VANCOUVER, BC, Jan. 12, 2021 /CNW/ -: Filo Mining
Corp. (TSXV:FIL) (Nasdaq First North Growth Market:
FIL)(OTCQX: FLMMF) ("Filo Mining", or the "Company") is
pleased to provide an update on progress of the current season's
drill program at Filo del Sol. View PDF
Four diamond drill rigs are now drilling at Filo, with a fifth
to be added before the end of January. Drills are currently
focused on the large prospective area to the north of the Filo
deposit and are targeting both extensions to the resource and areas
of high potential for the discovery of new mineralization.
"We are now full steam ahead with the 2020/2021 drill
campaign and are pleased to announce the addition of a fifth rig to
accelerate the drill program. We are beginning with extensive
drill testing north of the currently defined deposit, with hole
depths targeting at least 1 kilometer, which would match the
deepest holes ever drilled at Filo del Sol," commented
Jamie Beck, President and CEO.
"Filo is one of the few, advanced, large-scale development
opportunities set to fill an anticipated supply deficit in copper.
In January 2019, we completed a
pre-feasibility study on the uppermost oxide portion of the
deposit, demonstrating the project's robust economic
potential. With the backdrop of rising metals prices
and an already compelling production case, it will be an exciting
season as Filo continues to learn more about the ultimate size of
the underlying sulphide mineralization."
Hole FSDH041 is a step-out hole 200 metres to the north of
FSDH032 (1,009m at 0.95% CuEq
(0.57% Cu, 0.39g/t Au, 11.1g/t Ag)) which anticipates extending
the mineralization.
FSDH037 is located 400 metres north of FSDH041, targeting the
northern extension of the high conductivity trend which defines the
northern part of the known deposit. Hole VRC092, drilled to a
depth of 353m in 2015, lies halfway
between FSDH041 and FSDH037 and intersected 191 metres to end the
hole at 0.28% Cu and 0.11 g/t Au.
Holes FSDH043 and FSDH042 are collared respectively 580m and 910m north
of FSDH037 and are targeting geophysical anomalies supported by
strong alteration and soil geochemistry anomalies at surface.
The initial hole of the program, FSDH040, was abandoned at a
depth of 212 metres due to challenging ground conditions in an area
of the deposit that has proven historically difficult to
drill. This hole was targeted on expanding the
high-grade zone encountered last season in hole FSDH038 which was
stopped at 383m due to the early
curtailment of the season amid growing concerns over the pandemic
(the last 73m at 2.04% CuEq (1.19%
Cu, 1.06g/t Au, 8.8g/t Ag)). This remains a high priority
target for the Company and we will look to re-visit this area as
the season progresses.
Drilling during the 2019/2020 season demonstrated that the
deposit continues strongly to depth, with intersections greater
than 1 km, and the bottom of the deposit's mineralization has not
yet been reached. The 2020/2021 program is designed to
explore for extensions to this deep mineralization to the north,
where it remains completely wide open beyond FSDH032. Surface
data (geological mapping, alteration sampling, and geochemical
sampling) as well as geophysics indicate that the same geological
environment that hosts the Filo del Sol deposit continues for at
least 2 kilometres to the north of this hole, and drilling is
planned to explore this area to a depth of at least 1,000
metres.
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 gold, manto-style high-grade silver (+/-
copper) and high-grade supergene enriched copper within a broader
envelope of disseminated 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 and
has reviewed and approved the technical information contained in
this news release. 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 Copiapo, Chile. Samples were
delivered to the ALS preparation laboratory in Copiapo 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. 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 TSX Venture Exchange ("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 January 12, 2021 at 02:30
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 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.
