VANCOUVER, May 28, 2019 /CNW/ - Filo Mining Corp.
(TSX-V, Nasdaq First North: FIL) ("Filo Mining", or the
"Company") is pleased to announce the final assay results from the
2019 drill program at its 100% owned Filo del Sol project located
on the border of Region III, Chile
and San Juan Province, Argentina. The seven holes drilled
during the past season extend along a north-south distance of 1,800
metres, and all intersected high-grade mineralized zones and ended
in mineralization, with the single exception of FSDH031. (See
also the Company's news releases dated March
18, 2019, and May 17,
2019).
Please view PDF version of News Release.
Commenting on the results, CEO Adam
Lundin stated: "The Company is pleased to deliver
yet another set of excellent drill results from Filo del Sol, and
to wrap up what has been a transformational season on such a
positive note. The 2018/2019 exploration program provided a
step change in our understanding of the Filo del Sol system and
continued to demonstrate that the ultimate size of the deposit
could be well beyond our current mineral resource estimate.
This season we have extended the depth of mineralization 530 metres
deeper than previously known and still almost every hole has ended
in mineralization. We have continuous mineralization over a 3
kilometer north-south distance, and the deposit remains open in
both directions beyond this. We have also improved our
understanding of the deposit geology and controls on mineralization
by doing extensive diamond core drilling (rather than reverse
circulation) during the past two seasons. Filo del Sol represents a
high-quality resource underpinned by the compelling production case
outlined in the Pre-Feasibility Study but importantly this year's
drilling results have shown that the resource is likely to grow
significantly being part of a large porphyry system. We look
forward to drilling this system further with the rigs turning again
this fall".
Results from the final three holes of the season are presented
below:
HOLE-ID
|
From
(m)
|
To
(m)
|
Length
(m)
|
Cu
%
|
Au
g/t
|
Ag
g/t
|
FSDH029
|
0.0
|
800.1
|
800.1
|
0.24
|
0.26
|
1.8
|
incl
|
6.0
|
42.0
|
36.0
|
0.78
|
0.20
|
3.1
|
FSDH030
|
134.0
|
512.0
|
378.0
|
0.44
|
0.89
|
42.5
|
incl
|
190.0
|
244.0
|
54.0
|
1.05
|
0.83
|
1.4
|
and incl
|
262.0
|
388.0
|
126.0
|
0.19
|
1.79
|
121.5
|
incl
|
262.0
|
274.0
|
12.0
|
0.54
|
12.60
|
260.1
|
and incl
|
388.0
|
512.0
|
124.0
|
0.49
|
0.40
|
2.6
|
FSDH031
|
212.0
|
216.0
|
4.0
|
0.08
|
3.18
|
10.5
|
Hole FSDH029 was collared on section 7000N at an
angle of -75 degrees towards the east and drilled to a final depth
of 800.1 metres. The hole is mineralized throughout its
entire length and ended in low grade mineralization within a
feldspar porphyry with moderate potassic alteration. The hole
cut feldspar porphyry from surface, with moderate density of
veining. This porphyry is similar to that seen in FSDH025,
drilled 1,000 metres to the north, and confirms a large,
mineralized porphyry system at Filo del Sol. This hole is
outside of the current mineral resource from 185 metres to the end
of the hole.
Hole FSDH030 was collared 1,800 metres to the north
of FSDH029, on section 8800N, and drilled to the west at an angle
of -65 degrees. The hole was planned to a depth of 1,000
metres, but was terminated short of this goal in competent rock
with strong mineralization due to ground condition problems within
the shallow oxidized portion of the hole. The last 20 metres
of the hole averaged 0.54% copper and 0.35 g/t gold. The top
450 metres of this hole is within the mineral resource with the
last 62 metres outside of it.
