Ero Copper drills 105 metres at 1.54% CuEq at Furnas Copper-Gold Project, Brazil

Ero Copper Corp. [TSX: ERO, NYSE: ERO] reported the completion of its Phase 1 drill program at the Furnas Copper-Gold Project in the Caraj├ís Mineral Province, Pará State, Brazil.

Initial results from the completed 28,000-metre Phase 1 program are highlighted by significant down-dip intercepts, including FURN-DD-00284 with 105 metres at 1.17% copper and 0.77 g/t gold (1.54% CuEq), including 63 metres at 1.30% copper and 1.13 g/t gold (1.84% CuEq), drilled in the Southeast zone at the limit of the previously defined indicated resource; and FURN-DD-00271: 75 metres at 1.02% copper and 0.59 g/t gold (1.30% CuEq), including 30 metres at 1.71% copper and 1.05 g/t gold (2.21% CuEq), and 15 metres at 2.30% copper and 1.60 g/t gold (3.06% CuEq), also drilled in the Southeast zone, approximately 70 metres down-dip from the previously known extent of mineralization.

To date, assay results have been received for approximately 10,000 metres of the 28,000-metre drill program. The results continue to both demonstrate continuity and extend the known limits of mineralization within the high-grade mineralized zones (greater than 1% CuEq) that are the focus of future underground mining operations.

Step-out drilling during the Phase 1 program has extended mineralization to a maximum depth of 730 metres down-dip from surface, and mineralization remains open. The NI 43-101 mineral resource estimate for the project is based on an average historical depth of drilling of 300 metres (vertical), with a maximum localized down-dip depth from surface of 580 meters.

The Phase 1 drill program was primarily focused on confirming continuity of high-grade mineralization through infill drilling, as well as increasing confidence at the down-dip limits of the current mineral resource. The remaining portion of the program, approximately 25% of total metres, was dedicated to step-out drilling to extend the known limits of mineralization. Only one of 66 holes drilled by the company during the Phase 1 campaign did not intercept mineralization. Complete results from the program will be released following receipt of all pending assay results.

“The results from our Phase 1 drill program at Furnas are highly encouraging and reinforce the potential for Furnas to be a significant large-scale, high-grade underground mining operation,” said Makko DeFilippo, President and CEO. “Extending high-grade mineralization to a down-dip depth of approximately 730 metres, while demonstrating strong high-grade continuity, is an important step in allowing us to evaluate the potential scale of a future mining operation alongside our partners at Vale Base Metals.

“We look forward to receiving the remaining assay results from the Phase 1 program and advancing the Phase 2 drill campaign to further inform the emerging potential of the Furnas Project.”

There are currently eight drill rigs operating on the project, where the Phase 2 drill program is underway. This program is expected to comprise a minimum of 17,000 metres of drilling and includes a greater focus on step-out drilling aimed at further extending known mineralization.

The complete results from the Phase 1 drill program will serve as the foundation for an updated NI 43-101 mineral resource estimate as well as a preliminary economic assessment (PEA) of the project. The PEA, which was initiated earlier this year, remains on track for completion during the first half of 2026.

Furnas is an iron oxide copper-gold deposit located approximately 50 km southeast of Vale Base Metal’s (VBM) Salobo operations and approximately 190 kilometers northeast of Ero’s Tucum├ú Operations. Covering an area of approximately 2,400 hectares, the Project sits within 15 km of extensive regional infrastructure, including paved roads, an industrial-scale cement plant, a power substation and Vale S.A.’s railroad loadout facility.

In July 2024, the company signed a definitive earn-in agreement with Salobo Metais S.A, a subsidiary of VBM, to earn a 60% interest in the project upon completion of several exploration, engineering and development milestones over five years. In exchange for its 60% interest, Ero will solely fund a phased work program during the earn-in period and grant VBM up to an 11.0% “free carry” on future project construction capital expenditures.

Prior to the start of the Phase 1 drill program, the company published an initial NI 43-101 mineral resource estimate on the project, based on approximately 90,000 metres of historical drilling. This estimate underscored the significant potential of the project. Using a 1.00% copper equivalent cut-off grade, the mineral resource estimate, effective June 30, 2024, totaled an Indicated Mineral Resource of 35.2 million tonnes grading 1.04% copper and 0.69 g/t gold (1.36% CuEq), containing an estimated 364,700 tonnes of copper and 775,300 ounces of gold.

The Inferred Mineral Resource is 61.3 million tonnes grading 1.06% copper and 0.63 g/t gold (1.36% CuEq), containing an estimated 647,400 tonnes of copper and 1,235,600 ounces of gold.

Mineral resources have been estimated using a copper price of US$9,259/tonne, a gold price of US$1,900/oz, a US$:BRL foreign exchange rate of 5.10, and copper and gold metallurgical recovery rates of 85.00% and 61.50%, respectively.

Ero Copper is a high-margin, high-growth copper producer with operations in Brazil. The company’s primary asset is a 99.6% interest in the Brazilian copper mining company, Minera├º├úo Cara├¡ba S.A. (MCSA), 100% owner of the Cara├¡ba Operations located in the Cura├º├í Valley, Bahia State, Brazil, and the Tucum├ú Operation, an open pit copper mine located in Pará State, Brazil. The Company also owns 97.6% of NX Gold S.A. that owns the Xavantina Operations, an operating gold mine located in Mato Grosso State, Brazil.

In July 2024, the company signed a definitive earn-in agreement with Vale Base Metals for a 60% interest in the Furnas Copper-Gold Project.