News

Vancouver, British Columbia – Ero Copper Corp. (the “Company”) (TSX: ERO) is pleased to provide a quarterly update on the ongoing exploration drill programs at its Pilar and Vermelhos mineral districts, both part of its 99.6% owned Vale do Curaçá Property located in Bahia State, Brazil, as well the first exploration update on the Company’s 97.6% owned NX Gold Mine located in Mato Grosso State, Brazil.  This update encompasses drill results received for the Company’s ongoing exploration programs from December 2018 through to the end of March 2019. 

HIGHLIGHTS

• Twenty four drill rigs are currently operating throughout the Curaçá Valley, including 11 within the Vermelhos District and 13 within the Pilar District. Three of these drill rigs are testing high-priority regional exploration targets located within these districts.
• Within the Vermelhos District, where 11 drill rigs are currently operating including eight focused on long-term exploration, drill results during the period reflect meaningful increases in both previously modeled thickness and the known extent of mineralization of the Vermelhos Mine and District.  When combined with results of the recently completed regional airborne geophysical survey and data compilation programs, the results continue to indicate significant potential for extensions of the Vermelhos Mine along a north-northeast trending structure that, to-date, has been interpreted to extend over 5.5 kilometers.  Vermelhos Mine and District drill results are highlighted by the following zones (please refer to complete table of results for additional information):
  • Southern extension of high-grade mineralization adjacent to existing infrastructure, including hole FVS-354 that intersected 17.0 meters grading 6.76% copper including 3.0 meters grading 17.19% copper, and hole FVS-364 that intersected 9.4 meters grading 1.66% copper and 24.6 meters grading 7.56% copper including 7.7 meters grading 15.97% copper. These holes indicate mineralized continuity in areas previously defined as discrete lenses south of the Sombrero orebody. 
  • Central expansions of the mineralized thickness of the Toboggan orebody, highlighted by hole FVS-337 that intersected 23.8 meters grading 8.06% copper including 8.0 meters grading 9.20% copper and hole FVS-355 that intersected 25.0 meters grading 7.32% copper including 16.0 meters grading 9.67% copper, a 70% increase in the modeled thicknesses of the mineralization in the immediate area surrounding these new results.
  • Regionally within the Vermelhos District, exploration drilling below the known extent of mineralization at Vermelhos West (now referred to as the “N8 Deposit”), located approximately 1.1 kilometers north of the Vermelhos Mine, demonstrate continuity of mineralization at depth. Results are highlighted by hole FV-130 that intersected multiple lenses of mineralization including 17.2 meters grading 1.16% copper and 15.4 meters grading 1.81% copper.
  • While the aforementioned programs remain ongoing, exploration drilling within the Vermelhos District is now focused on a north-northeast mineralized trend encompassing the Vermelhos Mine, East Zone, N8 Deposit and several high-priority regional targets located south and to the north of the Vermelhos Mine – a combined strike length of approximately 5.5 kilometers.
• Within the Pilar District, where 13 drill rigs are currently operating, including nine focused on long-term exploration, underground drilling has identified a high-grade zone of mineralization in the southern portion of the West Limb.  In addition, a newly identified and now digitized historic drill database encompassing 53 drill holes, of which 20 have been validated under the Company’s quality assurance and quality control (“QA/QC”) program, has significantly extended the drilled extent of the West Limb. The historic database was discovered during the Company’s ongoing data digitization program. The data encompasses an area within the West Limb measuring approximately 300 meters in length by 275 meters in depth located immediately south of the previously defined resource model of the West Limb. The 33 remaining historic drill samples are being systematically reviewed and validated via re-assaying and twin-hole drilling as required.  West Limb results during the period are highlighted by:
  • A newly identified and digitized historical database resulting in a significant extension of the drilled extent of the West Limb, highlighted by hole FC3798 that intersected 11.0 meters grading 1.95% copper and hole FC3837 that intersected 20.0 meters grading 1.23% copper.
  • New results drilled by the Company in the southern portion of the West Limb are highlighted by a cluster of high-grade holes including: FC38157 that intersected 16.7 meters grading 3.31% copper including 3.0 meters grading 7.85% copper and FC38159 that intersected 10.5 meters grading 4.00% copper including 3.0 meters grading 8.70% copper. These drill results are significant as they were drilled approximately 100 meters south of the previously defined resource model of the West Limb zone and approximately 250 meters south of the P1P2W mining area within the West Limb and within the area of the newly discovered historic database. In addition to these results, hole FC3482 that intersected 9.0 meters grading 1.82% copper and hole FC3843 that intersected 6.3 meters grading 2.16% copper were drilled approximately 250 meters south of the previously defined resource model of the West Limb zone, and another 150 meters south of the holes highlighted previously. 
• Drilling in the Deepening Extension zone, located in the Pilar Mine, continues to extend mineralization beyond what was previously believed to be the southern limits of the mine’s mineral resources at depth.  The results are highlighted by hole FC38162 that intersected 13.2 meters grading 1.58% copper including 6.0 meters grading 2.06% copper.  These new results, when combined with previously announced exploration results (see press release dated December 11, 2018), highlight that the Deepening Extension remains open to depth and to the south.
• At the Company’s 97.6% owned NX Gold Mine, where six long-term exploration drill rigs are currently operating, a significant new discovery was made.  The new discovery, known as Santo Antonio, is a new zone of mineralization located between and on-trend of the Bras and Buracão veins. To-date, mineralization has been delineated over approximately 400 meters in strike-length and approximately 200 meters down-dip and remains open to depth. Development into this new vein has commenced while drilling to confirm the extent of mineralization remains ongoing. The Santo Antonio discovery is highlighted by drill holes:
  • SA13 that intersected 3.0 meters grading 19.38 grams per tonne gold
  • SA22 that intersected 3.8 meters grading 19.03 grams per tonne gold
  • SA31 that intersected 8.8 meters grading 6.89 grams per tonne gold