The hole intersected intensely altered and mineralized clastic
rocks down to 277 metres where it encountered the unconformity with
the underlying rhyolite volcanic rocks. A zone of strong
supergene-enriched copper mineralization lies above the
unconformity, from 190 to 244 metres, at 1.05% copper. The
unconformity hosts the silver-rich M zone which was much thicker
than expected in this hole, spanning 126 metres between 262 and 388
metres depth at 121.5 g/t silver. Additional drilling is
required to explain this increase in thickness, but possibilities
include a fault repetition or a cross-cutting feeder structure to
the typically flat-lying zone. The latter interpretation is
supported by the strongly brecciated nature of the core throughout
this interval. Beneath the M zone, the hole continued in
well-mineralized brecciated rhyolite with a typical
high-sulphidation assemblage of minerals to its final depth of 512
metres.
Hole FSDH031 was drilled on section 7600N and angled
at -75 degrees towards the east. The hole was collared about
800 metres to the west of the rest of the holes drilled this season
and targeted a high-chargeability anomaly near the interpreted
intersection of two major faults. The hole intersected
strongly altered but weakly mineralized sedimentary and volcanic
rocks on the west side of the Frontera Fault which is interpreted
to form the western boundary of the deposit. The high
chargeability appears to be due to pyrite disseminations and
veining, associated with the epithermal system, in rhyolite country
rock.
QUALIFIED PERSONS AND TECHNICAL NOTES
The field program was carried out under the supervision of
Bob Carmichael, B.A.Sc., P.Eng., and
Diego Charchaflie, MSc., P.Geo (BC) who are the Qualified Persons
as defined by NI 43-101. Mr. Carmichael is Vice President,
Exploration for the Company and has reviewed and approved the
technical information contained in this news release. Mr.
Charchaflie is a principal geological consultant for the
Company. Samples were cut at Filo Mining's Batidero camp near
the project site 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
at camp, and packaged for shipment by truck to San Juan,
Argentina. Samples were delivered 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. ALS is an accredited laboratory which is independent of
the Company. Gold analyses were by fire assay fusion with AAS
finish on a 30g sample. Copper and silver were analysed 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. 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
flat-lying, and drilled widths are interpreted to be greater than
90% of true widths. This includes the high-grade gold interval
in FSDH030.
CONFERENCE CALL
A conference call to discuss the 2018/2019 Filo del Sol drill
results will be held on Wednesday, May 29, 2019 at
09:00 Toronto time, 14:00 UK time,
or 15:00 Sweden time. The contents
of this press release and the Filo del Sol 2018/2019 Drill Results - Summary Table,
attached to this press release, will be reviewed and explained in
greater detail.
Please call in 10 minutes before the conference call starts and
stay on the line (an operator will be available to assist you).
LIVE CONFERENCE
CALL
|
|
|
Conference
ID:
|
71710510
|
|
|
Toll-Free North
America:
|
+1 888 390
0605
|
Local
Toronto:
|
+1 416 764
8609
|
Local
Vancouver:
|
+1 778 383
7417
|
Toll-Free
London:
|
08006
522435
|
Toll-Free
Sweden:
|
0200899189
|
|
CONFERENCE CALL
REPLAY
|
|
|
Replay Pass
Code:
|
710510#
|
|
A replay of the
telephone conference will be available approximately 2 hours after
the completion of
the live conference call, until June 29,
2019 at 11:59 PM EST.
|
|
|
Toll-Free North
America:
|
+1 888 390
0541
|
International:
|
+1 416 764
8677
|
ABOUT FILO MINING
Filo Mining is a Canadian exploration and development company
focussed 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 Filo del Sol project is the subject
of a recently completed Pre-Feasibility Study, and details of the
project can be found in the 43-101 Technical Report detailing the
results of that study titled "NI 43-101 Technical Report,
Pre-feasibility Study for the Filo del Sol Project" dated
February 22, 2019 with an effective
date of January 13, 2019 (the
"PFS").
The Company's shares are listed on the TSX-V and on Nasdaq First
North under the symbol "FIL". Filo Mining Corp. is a member
of the Lundin Group of Companies.
The Company's certified advisor on Nasdaq First North is Pareto
Securities AB, +46 8 402 50
00, certifiedadviser.se@paretosec.com.
ADDITIONAL INFORMATION
This information is information that Filo Mining Corp. is
obliged to make public pursuant to the EU Market Abuse
Regulation. The information was submitted for publication,
through the agency of the contact person set out below, on
Tuesday, May 28, 2019 at
3:30 p.m. Pacific Time.
