VANCOUVER, BC, Aug. 23,
2022 /CNW/ - Filo Mining Corp. (TSX: FIL)
(Nasdaq First North Growth Market: FIL) (OTCQX: FLMMF) ("Filo
Mining", or the "Company") is excited to announce results from two
holes at the Filo del Sol Project in San Juan, Argentina. Drillholes FSDH061 and FSDH063 have
successfully extended the strike length of the Aurora Zone by
180m to a total of 1.6km, and it
remains open to expansion in the north and south directions.
Highlights and detailed results are shown below: View PDF
version.
- Drillhole FSDH061 intersected 701.2m at 1.13% CuEq from a depth of 392m, including;
-
- 406m at 1.36% CuEq from
508m
- The hole ended in strong mineralization at a depth of
1,093m
- Drillhole FSDH063, located 1.6km southwest of FSDH061,
was drilled to a final depth of 1,141m and intersected 844.2m at 0.53% CuEq from a depth of 16m, including;
-
- 142m at 0.71% CuEq from a depth
of 16m and,
- 112m at 0.86% CuEq from a depth
of 436m
- The Aurora Zone is interpreted to be continuous between these
two holes, with large undrilled gaps remaining, and is open to the
south of FSDH063 and to the north of FSDH061.
Commenting on the results, Jamie
Beck, President, and CEO stated, "Hole 61 pulls the
Aurora Zone another 180m northeast of
Hole 57, which was our previous northernmost intersection in this
zone of elevated grade. The Aurora Zone is completely open to the
north beyond this hole, and now extends 1.6 km southwest to the
intersection in Hole 63. As we ramp up drilling into the South
American spring and summer, we will continue a combination of
larger step-out holes to try to find the edges of the mineralized
system, along with step-out and infill holes to try to fully define
the size of this remarkable Aurora Zone."
Hole
ID
|
From
|
To
|
Length
(m)
|
Cu %
|
Au
g/t
|
Ag
g/t
|
CuEq
%
|
FSDH061
|
392.0
|
1,093.2
|
701.2
|
0.81
|
0.33
|
9.1
|
1.13
|
incl
|
508.0
|
914.0
|
406.0
|
0.97
|
0.40
|
11.1
|
1.36
|
FSDH063
|
16.0
|
860.2
|
844.2
|
0.29
|
0.25
|
6.5
|
0.53
|
incl
|
16.0
|
548.0
|
532.0
|
0.35
|
0.32
|
9.0
|
0.66
|
incl
|
16.0
|
158.0
|
142.0
|
0.36
|
0.26
|
18.1
|
0.71
|
incl
|
436.0
|
548.0
|
112.0
|
0.42
|
0.42
|
15.0
|
0.86
|
FSDH061 was collared 230m to the northeast of FSDH057 and drilled to
the west at an angle of -70o to a final depth of
1,093m where it was unable to
continue due to technical problems. The hole cut the typical
sequence of fragmental and coherent rhyolite country rock to a
depth of 522m where it intersected
the main mineralized breccia. The breccia is dominated by rhyolite
clasts to a depth of 1,025m where it
transitions to a granite-dominated breccia. The hole ended in well
mineralized, potassic altered, homogeneous granite and granite
breccia cut by moderately abundant A veins. The last 21m returned 1.03% CuEq (0.73% Cu, 0.38g/t Au,
2.8g/t Ag). Sparse, narrow, late-mineral porphyry dykes cut the
sequence throughout, and scattered clasts of porphyry are common
within the breccia.
This hole clearly extends the Aurora Zone and confirms its
generally NNE strike direction. There are no holes drilled along
this trend to the NNE between FSDH061 and FSDH060 which intersected
the Bonita Zone, another 1.6km away (see News Release dated
June 9, 2022). Three deep holes were
drilled to the west of the Aurora trend in the 2020/2021 season,
all of which intersected mineralization consistent with the edge of
the zone, suggesting that it should continue several hundred metres
beyond FSDH061. These holes include FSDH037, 100m north of FDSH061 (502m @ 0.75% CuEq; 0.41% Cu, 0.13g/t Au, 27.8g/t
Ag); FSDH043, 400m north of FSDH061
(294m @ 0.61% CuEq; 0.47% Cu, 0.16g/t
Au, 2.6g/t Ag) and FSDH051, 1,200m
north of FSHD061 (344m @ 0.50% CuEq;
0.26% Cu, 0.21g/t Au, 9.4g/t Ag). Details of these holes can be
found in news releases dated May 13,
2021; March 31, 2021 and
August 4, 2021 respectively.
FSDH063 is located 1.6km SSW of FSDH061 along the
Aurora trend. It was collared 140m to the west of FSDH025 and drilled towards
the west at -70o. FSDH025, completed in 2019, was the
first hole drilled deeper than 1,000m
at Filo del Sol, and returned 1,025m
@ 0.47% CuEq (0.30% Cu, 0.22g/t Au, 1.6g/t Ag). As additional
drilling outlined the NNE trend of the Aurora Zone, this hole was
interpreted to have been drilled to the east of the trend and
FSDH063 was planned to test for the southern extension of the zone
west of FSDH025.
FSDH063 intersected the resource block model down to a depth of
436m, with grades as predicted. The
interval from 436m to 548m is interpreted as the Aurora Zone in this
hole, ending at the contact with an intermineral porphyry which
continues to 649m. The mineralized
breccia continues below this, however, grades are diminished from
the main interval and alteration is predominantly phyllic rather
than silica and quartz-alunite as is seen further north.
Granite and associate breccias are intersected from 907m to the end of the hole.
The Aurora Zone remains open to the south of this hole, and
large distances remain to the north and down-dip for expansion.
Down dip, FSDH025 is just over 500m
away from FSDH063 (it was drilled steeper than FSDH063 so the two
holes diverge with depth), and to the north there is an undrilled
gap of 590m between FSDH063 and
FSDH048 (1,081m @ 0.88% CuEq; 0.52%
Cu, 0.43g/t Au, 5.3g/t Ag).
Outlook
Drilling was interrupted by an unusually harsh winter in the
Andes, with uncharacteristically large snowfalls and strong winds
occurring through several storms since late June. As always, we
prioritize the safety of our personnel while maintaining
operations. The weather has now improved, and drilling is currently
underway with six diamond rigs on site, and six holes in progress.
As the weather continues to moderate into spring and summer, we
will be adding two brand new, state-of-the-art diamond rigs into
the program in September which will allow us to drill even deeper
at Filo del Sol. Our year-round operations planning sees the
company drilling with up to 11 rigs, and this plan would see
approximately 40,000m of drilling
completed over the next 12 months.
Holes that have been completed with assays pending include:
- FSDH066, located 1.3km northeast of FSDH060, to investigate a
shallow target under the Maranceles veins (a series of
quartz-enargite veins which outcrop in this area), was completed to
a depth of 458m
Holes underway, with current depths, include:
- FSDH062 (1,089m) Infill between
holes 44 and 46 – a 200m gap
- FSDH064 (825m) Infill between
holes 48 and 32 – a 400m gap
- FSDH065 (196m) Suspended for
winter, will resume in spring
- FSDH067 (1,145m) Infill between
holes 48 and 32 – a 400m gap
- FSDH068 (124m) A 150m step-out east of FSDH054
- FSDH069 (134m) A short step-out
to explore the bottom of the FSDH057 intersection
- FSDH070 (38m) A step-out west
(up-dip) of FSDH041
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 August 23, 2022 at
18:00 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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SOURCE Filo Mining Corp.