Expansions and extensions as referenced herein reflect mineralization not captured in the Company’s mineral resource and mineral reserve models used in the current National Instrument 43-101, Standards of Disclosure for Mineral Projects (“NI 43-101”) compliant mineral resource and reserves.  Currently, 24 drill rigs are operating within the Curaçá Valley and six drill rigs are operating at the NX Gold Mine.

VERMELHOS DISTRICT

The Vermelhos District is located approximately 80 kilometers to the north of the Pilar Mine and Caraíba Mill complex and includes the newly constructed high-grade Vermelhos Mine.  Drilling is focused on expansion and new discovery initiatives (including the Vermelhos East Zone) within and immediately adjacent to the Vermelhos Mine, and on near-mine targets identified during the Company’s regional airborne survey and subsequent data compilation work. The Vermelhos system, encompassing the Vermelhos Mine, East Zone and N8 Deposit, is now believed to extend over 5.5 kilometers in strike length.  Eleven drill rigs are currently operating within the District, including eight focused on long-term exploration.

Vermelhos Main Orebody Expansions

Exploration drilling within the main Vermelhos orebodies continues to target expansions and extensions of the mineral resource, with a focus during the period on both infill drilling and testing several electromagnetic (“EM”) anomalies identified during the Company’s systematic and ongoing bore hole EM programs.  Drilling during the period continued to expand and extend the mineral resource and mineral reserve models of the Vermelhos Mine as set out in the current NI 43-101 compliant technical report.