On behalf of the Board of Directors of Filo Mining,
Adam I. Lundin
President and CEO
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", "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", "might" or "will be
taken", "occur" or "be achieved" or the negative connotations
thereof. All statements other than statements of historical fact
may be forward-looking statements.
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.
Forward-looking statements contained in this news release
include statements regarding the results of a drill program in
relation to the Filo del Sol Project.. In addition, this news
releases include results of the PFS that would support development
of the Filo del Sol Project. Information concerning mineral
resource/reserve estimates and the economic analysis thereof
contained in the results of the PFS are also forward-looking
information in that they reflect a prediction of the mineralization
that would be encountered, and the results of mining, if a mineral
deposit were developed and mined. Although Filo Mining believes
that the expectations reflected in such forward-looking information
are reasonable, undue reliance should not be placed on
forward-looking information since Filo Mining can give no assurance
that such expectations will prove to be correct. These statements
involve known and unknown risks, uncertainties and other factors
that may cause actual results or events to differ materially from
those anticipated in such forward-looking information, including
the risks, uncertainties and other factors identified in Filo's
periodic filings with Canadian securities regulators, including the
Company's most recent annual MD&A and Annual Information Form
available under the Company's profile at www.sedar.com.
In addition, these statements involve assumptions made with regard
to the Company's ability to develop the Filo del Sol Project and to
achieve the results outlined in the PFS; the ability to raise the
capital required to fund construction and development of the Filo
del Sol Project; and the results and impact of future exploration
at Filo del Sol.
The forward-looking information 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 information, 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 of 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.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Filo Plan Map 2019 (Full Resolution)
Filo del Sol – 2018/2019 Drill Hole Results
SUMMARY TABLE
HOLE-ID
|
From
(m)
|
To
(m)
|
Length
(m)
|
Cu
%
|
Au
g/t
|
Ag
g/t
|
FSDH025
|
0.0
|
1025.0
|
1025.0
|
0.30
|
0.22
|
1.6
|
incl
|
334.0
|
466.0
|
132.0
|
0.48
|
0.30
|
1.2
|
FSDH026
|
0.0
|
613.9
|
613.9
|
0.39
|
0.34
|
1.6
|
incl
|
14.0
|
474.0
|
460.0
|
0.45
|
0.34
|
1.6
|
and incl
|
14.0
|
94.0
|
80.0
|
0.73
|
0.43
|
1.8
|
and incl
|
228.0
|
316.0
|
88.0
|
0.50
|
0.33
|
1.4
|
and incl
|
420.0
|
474.0
|
54.0
|
0.49
|
0.37
|
3.3
|
FSDH027
|
0.0
|
545.4
|
545.4
|
0.22
|
0.28
|
1.8
|
incl
|
318.0
|
422.0
|
104.0
|
0.37
|
0.34
|
3.5
|
FSDH028
|
16.0
|
563.5
|
547.5
|
0.40
|
0.78
|
8.0
|
incl
|
155.0
|
164.0
|
9.0
|
0.18
|
22.04
|
15.2
|
and incl
|
390.0
|
563.5
|
173.5
|
0.55
|
0.54
|
12.9
|
incl
|
496.0
|
563.5
|
67.5
|
0.61
|
0.68
|
24.0
|
FSDH029
|
0.0
|
800.1
|
800.1
|
0.24
|
0.26
|
1.8
|
Incl
|
6.0
|
42.0
|
36.0
|
0.78
|
0.20
|
3.1
|
FSDH030
|
134.0
|
512.0
|
378.0
|
0.44
|
0.89
|
42.5
|
Incl
|
190.0
|
244.0
|
54.0
|
1.05
|
0.83
|
1.4
|
and incl
|
262.0
|
388.0
|
126.0
|
0.19
|
1.79
|
121.5
|
Incl
|
262.0
|
274.0
|
12.0
|
0.54
|
12.60
|
260.1
|
and incl
|
388.0
|
512.0
|
124.0
|
0.49
|
0.40
|
2.6
|
FSDH031
|
212.0
|
216.0
|
4.0
|
0.08
|
3.18
|
10.5
|
SOURCE Filo Mining Corp.