VANCOUVER, BC, Jan. 12, 2022 /CNW/ - Filo Mining
Corp. (TSX: FIL) (Nasdaq First North Growth Market: FIL)
(OTCQX: FLMMF) ("Filo Mining", or the "Company") ("Filo Mining", or
the "Company") is pleased to provide initial assay results and an
update on the Filo del Sol drilling program. Highlights are listed
below, along with drillhole locations on the accompanying plan map:
View PDF.
- Drillhole FSDH055A returned 64.0 m at 1,213.8 g/t Ag and 0.49 g/t Au from
a depth of 362m; this represents the
best intersection of high-grade silver on the project to date.
- A total of 5,000m of diamond
drilling has now been completed during the current program, with
one hole (FSDH054) completed to a depth of 1,370m and five holes currently underway.
Commenting on the initial results, Jamie
Beck, President and CEO stated, "Hole 55A is one of the
longest, highest-grade silver intercepts seen globally in a long
time. It is a great reminder of the outstanding precious metal
content of this remarkable deposit and demonstrates that we've got
a significant silver deposit contained within the major copper-gold
deposit at Filo del Sol. This hole also adds to the evidence that
the area around hole FSDH041 is one of the centres of the system
and we look forward to assays from additional step-out holes in
this area."
FSDH055A is located 50m to the
west of, and parallel to, FSDH041. It intersected the high-grade
silver zone as shown in the table below, before being abandoned at
a depth of 485m due to drilling
difficulties. FSDH055C is currently underway at the same location
to re-drill this hole to target depth.
HOLE-ID
|
From
(m)
|
To
(m)
|
Length
(m)
|
Cu
%
|
Au
g/t
|
Ag
g/t
|
FSDH055A
|
362.0
|
426.0
|
64.0
|
0.01
|
0.49
|
1,213.8
|
incl.
|
374.4
|
402.0
|
27.6
|
0.01
|
0.50
|
2,439.2
|
incl.
|
380.0
|
388.0
|
8.0
|
0.01
|
0.45
|
5,280.0
|
This is the best intersection of the high-grade silver zone at
Filo del Sol drilled to date and sits completely outside the
current mineral resource. This intersection is open in several
directions, with a 420m undrilled gap
to the north, between FSDH055A and FSDH037 (104m at 120 g/t Ag, see News Release dated
April 12, 2021) which is currently
being tested by holes FSDH057 and FSDH059. To the east, this
intersection correlates with the silver zone in hole FSDH041
(46m at 75 g/t Ag, see News Release
dated April 12, 2021). The
intersection is completely open to the west. Additional drilling is
required to fully understand the geometry of this intersection,
however based on correlation with other holes it is interpreted to
be approximately true width.
Initial holes for this program were designed to explore the area
around the high-grade intersection in FSDH041 from the 2020/2021
season, with holes FSDH054, FSDH055 and FSDH056 as 50m step-outs to the east, west and south
respectively. FSDH054 was completed at a depth of 1,370m in early December, and this drill has been
moved to FSDH059 located 100m north
of FSDH041. Two larger step-outs are also underway, FSDH057 located
200m north of FSDH041 and FSDH058
located 450m to the south of
FSDH041.
Outlook
Drilling will continue year-round at Filo del Sol in 2022 with
our most ambitious field program ever. The Company plans to add an
additional two drill rigs in early February, bringing the total rig
count to seven drills operating throughout the year. Assay results
have been received for approximately 2,100m of the length drilled to date, and
additional results 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. 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
Santiago, Chile for copper, gold
and silver assays, with a second split sent to the ALS laboratory
in Lima, Peru for 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.
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 January 12, 2022 at
00:01 EST.
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; the impact of the Company's winterization
efforts at Filo del Sol, and whether such efforts will enable
year-round operations and have adequately anticipated and prepared
for the challenges of winter operation at Filo del Sol, including
but not limited to weather and potential supply chain disruptions;
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.