VANCOUVER, BC, Jan. 19, 2022 /CNW/ - Filo Mining Corp.
(TSX: FIL) (Nasdaq First North Growth Market: FIL) (OTCQX:
FLMMF) ("Filo Mining", or the "Company") is pleased to provide
assay results from hole FSDH054; highlights are listed below, along
with accompanying figures: View PDF version
- Drillhole FSDH054 returned 1,224
m at 1.26% CuEq from a depth of 146m including:
-
- 592.0m at 2.04% CuEq
- 171.5m at 3.22% CuEq
- The intersection reported here lies completely outside the
current mineral resource and the high-grade zone remains open to
the west, east, north and at depth.
Commenting on the results, Jamie
Beck, President and CEO stated, "Hole 54 is one of the
best holes drilled to date at Filo del Sol. It confirms the
extension of the high-grade breccia intersected last season in Hole
41 and starts to give us an idea of the geometry and extent of this
zone."
FSDH054 was collared 60m to the
east of, and parallel to, FSDH041. It drilled 324m past the end of FSDH041, ending in
mineralization, with the last 20m at
0.59% CuEq (0.38% Cu, 0.28 g/t Au, 1.2 g/t Ag) indicating that the
deposit is wide open at depth. The Company is currently
assessing the technical feasibility of drilling to depths of at
least 2 kilometres later in the year.
HOLE-ID
|
From
(m)
|
To
(m)
|
Length
(m)
|
Cu
%
|
Au
g/t
|
Ag
g/t
|
CuEq1
%
|
FSDH054
|
146.0
|
1369.5
|
1223.5
|
0.71
|
0.54
|
18.0
|
1.26
|
Incl.
|
435.9
|
442.0
|
6.1
|
0.59
|
0.24
|
127.5
|
1.89
|
incl.
|
498.0
|
1090.0
|
592.0
|
1.15
|
0.84
|
31.9
|
2.04
|
incl.
|
830.0
|
1001.5
|
171.5
|
1.51
|
1.42
|
75.9
|
3.22
|
FSDH054 maintained a distance of approximately 60m from FSDH041 throughout its length, and
correlation of geological units and grade distribution between
these holes has helped to advance our geological
understanding. The deposit appears to be controlled by a
regional NNE trending structure that has been mapped from Filo del
Sol to the Los Helados copper-gold porphyry deposit located 18km to
the NNE. This structure extends for about 9km across the Filo
del Sol property and is continually mineralized over the 5km strike
that has been drilled to date.
Wide-spaced drilling over the past two years has discovered a
higher-grade section of this structure, now called the Aurora
Zone, extending along a length of at least 700m, from section 8500N (FSDH034) in the south
to section 9200N (FSDH041, FSDH054) in the north. The Aurora Zone
contains at least one elevated grade section, Breccia 41, as
indicated by 172m at 3.22% CuEq
(1.51% Cu, 1.42 g/t Au, 75.9 g/t Ag) in FSDH054 and 163m at 5.43% CuEq (2.31% Cu, 2.07 g/t Au, 183.0
g/t Ag) in FSDH041 (see news release dated May 13, 2021). Both the Aurora Zone and
Breccia 41 remain open along strike in both directions and their
full depth extent and lateral width (east/west) also remain
open.
FSDH054 also intersected the extension of the high-grade silver
zone about 100m to the east of the
very high-grade intersection in FSDH055A (see news release dated
January 12, 2022). It is
represented here by a 6.1m interval,
from 435.9m to 442m, with a grade of 127.7g/t Ag.
The mineralization drilled in this area of the deposit is
consistent with sub-vertical to steeply dipping high-sulphidation
hydrothermal breccias transitioning to porphyry and
porphyry-related breccia mineralization at depth. In addition to
testing exploration targets to the North and South of the known
deposit, ongoing drilling will continue to look to expand the
Aurora Zone along strike and to depth, and to determine its eastern
and western boundaries. The program will also focus on more closely
spaced holes aimed to determine the size, geometry and tenor of
Breccia 41.
Two additional diamond drills will be added to the program in
February, and a reverse circulation drill will be mobilized to
pre-collar some critical holes in order to reduce problems
encountered in drilling through the intensely altered, near-surface
rocks overlying Breccia 41. Plans are being developed to add an
additional 4 rigs to the program by mid-year which would result in
11 rigs drilling at Filo del Sol on an ongoing basis.
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 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, as is the case for the
longest intervals in hole FSDH054. The approximate true width
of the high-grade intersections of Breccia 41 in holes FSDH041 and
FSDH054 is estimated to be 65-75% of the drilled length, based on
the current geological interpretation.
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 January 19, 2022 at
21:00 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; 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_mining
LinkedIn:
https://www.linkedin.com/company/filo-mining-corp
Instagram:
https://www.instagram.com/filo_mining/
Facebook:
https://www.facebook.com/Filo.Mining.Corp
SOURCE Filo Mining Corp.