ERO.TO · 2020-04-22 12:00:00

Ero Copper intersects 22.8 meters grading 3.18% copper including 10.6 meters grading 5.29% copper in the Pilar Mine Deepening Zone, confirms continuity of high-grade ‘Superpod’ discovery

Drill Results

TSX: ERO

1 Ero Copper Corp

APRIL 22, 2020

Ero Copper intersects 22.8 meters grading 3.18% copper including 10.6 meters grading 5.29%

copper in the Pilar Mine Deepening Zone, confirms continuity of high-grade ‘Superpod’

discovery

Vancouver, British Columbia – Ero Copper Corp. (the “Company”) (TSX: ERO) is pleased to

provide a quarterly update on the ongoing exploration drill programs on its 99.6% owned Vale do

Curaçá Property located in Bahia State, Brazil and its 97.6% owned NX Gold Mine located in

Mata Grosso State, Brazil . This update encompasses drill results received from December 2019

through March, 2020. Drilling during the period continued to focus on priority target areas within

the Pilar Mine, Vermelhos Mine , the broader Curaçá Valley as well as extensions of the Santo

Antonio Vein at the NX Gold Mine, all according to the planned drill programs for the first quarter

of 2020, which have not been impacted by the COVID-19 pandemic.

HIGHLIGHTS

• Continued success in demonstrating continuity of the high-grade ‘Superpod’ mineralization

below the known ext ent of the Pilar Mine within the “Deepening Extension” zone,

highlighted by:

- FC47163: 22.8 meters grading 3.18% copper including 10.6 meters gr ading 5.29%

copper;

- FC5623: 21.8 meters grading 2.27% copper including 2.8 meters grading 7.76% copper,

drilled approximately 400 meters north of hole FC47163; and,

- mineralized intercepts within the Deepening Extension now extend over approximately

800 meters in strike length and to depth over 400 meters below the current level of the

primary ramp. The zone remains open to the north and to depth.

• Extended the known limits of the Vermelhos Mine orebodies from the initial results of a

systematic fan drill program surrounding the main orebodies of Toboggan and Sombrero,

including to depth, highlighted by:

- FVS-709: 7.6 meters grading 11.48% copper including 4.6 meters grading 17.39%

copper, located approximately 10 meters east of Toboggan;

- FVS-585: 10.0 meters grading 2.98% copper including 3.4 meters grading 4.79% copper

located approximately 20 meters east of Toboggan; and,

TSX: ERO

2 Ero Copper Corp

- FVS-638: 7.2 meters grading 2.16% copper including 2.0 meters grading 4.62% copper

and hole FVS-634: 2.5 meters grading 3.52% copper, located approximately 96 meters

and 125 meters beneath the main Vermelhos orebodies , respectively, making them the

deepest known intercepts beneath the Vermelhos main orebodies to date . Additional

drilling is planned to further define the size and extent of these newly intercepted lenses

at depth.

• Extended the known limits of mineralization within the Siriema deposit by an additional 400

meters beneath the current inferred mineral resource limit with wide-spaced, down-plunge,

200 meter step-out exploration drilling resulting in a series of deeper intercepts, highlighted

by:

- FSI-89: 6.0 meters grading 2.21% copper including 3.0 meters grading 3.12% copper,

located approximately 400 meters down-plunge of the current mineral resource along a

north-plunging structural conduit that can be traced to the Keel Zone. Drilling remains

focused on following the structural conduit to the north and to depth to further evaluate

potential for a wider zone of mineralization and the potential for additional copper-

nickel and platinum group metal (“PGM”) zonation first observed within the Keel Zone

of the Siriema deposit.

• At the NX Gold Mine, continued success in programs focused on upgrading the current

inferred mineral resource and testing down -plunge extensions of the high-grade

mineralization of the Santo Antonio vein. Results are highlighted by:

- SA69: 3.8 meters grading 19.22 grams per tonne gold drilled at the limit of the current

inferred mineral resource; and

- SA73: 4.9 meters grading 10.21 grams per tonne gold, hole SA70: 4.9 meters grading

9.53 grams per tonne gold and SA76: 3.5 meters grading 2.24 grams per tonne, located

approximately 30 meters, 45 meters and 125 meters down-plunge from the limits of the

current mineral resource (and hole SA69), respectively. The Santo Antonio vein remains

open to depth.

• Regional work comprised of both exploration drilling and ground-based geophysical work is

currently focused on four newly interpreted mineral systems within the portfolio of targets

defined by the C ompany’s comprehensive targeting work. Each of the new systems has an

average strike length of 5 kilometer s and contain multiple priority drill targets. While

preliminary results are encouraging, additional detail on these ongoing exploration programs

is expected during the second half of the year.

