VANCOUVER, BC, March 16,
2023 /CNW/ - Filo Mining Corp. (TSX: FIL)
(Nasdaq First North Growth Market: FIL) (OTCQX: FLMMF) ("Filo
Mining", or the "Company") is pleased to announce assay results
from holes FSDH074 and FSDH077 at the Filo del Sol Project in San
Juan, Argentina. Highlights and
detailed results are shown below along with accompanying figures:
View PDF version
- Drillhole FSDH074 intersected 1,022.0m at 0.66% CuEq from a depth of
278.0m, including;
-
- 516.0m at 0.79%
CuEq from 644.0m
- 252.0m at 0.85%
CuEq from 840.0m
- Collared on Section 9200N, 200m
east of FSDH068A and 400m east of
FSDH041
- The hole was stopped in porphyry mineralization at 1,509.0m
- Drillhole FSDH077 intersected 2.0m at 10.35 g/t Au from a depth of
192.0m;
-
- Plus 516.2m at 0.20% CuEq from
404.0m
- Collared on Section 6000N, this is the first hole into the new
Flamenco target
- The hole was stopped at 920.2m
Commenting on the results, Jamie
Beck, President, and CEO stated, "Hole 74 has
successfully extended the Aurora Zone another 200m to the east of our previous drilling,
confirming we have yet to find the east-west extents of
mineralization. With each step-out, we build on the potential
size of this remarkable Aurora Zone, while improving our geological
interpretation of the deposit." Mr. Beck continues,
"I'm excited about what we learned from Hole 77 into our
Flamenco target. Flamenco sits over 3km to the south of the
Aurora Zone, and is characterized by a very large,
1.5km2, area of intense surface alteration similar to
what we see over the Aurora Zone. With our first hole ever in
this new zone, we've established mineralization is evident, and are
planning additional drilling at Flamenco in order to properly
evaluate the opportunity while chasing higher grades."
Hole
ID
|
From
|
To
|
Length
(m)
|
Cu
%
|
Au
g/t
|
Ag
g/t
|
CuEq
%
|
FSDH074
|
278.0
|
1300.0
|
1022.0
|
0.49
|
0.19
|
4.4
|
0.66
|
incl
|
644.0
|
1160.0
|
516.0
|
0.61
|
0.21
|
3.2
|
0.79
|
incl
|
840.0
|
1092.0
|
252.0
|
0.65
|
0.23
|
3.6
|
0.85
|
FSDH077
|
192.0
|
194.0
|
2.0
|
0.05
|
10.35
|
0.5
|
|
plus
|
404.0
|
920.2
|
516.2
|
0.11
|
0.11
|
0.9
|
0.20
|
Mineralized zones within the Aurora Zone are bulk
porphyry-style zones and drilled widths are interpreted to be very
close to true widths. True width of the intersection in
FSDH077 is unknown.
|
|
FSDH074 was collared 200m
east of hole FSDH068A on section 9200N, and drilled towards the
west at an angle of -75 degrees. It was planned to test for the
eastern and depth extension of the Aurora Zone intersected by
FSDH041, FSDH055C, FSDH054 and FSDH068A, all on this same
section. The hole is entirely outside of the resource pit
shell.
The geology in this hole was very similar to other holes on this
section, and matched the geological interpretation very well.
It intersected volcaniclastic and coherent rhyolite from surface to
a depth of about 724m where the main
mineralized breccia was intersected. The rhyolite sequence
was well mineralized from a depth of 400m with the grade increasing on approach to the
breccia.
The hole continues in breccia to about 1,260m where it enters a mixed interval of
porphyry and breccia to 1,300m,
transitioning to a multi-phase porphyry interval which continues to
1,458.0m where breccia is again
encountered and persists to the end of the hole at 1,509.0m. The porphyry section is primarily the
lower-grade late-mineral phase, but grades increase again in the
breccia with the final 5m of the hole
averaging 0.46% Cu.
FSDH074 extends the Aurora Zone 200m to the east, and together with the other
holes on this section, builds on the potential width of this
Zone. Additional drilling to the east and to the west is
required to determine the full width of the Zone.
FSDH077 was drilled on Section 6000N, towards the
west at an angle of -70 degrees. This is the first hole drilled
into the Flamenco target and there are no other holes within
500m of it.
The most significant interval is a 2m section at 10.35 g/t Au within a narrow
sulphide-rich zone possibly associated with a fault. In addition to
this interval, there are long sections of low-grade mineralization,
although no significant intervals above 0.3% CuEq. A
516.2m section from 404.0m to the end of the hole at 920.2m averaged 0.20% CuEq (0.11% Cu, 0.11 g/t
Au, 0.9 g/t Ag).
