VANCOUVER, BC, April 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 updated assay
results from three drill holes; highlights are listed below, along
with accompanying figures: PDF Version
- Drillhole FSDH058 returned 1,251.5 m at 0.91% CuEq from a depth of
100m to the end of the hole,
including:
-
- 310.0m at 1.40% CuEq
- 6.0m at 398.3 g/t Ag in the
silver zone
- Drillhole FSDH055B intersected 62.0m at 280.5 g/t Ag in the silver zone
before being abandoned at 480m just
as it was entering the Aurora zone
- Drillhole FSDH056 intersected 502.2m at 0.89% CuEq to the end of the hole
before being abandoned at 670.2m in
>1% CuEq mineralization
- A reverse circulation (RC) rig has recently been added to the
program. This drill will pre-collar holes in the challenging
area overlying Breccia 41 in order to improve drill productivity
and hole completion rates.
Commenting on the results, Jamie
Beck, President and CEO stated, "Hole 58 continues our
success in defining continuity of strong mineralization within the
Aurora zone of the deposit, and we are confident that there will be
many more holes like this to come. Looking ahead, Holes 55C and 57
have the potential to draw the high-grade mineralization first
discovered in Breccia 41 to the north, while Hole 60, drilled 2km
to the north of Hole 41, could significantly expand the north-south
dimension of the known deposit."
HOLE-ID
|
From
(m)
|
To
(m)
|
Length
(m)
|
Cu %
|
Au
g/t
|
Ag
g/t
|
CuEq1
%
|
FSDH055B
|
366.0
|
428.0
|
62.0
|
0.01
|
0.61
|
280.5
|
|
FSDH056
|
168.0
|
670.2
|
502.2
|
0.50
|
0.40
|
11.4
|
0.89
|
incl
|
388.0
|
670.2
|
282.2
|
0.68
|
0.39
|
17.9
|
1.13
|
and incl
|
420.0
|
432.5
|
12.5
|
0.39
|
0.93
|
135.8
|
|
FSDH058
|
100.0
|
1,351.5
|
1,251.5
|
0.56
|
0.41
|
6.6
|
0.91
|
incl
|
500.0
|
1,004.0
|
504.0
|
0.77
|
0.54
|
7.4
|
1.23
|
and
incl
|
600.0
|
910.0
|
310.0
|
0.87
|
0.62
|
8.2
|
1.40
|
also
incl
|
232.0
|
238.0
|
6.0
|
0.24
|
0.24
|
398.3
|
|
FSDH058 was collared 160m to the northeast of, and parallel to,
FSDH048 and drilled to a final depth of 1,351.5m. It ended in mineralization, with the
last 20m at 0.43% CuEq (0.23% Cu,
0.25 g/t Au, 1.6 g/t Ag) indicating that the deposit continues to
be open at depth. This hole is outside of the resource shell below
a depth of 380m. The Aurora zone was
intersected 325m to the south of
FSDH032, with no holes in between, and substantial room remains to
expand the zone in all directions. FSDH058 also intersected the
extension of the high-grade silver zone between 232 and
238m, continuing to confirm
continuity of this unique geological feature.
This hole maintained a distance of approximately 160m from FSDH048 throughout its length, and
correlation of geological units and grade distribution between
these holes continues to demonstrate good continuity of grade and
consistency with our current deposit model. Continuous
mineralization starts at 100m, below
a strongly weathered and leached section. It is hosted by a clastic
unit with residual silica and quartz-alunite alteration down to
170m, where it enters the large
magmatic-hydrothermal breccia body which is interpreted to host
much of the mineralization in the Aurora zone. The hole
remains in this breccia, which is dominated by rhyolite clasts,
down to 859m where it intersects the
main porphyry unit. The porphyry here is strongly veined and
is comprised of at least two different phases. Potassic alteration
dominates below 1000m and copper and
gold grades remain strong throughout, averaging 0.4 g/t and 0.5%
respectively. Porphyry continues to 1290m where the hole again enters the
magmatic-hydrothermal breccia, with clasts here dominated by
granite rather than rhyolite.
FSDH055B was collared from the same platform as
FSDH055A and FSDH041 and drilled to a depth of 480m before being abandoned. The hole was just
entering the Aurora zone at this depth, with the final 10m averaging 0.53% CuEq. The silver zone was
intersected between 366.0 and 428.0m,
correlating well with the intersection in FSDH055A. This
intersection is outside of the resource shell.
FSDH056 was collared 50m to the south of FSDH055B and drilled to a
final depth of 670.2m where it was
abandoned. This hole entered the Aurora zone at a depth of
388m, continuing in strong
mineralization to its end and including a silver zone intersection
between 420.0 and 432.5m. This hole
is outside of the resource shell below 250m.
Outlook
Drilling is ongoing with 7 diamond drill rigs, in addition to
the RC rig, and several holes are currently underway. Holes
are designed to explore the area around the high-grade intersection
in FSDH041 from the 2020/2021 season, along with some moderate
step-outs to test continuity of the Aurora zone, and larger
step-out holes to continue to try to find the edges of the
mineralized zone. Holes that have now been completed with assays
pending include:
- FSDH055C, located approximately 50m north of FSDH041, was drilled to a final
depth of 1,486m
- FSDH057, located approximately 200m north of FSDH041, was abandoned at a depth
of 787m
- FSDH060, located 2,000m north of
FSDH041, was drilled to a final depth of 1,070m
Assay results for these holes 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 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.
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 April 19, 2022 at
8:30 pm EDT.
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.
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Base Map with Sat Image 2022
Filo Graphics Long Section with Plan Apr2022 small
Filo Graphics Vertical Section 8650N CuAu April 2022
SOURCE Filo Mining Corp.