Thirteen holes drilled during the period highlight both extension and expansion of the previously modeled southern extent of the mineralization within the Sombrero orebody of the Vermelhos Mine.  Significant results are highlighted by hole FVS-326 that intersected 21.4 meters grading 5.52% copper including 9.2 meters grading 7.64% copper; hole FVS-354 that intersected 17.0 meters grading 6.76% copper including 3.0 meters grading 17.19% copper, and hole FVS-364 that intersected 9.4 meters grading 1.66% copper and 24.6 meters grading 7.56% copper including 7.7 meters grading 15.97% copper.  These holes are significant as this area of the Sombrero orebody was previously modeled as small discrete lenses at the southern edge of the orebody, rather than as a more continuous high-grade extension of the mineralization of the Sombrero orebody.

Additionally, nine drill holes were drilled during the period that demonstrate central expansions of the Toboggan orebody of the Vermelhos Mine.  The results are highlighted by hole FVS-337 that intersected 23.8 meters grading 8.06% copper including 8.0 meters grading 9.20% copper and hole FVS-355 that intersected 25.0 meters grading 7.32% copper including 16.0 meters grading 9.67% copper.  The mineralized thicknesses of these intercepts are significant as, together, they represent an approximate 70% increase in the modeled thicknesses of the mineralization in the immediate area surrounding these holes when compared to the current mineral resource and reserve estimate.

Please see Figure 1 for drill collar locations and Figure 2 for a north-south long section of the Vermelhos Mine including the N8 Deposit and the East Zone.

Sombrero South Expansion

NSI indicates no significant intercept, based on cut-off grade of 0.68% copper.  Drill holes were drilled from surface. 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 previously 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.

Toboggan Central Expansion

NSI indicates no significant intercept, based on cut-off grade of 0.68% copper.  Drill holes were drilled from surface. 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 previously 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. (*) indicates a shallower intercept that also intersected the East Zone at deeper depths, as referenced in the Vermelhos East Zone drill results table.  

Vermelhos East Zone Extension

The Vermelhos East Zone discovery (see press release dated September 25, 2018 for announcement of the Vermelhos East Zone discovery) is located approximately 100 meters to the east of mineralization comprising the main Vermelhos Mine orebodies and lies on the eastern side of an intrusive body.  The zone of mineralization, to date, has been delineated from surface copper oxide mineralization to an interpreted depth of approximately 500 meters below surface.

During the period, results from 15 drill holes were received that highlight extensions of the Vermelhos East Zone, as shown in the following table.  These results are highlighted by drill hole FVS-336 that intersected 5.0 meters grading 2.04% copper, hole FVS-339 that intercepted 5.5 meters at 1.22% copper and hole FVS-362 that intersected 11.1 meters grading 1.75% copper. These holes continue to demonstrate continuity of the East Zone from surface to a depth of over 500 meters below surface. Drilling to extend the previously announced high-grade near-surface portion of the East Zone (see press release dated December 11, 2018) is underway.  Please see Figure 1 for collar locations and Figure 2 for a north-south long section including the Vermelhos East Zone.

NSI indicates no significant intercept, based on cut-off grade of 0.68% copper. Drill holes were drilled from surface.  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 previously 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. (*) indicates a deeper intercept that also intersected the main Toboggan orebody at shallower depths, as referenced in the Toboggan drill results table. (**) indicates near-surface intercept that includes oxide or transitional material.

Vermelhos West (N8)

The N8 Deposit, previously referred to as Vermelhos West, lies in the northern part of an interpreted semi-continuous system, encompassing the Vermelhos Mine, the Vermelhos East Zone, the N8 deposit and new regional targets to the south and to the north of the Vermelhos Mine. Drilling is underway to evaluate continuity and mineralized extent of the system as well as evaluate the high-priority targets to the south of the mine.

During the period, four holes were drilled to test continuity of mineralization below the previously defined resource model.  Please see Figure 1 for collar locations and Figure 2 for a north-south long section of the N8 Deposit and Vermelhos East Zone.

NSI indicates no significant intercept, based on cut-off grade of 0.68% copper. Drill holes were drilled from surface.  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 previously included in a prior press release.  The length of intercept may not represent the true width of mineralization.  

