VANCOUVER, BC, July 11,
2023 /CNW/ - Filo Corp. (TSX: FIL) (Nasdaq
First North Growth Market: FIL) (OTCQX: FLMMF) ("Filo", or the
"Company") announces assay results from three holes testing
extensions to the Aurora and Bonita Zones and the Gemelos target 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 FSDH083 extends the Filo-Aurora trend
260m to the northeast
with 1,131m at 0.57%
CuEq from 419m
including:
-
- 112m at 0.70%
CuEq from 560m
- 210m at 0.80%
CuEq from 970m
- Drillhole FSDH085 expands the Bonita Zone
700m to the east with
879m at 0.47% CuEq from
320m including:
-
- 8m at 7.09% CuEq from
18m
- 456m at 0.53%
CuEq from 658m
- A shallow intermediate sulphidation breccia vein
intersected at 18m depth in FSDH085
is similar in style to the Maranceles veins which outcrop some
600m to the north of this hole. This
interval returned silver grades up to 1,100 g/t over a 0.5m width and gold values up to 12.05 g/t over
2.0m, upgrading this area, and the
Maranceles veins, as high priority exploration targets.
HOLE-ID
|
From
(m)
|
To
(m)
|
Length
(m)
|
Cu %
|
Au
g/t
|
Ag
g/t
|
CuEq1
%
|
FSDH082
|
No Significant
Values
|
FSDH083
|
418.7
|
1549.8
|
1131.1
|
0.43
|
0.15
|
2.8
|
0.57
|
incl
|
560.0
|
672.0
|
112.0
|
0.52
|
0.17
|
6.2
|
0.70
|
and
incl
|
970.0
|
1180.0
|
210.0
|
0.61
|
0.22
|
2.1
|
0.80
|
FSDH085
|
18.0
|
26.0
|
8.0
|
0.98
|
3.15
|
433.8
|
7.09
|
plus
|
320.0
|
1199.0
|
879.0
|
0.32
|
0.13
|
6.0
|
0.47
|
incl
|
658.0
|
1114.4
|
456.4
|
0.38
|
0.14
|
5.8
|
0.53
|
incl
|
658.0
|
667.0
|
9.0
|
0.33
|
0.07
|
156.8
|
1.76
|
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).
|
|
Mineralized zones at
Filo del Sol are typically bulk porphyry-style zones and drilled
widths are interpreted to be very close to true widths. Additional
drilling is required to estimate the true widths of the vein zones
intersected in FSDH085.
|
Commenting on the release, Jamie
Beck, President and CEO stated, "Aurora continues to grow
towards Bonita with hole 83. We currently have three holes underway
which will provide critical information on the potential continuity
of mineralization between these two zones." Mr. Beck continued,
"Hole 85 is an incredible result, demonstrating Bonita's
significant potential size and dramatically expanding the size of
the mineralized footprint at Filo. It expands Bonita 700m to the east, sits 1.7km northeast of hole
83, and extends Filo del Sol's strike to over 5km from our most
southerly mineralized hole in Tamberias. No unmineralized holes
have been drilled in between and we hope to keep this streak going.
It's also exciting to have intersected shallow, high-grade vein
style mineralization in hole 85, similar to what we see at our
Maranceles target to the north."
FSDH082 was drilled into the Gemelos target from the same
collar as FSDH079 but towards the east. The hole reached a final
depth of 840m, intersecting a
rhyolite sequence similar to the host rocks at Filo and Aurora. The
sequence is variably altered and pyritized, defining the broad, and
classic, pattern of a high-sulfidation epithermal system. In
general, the intensity and extent of the alteration is better
developed in hole FSDH079 than in FSDH082. This style of advanced
argillic alteration with associated high-sulfidation sulfide
mineralization is linked to porphyry Cu mineralization elsewhere
along the Filo del Sol alignment, suggesting it is also likely to
be present at Gemelos, albeit not immediately at depth in the
drilled area but perhaps along a northeast or southwest strike from
this zone. Gemelos is the southern extent of the much larger Potro
Cliffs alteration zone and additional drilling is required to fully
test the extent of this zone on Filo's property.
FSDH083 was collared Section 09900N and drilled to the
west at -70 degrees. It is a 260m
step-out to the northeast of FSDH073 and is now the most northerly
intersection into the Filo-Aurora trend. The hole intersected
rhyolite to a depth of 650m where it
passed into the mineralized breccia. It continued in the breccia to
its end at 1,550m with only two late
mineral porphyry intersections cutting it. The breccia is dominated
by rhyolite clasts down to about 1,060m where granite becomes more abundant.
The hole ended in mineralization, with the last 20m averaging 0.66% CuEq (0.59% Cu, 0.04 g/t Au,
4.2 g/t Ag) including one narrow pyrite-enargite vein which
returned 8.36% Cu over 0.6m.
FSDH085 was a 750m
step-out to the east of FSDH075 in the Bonita Zone. Mineralized
float at surface led to trenching which uncovered additional
mineralization providing encouragement to test this area for
continuation of the Bonita Zone. The hole was collared on Section
11000N and was drilled towards the west at -70 degrees.
The hole encountered a series of mostly narrow (<1m) intermediate sulphidation veins and breccias
from the collar down to the start of the main mineralized zone at
320m. The most significant of these
zones is broken out in the table above, starting at 18.0m, but several narrower veins were
intersected including at 2.0m (1.09
g/t Au), at 113.6m (2.89% Cu, 23 g/t
Ag), at 153.9m (2.05% Cu, 116 g/t
Ag), at 185.8m (0.62% Cu, 21 g/t Ag)
and at 260.5m (2.69% Cu, 26 g/t Ag).
These intervals are less than a metre thick, with elevated Au and
Ag, and are similar to veins trenched on surface at Maranceles some
600m to the north. Together with the
Maranceles surface outcrops, these intervals provide evidence of a
possible intermediate sulphidation vein system in this area and
additional work is planned to test this target.
Hole 85 ended in mineralization at a final depth of 1,199m (last 21m at
0.25% CuEq (0.20% Cu, 0.05 g/t Au, 1.4 g/t Ag)), dramatically
expanding the size of the mineralized footprint at Filo. FSDH075 is
the closest hole to this one, with mineralization open in all
directions around it.
Outlook
Drilling is ongoing with nine rigs active on the project, and
winter drilling is focused on Aurora infill and the Aurora-Bonita
gap. Assay results for completed holes will be released as they are
received, analyzed, and confirmed by the Company. Three holes are
underway in the Aurora-Bonita gap, five holes are working on Aurora
and Filo infill, and one rig is completing the last of a series of
geotechnical holes to examine a potential future underground
exploration adit.
On behalf of Filo,
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'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.
About Filo Corp.
Filo is a Canadian exploration and development company focused
on advancing its 100% owned Filo del Sol copper-gold-silver deposit
located in San Juan Province, Argentina and adjacent Region III,
Chile. 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 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 Corp. for publication,
through the agency of the contact person set out below, on
July 11, 2023 at 6:00 pm EDT.
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, potential implications of
geophysics interpretations, 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.
Follow Us
Twitter:
https://twitter.com/filo_corp
LinkedIn:
https://www.linkedin.com/company/filocorp/
Instagram:
https://www.instagram.com/filo_corp/
Facebook:
https://www.facebook.com/FiloCorpOfficial
SOURCE Filo Corp.