TSX: ERO

3 Ero Copper Corp

Commenting on the results, David Strang, President & CEO, stated, “At the outset of 2020 we set

ourselves several objectives with this years’ exploration program. The first and foremost objective

was to demonstrate continuity of high-grade mineralization within the Deepening Extension zone

of the Pilar Mine. We belie ve successful execution of this program, as demonstrated in this first

quarter update, continues to have the potential to meaningfully contribute to securing the future

production profile of the Company and be instrumental in maintaining an elevated grade profile

in the years to come . Similarly, the results from resource upgrade and extensional exploration

programs at the NX Gold Mine give us comfort that we will be able to continue to add significantly

to mine life and secure the future of the mine.

While the onset of the COVID-19 pandemic has not impacted our planned exploration programs,

the closure of many third-party laboratories has limited our ability over the near-term to analyze

for cobalt, gold and PGMs (although we are currently building this capability in-house). Despite

these pending assays, I am pleased to say that we have made significant strides during the first

quarter in extending mineralization across each of the assets within our portfolio. In addition to

the successes at Pilar and at the NX Gold Mine, notable extensions of the Siriema controlling

structure to depth and the preliminary, but exciting, results from the systematic Vermelhos Mine

fan drilling speak to the successes our exploration teams are having throughout our organization.

As we look forward to the balance of the year, and a progression to more regional drilling, we see

the emergence of four key regional mineralized systems on which we are focusing our exploration

efforts in the near to medium term . By year-end, we continue to expect the majority of our total

meterage drilled will be allocated to a selection of targets within these systems.”

Twenty-six drill rigs are currently operating in the Curaçá Valley, including twelve within the Pilar

District, eleven in the Vermelhos District, and there are currently seven drill rigs ( including four

within the Vermelhos District) operating on regional exploration targets in the Curaçá Valley. Five

additional drill rigs are currently operating at the NX Gold Mine.

Expansions and e xtensions, as referenced herein, reflect mineralization not captured in the

Company’s mineral resource and mineral reserve models used in the current (2019) mineral

resource and reserv e estimate. There has been insufficient work and analysis surrounding new

discoveries, as referenced herein, to define a mineral resource and it is uncertain if further

exploration and analysis will result in such targets being delineated as a mineral resource.

The drill holes outlined in this press release within the Vermelhos and Pilar Districts will be made

available on the Company’s Curaçá Valley site tour and interactive three-dimensional models for

the Pilar Mine and the Vermelhos System, which can be accessed vi a the Company’s website

(www.erocopper.com) or via VRIFY Technology Inc. (“VRIFY”) (www.vrify.com).

TSX: ERO

4 Ero Copper Corp

PILAR DISTRICT

The Pilar District encompasses the area surrounding the Pilar underground mine, Caraíba Mill

complex and the past producing Pi lar open pit and R22 Mines. Twelve drill rigs are currently

focused on resource upgrade and exploration programs within the Pilar Mine.

During the period, the Company has continued to priori tize drilling of the Deepening Extension

where the C ompany continues to confirm t hick and high- grade mineralization of a recently

identified mineralized chamber, or “Superpod”, within the Deepening Extension zone.

The Deepening Extension

Deepening Extension drilling is currently targeting mineralization on the East Lim b of the Pilar

Mine between level -725 and level - 1300 approximately 1,200 meters to 1,750 meters below

surface and approximately 100 meters laterally from the current level of the primary ramp

(completed to level -935). Drilling in the Deepening Extension zone continues to extend the known

limits of high-grade copper mineralization of the mine and intercept some of the most significant

holes on a grade -meter basis drilled in the Pilar Mine since acquisition of the Vale do Curaçá

Property in 2016, confirming continuity within a high-grade, mineralized chamber, or “Superpod”.

The Company has now identified a mineralized area within the Deepening Extension zone that

extends over approximately 800 meters in strike length, over a total depth of approximately 400

meters and over an average thickness of approximately 15 to 20 meters with localized thicknesses

of up to 50 meter s. Within the total strike length , a higher-grade continuous zone with a strike -

length of approximately 400 to 500 meters is emerging in the central and northern segments of the

target area. The zone remains open to the north and to depth. There are currently five underground

exploration dril l rigs systematically drilling the defined exploration target area within the

Deepening Extension zone.