PILAR DISTRICT

The Pilar District encompasses the area surrounding the Pilar underground mine, Caraíba Mill complex and the past producing Pilar open pit and R22 Mines.  13 drill rigs are currently operating within the District comprised of eight underground drill rigs and five surface drill rigs. 

During the period, expansion and extensional drilling continued to focus on the West Limb and Deepening Extension zones.  Four underground and four surface drill rigs are currently undertaking long-term exploration drilling focused on evaluating the extent of the West Limb while four underground short-term core rigs are operating in the Deepening Extension zone (see the Company’s press release dated May 17, 2018 for the announcement of the West Limb discovery).  

West Limb

Exploration drilling at the West Limb is focused on infill, extension and twin-hole drilling of the previously announced West Limb discovery.  Underground drilling during the period was focused on testing the southern extent of mineralization within the West Limb. Results during the period were highlighted by a cluster of four drill holes (FC38157, FC38159, FC38160 and FC38161) that intersected high-grade copper mineralization located approximately 100 meters south of the previously defined resource model of the West Limb zone and approximately 250 meters south of the P1P2W mining area within the West Limb. Additionally, hole FC3482 and hole FC3843 were drilled approximately 250 meters south of the previously defined resource model of the West Limb zone, and another 150 meters south of the holes highlighted previously. Exploration drilling on the West Limb continues to test the southern limits of mineralization.

During the period, results from 16 underground drill holes were received that highlight extensional drilling of the West Limb, as shown in the following table. Please see Figure 3 for a north-south long section of the West Limb drill results.

West Limb – New Drilling

NSI indicates no significant intercept, based on cut-off grade of 0.68% copper. Drill holes were drilled level +50, level -280 in the Pilar underground mine and from surface near the past producing R22 open pit.  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 previously 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.

In addition to these new drill results, and as part of the Company’s ongoing historic data digitization programs, a historic drill database was identified and digitized during the period resulting in a significant extension of the drilled extent of the West Limb.  While this zone is within the known mineralized trend of the West Limb as previously defined, the Company can now prioritize drilling within less defined sections of the West Limb leading up to the Company’s mid-year mineral resource and reserve update, expected to be released during the third quarter of 2019.  The database encompasses 53 drill holes, of which 20 have been validated under the Company’s QA/QC program, and are shown in the following table. Please see Figure 3 for a north-south long section of the West Limb drill results.

West Limb – Historic Database Validation

NSI indicates no significant intercept, based on cut-off grade of 0.68% copper. Drill holes were drilled from surface, level +50, level -280-280 in the Pilar underground mine.  Holes not included are awaiting further QA/QC verification or twin-hole drilling.  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.

The Deepening Extension

The Deepening Extension drilling is currently targeting mineralization on the East Limb of the Pilar Mine between level -725 and level -1040 approximately 1,200 meters to 1,500 meters below surface and approximately 100 meters laterally from the current level of the primary ramp (completed to level -890).

During the period, results for 17 holes were received that continue to demonstrate extensions of the modeled mineralization within the zone.  The results are highlighted by continued extensions beyond what was previously believed to be the southern limit of the Deepening Extension zone in hole FC38162 that intersected 13.2 meters grading 1.58% copper including 6.0 meters grading 2.06% copper as well as hole FC38156 that intersected 5.0 meters grading 1.17% copper. These results, when paired with previously announced results (see press release dated December 11, 2018) continue to indicate that the Deepening Extension remains open to the south.

Please see Figure 4 for a north-south long section of the Deepening Extension zone.

NSI indicates no significant intercept based on cut-off grade of 0.68% copper.  The drill holes were drilled from the -674 and -750 levels.  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 previously 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.

REGIONAL EXPLORATION

The Company has completed the data interpretation and targeting phase of the regional airborne geophysical survey comprised of both electromagnetic and gravity systems.  To date, a significant number of high priority target areas have been identified and detailed analysis of each target area remains ongoing. Further drill testing of high-priority targets, located within the Pilar and Vermelhos Districts, is underway, with one exploration drill rig allocated to a target south of the Pilar Mine and two drill rigs located on a target south of the Vermelhos Mine.

