05:44 PM EDT, 10/02/2024 (MT Newswires) -- Ero Copper ( ERO ) edged up in US after-hours trade Wednesday as it announced an initial National Instrument 43-101 compliant mineral resource estimate for the Furnas Copper-Gold Project in Brazil's Para State.

According to a statement, the initial mineral resource estimate highlights "significant potential" for the project.

The statement noted that at a 1.00% copper equivalent cut-off grade, the mineral resource estimate, effective June 30 totals: an Indicated Mineral Resource of 35.2-million tonnes grading 1.04% copper and 0.69 grams per tonne gold (1.36% copper equivalent), containing an estimated 364,700 tonnes of copper and 775,300 ounces of gold; and an Inferred Mineral Resource of 61.3 million tonnes grading 1.06% copper and 0.63 gpt gold (1.36% CuEq), containing an estimated 647,400 tonnes of copper and 1,235,600 ounces of gold.

Wednesday's statement this estimate is supported by more than 90,000 meters of historic drilling on the project, conducted by Vale S.A. and Anglo American plc, as well as a resampling and database validation program undertaken by the company.

"It provides a solid foundation upon which we can focus, over the coming months, on unlocking further potential," said David Strang, Chief Executive Officer. " ... Furnas presents a tremendous opportunity to define a major copper-gold mineral resource capable of supporting a large-scale underground mine. Our experience in underground mining in Brazil, coupled with the successful construction of our new Tucuma mine and processing plant in the Carajas, positions us well to advance this project."

Ero shares were last seen up Up $0.0027 to US$22.32 after hours. They fell$0.22 to $30.13 on the Toronto Stock Exchange.