The hole intersected weak quartz-alunite altered rhyolites cut
by mafic intrusions over its entire length. Flamenco is a
large target area characterized by abundant massive silica
alteration over an area of about 1.5 square kilometres at surface,
and additional drilling is required to fully test it.
Outlook
Drilling will remain a mix of both large and small step-outs to
the north and south of our current interpretation of the Aurora
Zone, as well as resource definition drilling within it.
FSDH073 and FSDH079 are now complete, and were drilled to final
depths of 1,388m and 846m respectively. Assay results for
completed holes will be released as they are received, analyzed,
and confirmed by the Company.
On behalf of Filo Mining,
Jamie Beck
President and CEO
About Filo del Sol
Filo del Sol is a high-sulphidation epithermal
copper-gold-silver deposit associated with one or more large
porphyry copper-gold systems. Overlapping mineralizing events
combined with weathering effects, including supergene enrichment,
have created several different styles of mineralization, including
structurally controlled and breccia-hosted gold, manto-style
high-grade silver (+/- copper) and high-grade supergene enriched
copper within a broader envelope of disseminated, stockwork and
breccia-hosted sulphide copper and gold mineralization. This
complex geological history has created a heterogeneous orebody
which is characterized by zones of very high-grade copper +/- gold
+/- silver mineralization within a large envelope of more
homogeneous, lower-grade mineralization.
Qualified Persons and Technical Notes
The scientific and technical disclosure for the Filo del Sol
Project included in this news release have been reviewed and
approved by Bob Carmichael, B.A.Sc.,
P.Eng. who is the Qualified Person as defined by NI 43-101.
Mr. Carmichael is Vice President, Exploration for the Company.
Samples were cut at Filo Mining's operations base near the town of
Guañizuil, Argentina by Company
personnel. Diamond drill core was sampled in 2 metre intervals
(except where shortened by geological contacts) using a rock saw
for sulphide mineralization. Oxide mineralization was cut with a
core splitter in order to prevent dissolution of water-soluble
copper minerals during the wet sawing process. Core diameter
is a mix of PQ, HQ and NQ depending on the depth of the drill
hole. RC samples were collected at the drill site by Company
personnel with splitting carried out at the Company's field camp
near the drill sites. Individual samples represent final
splits from 2 metre intervals down the hole. Samples were
bagged and tagged and packaged for shipment by truck to the ALS
preparation laboratory in Mendoza, Argentina where they were crushed and a 500g
split was pulverized to 85% passing 200 mesh. The prepared samples
were sent to the ALS assay laboratories in either Lima, Peru or Santiago, Chile for copper, gold and silver
assays, and multi-element ICP and sequential copper analyses.
ALS is an accredited laboratory which is independent of the
Company. Gold assays were by fire assay fusion with AAS
finish on a 30g sample. Copper and silver were assayed by atomic
absorption following a 4-acid digestion. Samples were also
analyzed for a suite of 36 elements with ICP-ES and a sequential
copper leach analysis was completed on each sample with copper
greater than 500ppm (0.05%). Copper and gold standards as well as
blanks and duplicates (field, preparation and analysis) were
randomly inserted into the sampling sequence for Quality Control.
On average, 9% of the submitted samples are Quality Control
samples. No data quality problems were indicated by the QA/QC
program.
Mineralized zones within the Filo del Sol deposit are typically
flat-lying, or bulk porphyry-style zones and drilled widths are
interpreted to be very close to true widths.
1Copper Equivalent (CuEq) for drill
intersections is calculated based on US$
3.00/lb Cu, US$ 1,500/oz Au
and US$ 18/oz Ag, with 80%
metallurgical recoveries assumed for all metals. The formula
is: CuEq % = Cu % + (0.7292 * Au g/t) + (0.0088 * Ag
g/t).
About Filo Mining
Filo Mining is a Canadian exploration and development company
focused on advancing its 100% owned Filo del Sol copper-gold-silver
deposit located in Chile's Region
III and adjacent San Juan Province, Argentina. The Company's shares are listed on
the TSX and Nasdaq First North Growth Market under the trading
symbol "FIL", and on the OTCQX under the symbol "FLMMF". Filo
Mining is a member of the Lundin Group of Companies.
Additional Information
The Company's certified adviser on the Nasdaq First North Growth
Market is Aktieinvest FK AB, +46 8 506 51703,
rutger.ahlerup@aktieinvest.se.