NX GOLD MINE

The NX Gold Mine is a high-grade producing gold mine, located in Mato Grosso State, Brazil. The mine is currently producing approximately 40,000 ounces of gold and 25,000 ounces of silver per annum. Historic and currently contemplated production occurs within two adjacent mineralized quartz veins located along a northeast trend approximately 600 meters apart, known as Brás and Buracão, which are accessed via a single portal and decline. Beginning in late 2018, exploration drilling commenced to evaluate down-plunge extensions of the Bras and Buracão veins, as well as test potential mineralization between Brás and Buracão. Six drill rigs are currently operating on the property.

Since commencing drilling activities, the results for 43 drill holes have been received. A significant  new discovery between Brás and Buracão, known as the Santo Antonio vein, has demonstrated, for the first time, that mineralization exists between Brás and Buracão. This new vein system has been defined over a lateral extent of approximately 400 meters, a down-dip distance of approximately 200 meters and remains open to depth. Drill results from the new discovery are highlighted by hole SA13 that intersected 3.0 meters grading 19.38 grams per tonne gold, SA22 that intersected 3.8 meters grading 19.03 grams per tonne gold and SA31 that intersected 8.8 meters grading 6.89 grams per tonne gold. Drilling and underground development is underway to define the limits of the high-grade and thickest portions of the vein, which remains open. Additionally, results indicate that mineralization continues to depth in some areas of the Brás and Buracão veins and in a new extension to the east of the Brás vein known as the Matinha zone.

Please refer to Figure 5 for drill collar locations and Figure 6 for a east-west long-section of the NX Gold Mine. Drill hole ID nomenclature of BS, SA, BUS and MA refers to Brás, Santo Antonio, Buracão, and Matinha, respectively.

NSI indicates no significant intercept, based on cut-off grade of 1.40 grams per tonne gold.  Drill holes were drilled from surface.  Holes not included are pending assay results. 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.

ABOUT ERO COPPER CORP

Ero Copper Corp, headquartered in Vancouver, B.C., is focused on copper production growth from the Vale do Curaçá Property, located in Bahia, Brazil.  The Company’s primary asset is a 99.6% interest in the Brazilian copper mining company, MCSA, 100% owner of the Vale do Curaçá Property with over 39 years of operating history in the region.  The Company currently mines copper ore from the Pilar underground mine, the R22W open pit mine and its newly constructed Vermelhos underground mine.  In addition to the Vale do Curaçá Property, MCSA owns 100% of the Boa Esperanҫa development project, an IOCG-type copper project located in Pará, Brazil and the Company, directly and indirectly, owns 97.6% of the NX Gold Mine, an operating gold and silver mine located in Mato Grosso, Brazil.  Additional information on the Company and its operations, including Technical Reports on the Vale do Curaçá, Boa Esperanҫa and NX Gold properties, can be found on the Company’s website (www.erocopper.com) and on SEDAR (www.sedar.com).

QUALITY ASSURANCE / QUALITY CONTROL

Vale do Curaçá Property

The Company is currently drilling on surface and underground with core drill rigs using a combination of owned and third-party contracted drill rigs.  During the period from August 2018 to November 2018 third party drill rigs were operated by Major Drilling, Layne Christensen Co., and DrillGeo Geologia e Sondagem Ltda., all of whom are independent of the Company.  Drill core is logged, photographed and split in half using a diamond core saw at MCSA’s secure core logging and storage facilities.   Half of the drill core is retained on site and the other half core is used for analysis, with samples collected on one-meter sample intervals unless an interval crosses a geological contact.  Reverse circulation cuttings are split at the drill rig using one-meter sample intervals. All sample preparation is performed in MCSA’s secure on-site laboratory.  Total copper is determined using a nitric-hydrochloric acid digestion and Atomic Absorption Spectrometry (“AAS”) and/or Titration. Oxide copper values are determined using sulfuric acid digestion followed by AAS.  All recent sample results have been monitored through a QA/QC program that includes the insertion of certified standards, blanks, and pulp and reject duplicate samples.  Regular check-assays are submitted to ALS Brasil Ltda’s facility located in Vespasiano, Minas Gerais, Brazil, at a rate of approximately 5%.  ALS Brasil Ltda is independent of the Company.

