VANCOUVER, Nov. 13, 2019 /CNW/ - Filo Mining Corp. (TSXV:
FIL, Nasdaq First North Growth Market: FIL) ("Filo
Mining", or the "Company") is pleased to announce that
drilling has now started at its 100% owned Filo del Sol project
located on the border of Region III, Chile and San Juan Province, Argentina. Three diamond drills are on site,
with a fourth scheduled to arrive this week. The geophysics crew
has also mobilized to the project and the planned 3D induced
polarization survey has started. A drone magnetometer survey of the
project area is scheduled to begin in early January. Refer to the
attached plan map outlining target areas for the 2019/2020 program.
View PDF
Commenting on the upcoming program, CEO Adam Lundin stated, "I'm excited to report
that we are off to an early start and drilling is now underway at
Filo del Sol. We will soon have all 4 rigs turning; and with a plan
to drill over 10,000 metres this season, this is the most extensive
exploration program in Company history."
Please refer to the Company's news release dated August 8, 2019 for details and objectives of the
program, along with a detailed list and description of target
areas. Three holes are underway in the Filo Deep area, testing for
extensions to both the high-grade gold mineralization encountered
last season in holes FSDH028 and FSDH030 and for copper-gold
mineralization underlying these holes, both of which ended in
strong mineralization.
The fourth drill will begin drilling at the newly discovered
Tamberias West zone where surface mapping and trenching during the
past season encountered steam-heated alteration identical to that
which outcrops above the Filo del Sol deposit.
Reinterpretation of the fault systems as part of a regional
geological mapping effort last season has resulted in the
identification of a north-easterly structure (Portozuelo Fault)
which may control the geometry of the deposit. This puts the
steam-heated alteration in context as the possible southwestern
continuation of the Filo del Sol deposit and makes it a high
priority drill target.
Assay results from the current drilling will be released early
in the new year.
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 Filo del Sol project is the
subject of a recently completed Pre-Feasibility Study ("PFS"), 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
"Technical Report").
The Company's shares are listed on the TSX-V and on Nasdaq First
North Growth Market 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 Growth
Market is Pareto Securities AB, +46 8 402 50 00,
certifiedadviser.se@paretosec.com.
ADDITIONAL INFORMATION
Additional information regarding exploration, drilling, data
verification, and the mineral resource estimate for the Filo del
Sol project can be found in the Technical Report. The Technical
Report was prepared for Filo Mining by Ausenco Engineering Canada
Inc. ("Ausenco"). The Qualified Persons, as defined under NI
43-101, responsible for the Technical Report are Scott Elfen, P.E.,
Ausenco, Robin Kalanchey, P.Eng.,
Ausenco, Bruno Borntraeger, P.Eng.,
Knight Piesold Ltd., Fionnuala
Devine, P.Geo., Merlin Geosciences Inc., Ian Stillwell, BGC Engineering Inc.,
Neil Winkelmann, FAusIMM, SRK
Consulting (Canada) Inc.,
James N. Gray, P.Geo., Advantage
Geoservices Limited, and Jay Melnyk,
P.Eng., AGP Mining Consultants, all of whom are independent of Filo
Mining. The Technical Report is available for review under the
Company's profile on SEDAR at www.sedar.com and on the Company's
website at www.filo-mining.com.
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 November 13, 2019 at
5:30pm Eastern Time.
On behalf of Filo Mining,
Adam Lundin
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.
Forward-looking statements contained in this news release
include statements regarding the Company's plans for the upcoming
field season and proposed 2019/2020 drill targets at its 100% owned
Filo del Sol project, planned exploration programs, potential
upside at the Filo del Sol project, surface indications of
epithermal style gold-copper mineralization on the Tamberias West
area and a potential to significantly increase the oxide mineral
resource, the results of the 2018/2019 field program drill program,
and support of Lundin Family Trusts. In addition, this news
release discusses 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,
without limitation, those referred to in the "Risk and
Uncertainties" sections, and elsewhere, in the Company's MD&A
for the year ended December 31, 2018
and for the interim period ended June 30,
2019, and in the most recent the Company's 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 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 del Sol Project - 2019/2020 Target Areas (Full
Resolution)
SOURCE Filo Mining Corp.