New results during the period are highlighted by notable confirmatory and extensional drilling

within the high-grade target area. In the central portion of the Deepening Extension, on section 47,

new results are highlighted by hole FC47163 that intersected 22.8 meters grading 3.18% copper

including 10.6 meters grading 5.29% copper and hole FC47143 that intersected 37.0 meters

grading 1.49% copper including 5.0 meters grading 2.92% copper. Drill results in the central

portion of the Deepening Extension are complemented by previously announced intercepts , also

on section 47, in hole FC47142 that intersected 34.7 meters grading 2.29% copper including 18.6

meters grading 3.15% copper and hole FC47139 that intersected 7.1 meters grading 6.50% copper

including 4.1 meters grading 9.01% copper. In the northern section of the target area, located

approximately 400 meters north of the intercepts noted previously on section 47, new results are

highlighted by hole FC5623 that intersected 21.8 meters grading 2.27% coppe r including 2.8

TSX: ERO

5 Ero Copper Corp

meters grading 7.76% copper which is complemented by previously released intercepts , also on

section 56, in hole FC5616 that intersected 51.8 meters grading 3.49% copper including 33.4

meters grading 4.96% copper and hole FC5615 that intersected 62.5 meters grading 1.65% copper

including 26.1 meters grading 2.37% copper (please refer to the Company’s press releases dated

September 12, 2019 and December 3, 2019 for previously announced Deepening Extension

results).

Exploration results from t he Deepening Extension supports that the Pilar Mine remains open to

depth, where high-grade mineralization continues to be encountered, based on the deepest intercept

in newly drilled hole FC47144, approximately 420 meters below the deepest level of curren t

development at the mine.

Please see Figure 1 for a north -south long section and Figure 2 for a level map showing collar

locations of Deepening Extension drilling within the Pilar Mine.

Hole ID From (m) To (m) Length (m) Cu (%)

FC38177 164.5 168.0 3.5 0.77

FC38180 NSI NSI NSI NSI

FC38181 NSI NSI NSI NSI

FC39149 NSI NSI NSI NSI

FC39151 NSI NSI NSI NSI

FC39152 NSI NSI NSI NSI

FC42271 294.1 298.5 4.4 1.32

and 413.2 418.2 5.0 0.89

and 496.2 500.2 4.0 1.57

FC42272 206.4 209.7 3.3 5.73

and 249.9 253.4 3.5 1.15

FC45167 267.2 277.9 10.7 3.45

including 272.8 275.9 3.1 8.11

FC47143 426.0 430.0 4.0 1.17

and 449.0 486.0 37.0 1.49

including 474.0 479.0 5.0 2.92

FC47144 607.4 627.2 19.8 1.41

including 616.4 618.4 2.0 3.27

and 638.5 654.5 16.0 1.71

including 638.5 641.5 3.0 2.32

and 659.5 663.5 4.0 0.95

and 695.5 698.5 3.0 1.38

FC47154 435.8 441.9 6.1 1.24

TSX: ERO

6 Ero Copper Corp

Hole ID From (m) To (m) Length (m) Cu (%)

including 435.8 437.8 2.0 2.22

FC47162 573.2 585.9 12.7 3.27

including 575.9 580.9 5.0 5.17

and 617.9 622.0 4.1 2.70

and 626.5 634.5 8.0 1.91

FC47163 465.5 488.3 22.8 3.18

including 465.5 476.1 10.6 5.29

and 499.3 523.5 24.2 1.33

including 512.3 515.5 3.2 2.05

FC48135 476.2 479.6 3.3 3.36

FC49141 NSI NSI NSI NSI

FC5248 328.74 333.2 4.5 1.22

FC5249 NSI NSI NSI NSI

FC5362 346.3 359.2 12.9 1.35

including 346.3 350.3 4.0 2.39

FC5363 560.8 570.8 10.0 0.83

FC5365 597.2 612.2 15.0 0.96

and 604.2 607.2 3.0 1.47

and 646.8 665.9 19.1 1.54

including 646.8 649.8 3.0 3.00

and 682.0 692.0 10.0 0.96

FC5617 373.7 382.7 9.0 1.00

FC5622 510.0 520.0 10.0 1.17

including 510.0 512.0 2.0 2.26

FC5623 427.2 449.0 21.8 2.27

including 445.2 448.0 2.8 7.76

and 473.2 476.2 3.0 2.17

NSI indicates no significant intercept based on a three meter mining width and cut-off grade of 0.68% copper . Drill

holes were drilled from level -670, level -740 and level -875 in the Pilar Mine. Holes not included are either pending

assay results, have been included in a different section of this press release for clarity of discussing drill results or

were prev iously included in a prior press release. The length of intercept may not represent the true width of

mineralization. Values may not add up due to rounding. From, to and mineralized intercepts are rounded to the nearest

tenth of a meter.

VERMELHOS DISTRICT

The Vermelhos District is located approximately eighty kilometers to the north of the Pilar Mine

and Caraíba Mill comp lex and includes the operating high-grade Vermelhos M ine. Drilling is

TSX: ERO

7 Ero Copper Corp

focused on both near -mine extensional drilling as well as new regional targets identified during

the Company’s regional airborne survey and subsequent data compilation work of the broader

Vermelhos System – a north-south trend encompassing the Vermelhos Mine, East Zone, Siriema

N8/N9 deposit, and several high priority targets that extends over ten kilometers in strike length.