The information contained in this news release was accurate at
the time of dissemination, but may be superseded by subsequent news
release(s). The Company is under no obligation, nor does it intend
to update or revise the forward-looking information, whether as a
result of new information, future events or otherwise.
This information was submitted by Filo Mining Corp. for
publication, through the agency of the contact person set out
below, on March 16, 2023 at
18:00 EDT.
Base Map with Sat Image 2023 MAR
Long Section with
Plan_MAR 2023
Section 9200N CuAu 2023
Cautionary Note Regarding Forward-Looking Statements
Certain statements made and information contained herein in the
news release constitutes "forward-looking information" and
"forward-looking statements" within the meaning of applicable
securities legislation (collectively, "forward-looking
information"). The forward-looking information contained in this
news release is based on information available to the Company as of
the date of this news release. Except as required under applicable
securities legislation, the Company does not intend, and does not
assume any obligation, to update this forward-looking information.
Generally, this forward-looking information can frequently, but not
always, be identified by use of forward-looking terminology such as
"plans", "expects" or "does not expect", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "projects",
"budgets", "assumes", "strategy", "goals", "objectives",
"potential", "possible", "anticipates" or "does not anticipate", or
"believes", or variations of such words and phrases or statements
that certain actions, events, conditions or results "will", "may",
"could", "would", "should", "might" or "will be taken", "will
occur" or "will be achieved" or the negative connotations thereof.
All statements other than statements of historical fact may be
forward-looking statements.
The Company believes that the expectations reflected in the
forward-looking information included in this news release are
reasonable, but no assurance can be given that these expectations
will prove to be correct and such forward-looking information
should not be unduly relied upon. Information contained in
this news release is as of the date of this press release. In
particular, this press release contains forward-looking information
pertaining to assumptions made in the interpretation of drill
results, geology, grade, geochemistry and continuity of mineral
deposits; expectations regarding access and demand for equipment,
skilled labour and services needed for exploration and development
of mineral properties; and that activities will not be adversely
disrupted or impeded by exploration, development, operating,
regulatory, political, community, economic, environmental and/or
healthy and safety risks. In addition, this news release may
contain forward-looking statements or information pertaining to:
potential exploration upside at the Filo del Sol Project, including
the extent and significance of the porphyry copper-gold system
underlying the current Mineral Resource and the prospectivity of
exploration targets; exploration and development plans and
expenditures, including a transition to year-round operations and
the timing thereof; the ability of the Company's COVID-19 operating
protocol to continue to meet government-mandated health and safety
guidelines enabling it to conduct its field programs as planned;
the success of future exploration activities; potential for
resource expansion; ability to build shareholder value;
expectations with regard to adding to its Mineral Reserves or
Resources through exploration; expectations with respect to the
conversion of inferred resources to an indicated resources
classification; ability to execute planned work programs; plans or
ability to add additional drill rigs; timing or anticipated results
of an update to the mineral resource estimate for Filo del Sol;
government regulation of mining activities; environmental risks;
unanticipated reclamation expenses; title disputes or claims;
limitations on insurance coverage; and other risks and
uncertainties.
Statements relating to "mineral resources" are deemed to be
forward-looking information, as they involve the implied
assessment, based on certain estimates and assumptions that the
mineral resources described can be profitably produced in the
future.
The forward-looking statements contained in this news release
are made as at the date of this news release and Filo does not
undertake any obligations to publicly update and/or revise any of
the included forward-looking statements, whether as a result of
additional information, future events and/or otherwise, except as
may be required by applicable securities laws.
Forward-looking information is provided for the purpose of
providing information about management's current expectations and
plans and allowing investors and others to get a better
understanding of the Company's operating environment.
Forward-looking information is based on certain assumptions that
the Company believes are reasonable, including that the current
price of and demand for commodities will be sustained or will
improve, the supply of commodities will remain stable, that the
general business and economic conditions will not change in a
material adverse manner, that financing will be available if and
when needed on reasonable terms and that the Company will not
experience any material labour dispute, accident, or failure of
plant or equipment. These factors are not, and should not be
construed as being, exhaustive. Although the Company has attempted
to identify important factors that would cause actual results to
differ materially from those contained in forward-looking
information, there may be other factors that cause results not to
be as anticipated, estimated, or intended. There can be no
assurance that such statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. All the forward-looking information
contained in this document is qualified by these cautionary
statements. Readers are cautioned not to place undue reliance on
forward-looking information due to the inherent uncertainty
thereof.
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SOURCE Filo Mining Corp.