NX Gold Mine

The Company is currently drilling on surface with third-party contracted core drill rigs.  During the period from August 2018 to March 2019 third party drill rigs were operated by Major Drilling do Brasil Ltda. and Servitec Foraco Sondagem S.A. whom are independent of the Company.  Drill core is logged, photographed and split in half using a diamond core saw at NX Gold’s secure core logging and storage facilities.   Half of the drill core is retained on site and the other half core is used for analysis, with samples collected on half-meter sample intervals for quartz vein and one-meter intervals in surrounding rock unless such interval crosses a geological contact.  Samples are sent to ALS Brasil Ltda.’s  laboratory in Goiânia (Brazil) for preparation and are analyzed by the certified laboratory of ALS Peru S.A., whom are independent of the Company. Gold content was determined by fire assay in 2018. Commencing in January of 2019 gold content has been determined by both fire assay and screen fire assay.  All recent sample results have been monitored through a QA/QC program that includes the insertion of certified standards, blanks, and pulp and reject duplicate samples at a rate of 1 standard, 1 blank, and 1 duplicate pulp sample per every 20 samples for a blended rate of approximately 5%.

Rubens Mendonça, MAusIMM, Chartered Professional – Mining, has reviewed and approved the scientific and technical information contained in this press release.  Mr. Mendonça is a Qualified Person and is independent of the Company as defined by NI 43-101.

CAUTION REGARDING FORWARD LOOKING INFORMATION AND STATEMENTS This Press Release contains “forward-looking information” within the meaning of applicable Canadian securities laws. Forward-looking information includes statements that use forward-looking terminology such as “may”, “could”, “would”, “will”, “should”, “intend”, “target”, “plan”, “expect”, “budget”, “estimate”, “forecast”, “schedule”, “anticipate”, “believe”, “continue”, “potential”, “view” or the negative or grammatical variation thereof or other variations thereof or comparable terminology. Such forward-looking information includes, without limitation, statements with respect to the estimation of mineral reserves and mineral resources, the significance of any particular exploration program or result and the Company’s expectations for current and future exploration plans including, but not limited to, planned areas of additional exploration, timing of any updated technical reports and further extensions and expansion of mineralization near the Company’s existing operations and throughout the Curaçá Valley and NX Gold Mine.

Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, as of the date of this Press Release including, without limitation, assumptions about: favourable equity and debt capital markets; the ability to raise any necessary additional capital on reasonable terms to advance the production, development and exploration of the Company’s properties and assets; future prices of copper and other metal prices; the timing and results of exploration and drilling programs; the accuracy of any mineral reserve and mineral resource estimates; the geology of the Vale do Curaçá Property, NX Gold MIne and the Boa Esperanҫa Property being as described in the technical reports for these properties; production costs; the accuracy of budgeted exploration and development costs and expenditures; the price of other commodities such as fuel; future currency exchange rates and interest rates; operating conditions being favourable such that the Company is able to operate in a safe, efficient and effective manner; political and regulatory stability; the receipt of governmental, regulatory and third party approvals, licenses and permits on favourable terms; obtaining required renewals for existing approvals, licenses and permits on favourable terms; requirements under applicable laws; sustained labour stability; stability in financial and capital goods markets; availability of equipment; positive relations with local groups and the Company’s ability to meet its obligations under its agreements with such groups; and satisfying the terms and conditions of the Company’s current loan arrangements. While the Company considers these assumptions to be reasonable, the assumptions are inherently subject to significant business, social, economic, political, regulatory, competitive and other risks and uncertainties, contingencies and other factors that could cause actual actions, events, conditions, results, performance or achievements to be materially different from those projected in the forward-looking information. Many assumptions are based on factors and events that are not within the control of the Company and there is no assurance they will prove to be correct.