Eleven drill rigs are currently operating in the district including seven focused on upgrade and

exploration programs within and adjacent to the Vermelhos Mine , including the Siriema deposit,

while four rigs are focused on regional targets within Vermelhos System trend.

Siriema

The Siriema deposit is the Company’s first regional discovery ( see press release dated Ju ly 30,

2019 for the announcement of the Siriema discovery) and is located approximately 1.5 kilometers

south of the Vermelhos Mine. The exploration drill program at Siriema is focused on continuing

to understand the relationship between the previously identified Keel Zone – a massive sulphide

breccia zone of elevated copper, nickel, cobalt and PGMs within the Siriema deposit – and a north-

plunging mineralized controlling structure, or conduit, and the potential for larger zones of copper,

nickel and PGM massive sulphide mineralization down-plunge of the Keel Zone along the conduit

(please refer to the Company’s press release dated December 3, 2019 for previously released

multi-element intercepts).

During the period, wide-spaced, down-plunge, 200 meter step-out exploration drilling at Siriema

has continued to intercept the controlling mineralized Siriema conduit at depth. To date, the

Siriema conduit has now been encountered from surface to a depth of approximately 550 meters

below surface and over variable thicknesses from sub 1 meter up to 20 meters. Siriema remains

open to depth and to the north where drilling and down- hole EM work continues to evaluat e this

potential.

Mineralization encountered within the conduit continues to be comprised of disseminated a nd

massive sulphide mineralization, containing both copper and nickel. A potential new zone, located

approximately 550 meters below surface and 400 meters beneath the current mineral resource

limit, is highlighted by hole FSI -89 that intersected 6.0 meters grading 2.21% copper and 0.03%

nickel including 3.0 meters grading 3.12% copper and 0.04% nickel. In addition, hole FSI -88,

drilled within the northern extent of the inferred mineral resource and at the northern limit of the

Keel Zone, intersected 13.0 meters grading 1.13% copper and 0.14% nickel and 6.7 meters grading

3.74% copper and 0.39% nickel including 3.0 meters grading 7.17% copper and 0.38% nickel.

Intercepts below three meters in thickness drilled in the Siriema conduit are reported below as not

significant, consistent with the Company’s minimum mining thickness and overall approach to

reporting exploration drill results. Further, as a result of the COVID-19 pandemic and global third-

TSX: ERO

8 Ero Copper Corp

party laboratory closures, assay results for cobalt, PGMs and gold during the period, as well as a

selection of pending samples from previously released hole FSI-74 are delayed. It is unknown at

this time when these samples will be processed, assayed and released to the Company.

Please see Figure 3 for a north-south long section and Figure 4 for a plan map detailing Siriema

collar locations.

Hole ID From (m) To (m) Length (m) Cu (%) Ni (%)

FSI-59 110.9 114.9 4.0 0.34 0.07

and 149.2 152.2 3.0 0.38 0.06

and 164.2 168.2 4.0 0.30 0.06

and 173.2 176.2 3.0 0.37 0.06

and 185.2 188.2 3.0 0.33 0.08

FSI-60 NSI NSI NSI NSI NSI

FSI-61 163.8 169.8 6.0 0.29 0.05

FSI-63 354.0 357.0 3.0 0.52 0.22

FSI-65 NSI NSI NSI NSI NSI

FSI-69 NSI NSI NSI NSI NSI

FSI-71 NSI NSI NSI NSI NSI

FSI-72 172.4 182.4 10.0 0.27 0.04

and 188.4 195.0 6.6 0.89 0.07

including 190.4 194.5 4.0 1.18 0.08

FSI-75 NSI NSI NSI NSI NSI

FSI-76 NSI NSI NSI NSI NSI

FSI-77 NSI NSI NSI NSI NSI

FSI-78 NSI NSI NSI NSI NSI

FSI-80 NSI NSI NSI NSI NSI

FSI-81 NSI NSI NSI NSI NSI

FSI-83 530.1 536.7 6.6 0.46 0.01

FSI-85 NSI NSI NSI NSI NSI

FSI-86 586.0 595.1 9.1 0.49 0.01

FSI-87 467.2 473.6 6.4 2.80 0.15

including 470.2 472.2 2.0 4.49 0.25

FSI-88 243.4 256.4 13.0 1.13 0.14

and 266.0 272.7 6.7 3.74 0.39

including 267.0 270.0 3.0 7.17 0.38

FSI-89 633.3 639.3 6.0 2.21 0.03

including 634.3 637.3 3.0 3.12 0.04

and 646.2 649.2 3.0 1.04 0.02

← Back to feed