VANCOUVER, BC, March 31, 2021 /CNW/ - Filo Mining Corp.
(TSXV: FIL) (Nasdaq First North Growth Market: FIL) (OTCQX:
FLMMF) ("Filo Mining", or the "Company") is pleased to announce
assay results from the initial three holes completed in the current
drill program at Filo del Sol. Drilling is progressing well,
and encouraged by results to date, the Company is planning an
extension of the program through May 2021. Highlights are
listed below, along with accompanying figures: View
PDF
- Extension of the deposit 1,000m to the north (FSDH043) and
200m to the east
(FSDH044);
- FSDH044 returned 942m
of 0.67% CuEq from 58m (0.42% Cu,
0.32 g/t Au, 2.2 g/t Ag) including a higher-grade section from
350m to 1,000m of 650m
of 0.80% CuEq (0.51% Cu, 0.37 g/t Au, 2.5g/t Ag).
- FSDH043 returned 768m
of 0.39% CuEq starting from 300m
(0.29% Cu, 0.10 g/t Au, 2.0 g/t Ag); with grades increasing
throughout its depth, and the last 88m ending in 0.78% CuEq (0.61% Cu, 0.19 g/t
Au, 3.3 g/t Ag);
- FSDH040 was lost at 211.5m, prior to reaching target depth, and
returned 117.5m of 0.69% CuEq
starting from 94m (0.45% Cu, 0.29 g/t
Au, 2.4 g/t Ag) including a high-grade, supergene enriched zone of
26m of 1.37% CuEq (1.15% Cu,
0.28 g/t Au, 2.3 g/t Ag);
- Three holes are currently underway testing the high-grade
breccia target in the 500m gap
between historical holes FSDH032 and FSDH034, with another two
holes testing the 1,000m gap between
FSDH032 and FSDH043;
- A total of 7,700 metres has been drilled to date; seven holes
are now complete, and drilling is ongoing with five holes currently
in progress.
Commenting on these initial results, President and CEO
Jamie Beck said "Our initial
results at Filo del Sol continue to expand this remarkable deposit
and we have yet to drill out of mineralization. The primary
goals this season were to expand the deposit to the north, and to
start infilling the large gaps between our long, high-grade
intersections from last season. Holes 43 and 44 have been
extremely successful in accomplishing the first goal, hole 40 is a
great start at the second, and we expect future results to build on
this success."
With the intersection in FSDH043, the deposit extends over a
total north-south distance of almost four kilometres. Hole
FSDH044 increases the east-west dimension of the deposit to at
least 600m, and the extent, style and
tenor of the mineralization in this hole do not suggest we are near
to the eastern limit yet. There are now five holes
drilled to over a kilometre deep on the deposit, all of which ended
in mineralization. Copper-gold-silver deposits with these
dimensions are not common globally.
HOLE-ID
|
From
(m)
|
To
(m)
|
Length
(m)
|
Cu
%
|
Au
g/t
|
Ag
g/t
|
CuEq1
%
|
FSDH040
|
94.0
|
211.5
|
117.5
|
0.45
|
0.29
|
2.4
|
0.69
|
incl.
|
94.0
|
120.0
|
26.0
|
1.15
|
0.28
|
2.3
|
1.37
|
FSDH043
|
300.0
|
1,068.0
|
768.0
|
0.29
|
0.10
|
2.0
|
0.39
|
incl
|
774.3
|
1,068.0
|
293.7
|
0.47
|
0.16
|
2.6
|
0.61
|
incl
|
980.0
|
1,068.0
|
88.0
|
0.61
|
0.19
|
3.3
|
0.78
|
FSDH044
|
58.0
|
1,000.0
|
942.0
|
0.42
|
0.32
|
2.2
|
0.67
|
incl
|
350.0
|
1,000.0
|
650.0
|
0.51
|
0.37
|
2.5
|
0.80
|
Hole FSDH040 was planned to be a deep test of the breccia
target in the 500m gap between
FSDH032 and FSDH034. This area is characterized by difficult
drilling conditions because of intense hydrothermal
alteration. Although this makes for challenging drilling over
approximately 200m at the top of the
holes, it also provides compelling evidence that this area is
underlain by the most intense part of the system and remains a
top-priority drill target. This hole was lost at a depth of
211.5m after intersecting the
uppermost part of the mineralization. Three holes are
currently being drilled in this area. So far, these have seen
considerably better progress due to improvements in drilling fluids
and techniques by the drilling contractor, leading us to expect
better success in this highly prospective area.
Hole FSDH043 was collared 1,200m north of FSDH032 and drilled towards the
southwest to test a geophysical anomaly with similar
characteristics to the geophysical response seen between holes
FSDH032 and FSDH034. The hole was drilled to a depth of
1,068m, with mineralization starting
at a depth of 300m, increasing with
depth, and strongest at the bottom. The centre of
mineralization in this hole is located 1,000m north of the centre of FSDH032, with two
holes currently underway (FSDH037 and FSDH041) in between.
This hole was drilled at an angle of -70 degrees, and the
high-grade zone at the bottom may represent the deeper portion of a
steeply dipping zone which could extend towards surface to the west
of this intersection.
Hole FSDH044 was collared between and east of holes
FSDH032 and FSDH034, intersecting the deposit 360m northeast of FSDH034 and 330m southeast of FSDH032. It was drilled
to a depth of 1,000m, ending in
mineralization. This entire hole was drilled outside of the
resource envelope and extends the known mineralization over
200m to the east. The strongest
mineralization in this hole was hosted by an intense stockwork of
quartz-sulphide "A" veins in rhyolite country rock showing moderate
to strong potassic alteration. This type of alteration and
stockwork is characteristic of the centre of a porphyry system and
its presence in this hole suggests that there is good potential to
continue to expand the deposit towards the east.
Jamie Beck
President and CEO
Filo Mining Drill Hole Location Plan Map
Filo Mining Resource Pit-Shell, North-South with Drill Holes
Filo Mining Vertical Section 8800N, West-East
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. 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 laboratory in
Lima, Peru 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.
Copper Equivalent (CuEq) for drill intersections is
calculated based on US$ 2.80/lb Cu,
US$ 1,400/oz Au and US$ 16/oz Ag, with 80% metallurgical recoveries
assumed for all metals. The formula is: CuEq % = Cu % +
(0.7292 * Au g/t) + (0.0083 * 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 TSXV 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 advisor on Nasdaq First North Growth
Market is Pareto Securities AB, +46 8 402 50 00,
certifiedadviser.se@paretosec.com.
Neither the TSXV nor its Regulation Services Provider (as that
term is defined in the policies of the TSXV) accepts responsibility
for the adequacy or accuracy of this news release.
The information contained in each Filo Mining news release was
accurate at the time of dissemination but may be superseded by
subsequent news release(s).
The information in this release is subject to the disclosure
requirements of Filo Mining under the EU Market Abuse Regulation.
This information was submitted for publication, through the agency
of the contact person set out below, on March 31, 2021 at
01:00 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 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; 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;
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.
SOURCE Filo Mining Corp.