Furthermore, such forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of the Company to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking information. Such risks include, without limitation the risk factors listed under the heading “Risk Factors” in the Annual Information Form of the Company for the year ended December 31, 2018, dated March 14, 2019.

Although the Company has attempted to identify important factors that could cause actual actions, events, conditions, results, performance or achievements to differ materially from those described in forward-looking information, there may be other factors that cause actions, events, conditions, results, performance or achievements to differ from those anticipated, estimated or intended.

The Company cautions that the foregoing lists of important assumptions and factors are not exhaustive. Other events or circumstances could cause actual results to differ materially from those estimated or projected and expressed in, or implied by, the forward-looking information contained herein. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information.

Forward-looking information contained herein is made as of the date of this press release and the Company disclaims any obligation to update or revise any forward-looking information, whether as a result of new information, future events or results or otherwise, except as and to the extent required by applicable securities laws.

GENERAL Information of a scientific or technical nature in respect of the Vale do Curaçá Property included in this press release is based upon the Vale do Curaçá technical report entitled “2018 Updated Mineral Resources and Mineral Reserves Statements of Mineração Caraíba’s Vale do Curaçá Mineral Assets, Curaçá Valley”, dated October 17, 2018 with an effective date of August 1, 2018, prepared by Rubens Jose De Mendonça, MAusIMM, of  Planminas and Porfirio Cabaleiro Rodrigues, MAIG, Fábio Valério Cãmara Xavier, MAIG, and Bernardo Horta de Cerqueira Viana, MAIG, all of GE21 Consultoria Mineral, whom are independent qualified persons under NI 43-101. Information of a scientific or technical nature in respect of the NX Gold Mine included in this press release is based upon the Vale do Curaçá technical report entitled “Mineral Resource and Mineral Reserve Estimate of the NX Gold Mine, Nova Xavantina”, dated January 21, 2019 with an effective date of August 31, 2018, prepared by Porfirio Cabaleiro Rodrigues, MAIG, Leonardo Apparicio da Silva, MAIG, and Leonardo de Moraes Soares, MAIG, all of GE21 Consultoria Mineral, whom are independent qualified persons under NI 43-101.

Please see the relevant Technical Reports filed on the Company’s profile at www.sedar.com, for details regarding the data verification undertaken with respect to the scientific and technical information included in this press release regarding the Vale do Curaçá Property and the NX Gold Mine for additional details regarding the related exploration information, including interpretations, the QA/QC employed, sample, analytical and testing results and for additional details regarding the Mineral Resource and Mineral Reserve estimates discussed herein.

Cautionary Notes Regarding Mineral Resource and Reserve Estimates In accordance with applicable Canadian securities regulatory requirements, all mineral reserve and mineral resource estimates of the Company disclosed or incorporated by reference in this press release have been prepared in accordance with NI 43-101 and are classified in accordance with the CIM Standards.

Mineral resources which are not mineral reserves do not have demonstrated economic viability. Pursuant to the CIM Standards, mineral resources have a higher degree of uncertainty than mineral reserves as to their existence as well as their economic and legal feasibility. Inferred mineral resources, when compared with Measured or Indicated mineral resources, have the least certainty as to their existence, and it cannot be assumed that all or any part of an Inferred mineral resource will be upgraded to an Indicated or Measured mineral resource as a result of continued exploration. Pursuant to NI 43-101, Inferred mineral resources may not form the basis of any economic analysis. Accordingly, readers are cautioned not to assume that all or any part of a mineral resource exists, will ever be converted into a mineral reserve, or is or will ever be economically or legally mineable or recovered.