill feed, enabling us to fully utilize the mill’s installed capacity of up to 300,000 tonnes per annum.”
Xavantina Operations Proven & Probable Mineral Reserve Evolution Since IPO
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