VANCOUVER, March 18, 2019 /CNW/ - Filo Mining Corp.
(TSX-V, Nasdaq First North: FIL) ("Filo Mining", or the
"Company") is pleased to announce the results of the first two
diamond drill holes 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. These holes, drilled 500 metres apart, demonstrate
that the high-sulphidation epithermal deposit forming the bulk of
the mineral resource which supports the project Pre-Feasibility
Study ("PFS") is underlain by porphyry copper-gold mineralization
to depths of over 1,000 metres below surface.
Please view PDF version of News Release.
Commenting on the results, CEO Adam
Lundin stated, "These two holes confirm that the Filo del
Sol resource represents only a small part of a much larger
mineralized system, as we have always expected. This really
opens up the exploration potential at Filo and offers the potential
to transform it into a much larger project than outlined in the
recent PFS. We currently have one additional hole completed,
with assays pending, and four holes in progress which will help us
to continue to develop our understanding of this very large
porphyry system."
Results from the first two holes are presented below:
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
|
Hole FSDH025 was collared on section 8000N at an angle of -76
degrees and drilled to a final depth of 1,025 metres. The
hole is entirely outside of the mineral resource and was drilled
towards the west beneath the PFS plan open pit. The hole
intersected rhyolite country rock with intense porphyry veining (A
and B type) and local hydrothermal brecciation down to a depth of
607 metres. At 607 metres the hole passed into a large,
mineralized polymictic hydrothermal breccia cut by narrow porphyry
intrusions which continued to the end of the hole at 1,025
metres.
Hole FSDH026 was collared 500 metres to the south of FSDH025, on
section 7500N, and drilled to the west at an angle of -73
degrees. This hole twins a previous reverse circulation (RC)
hole (VRC036, drilled in 2006) to a depth of 400 metres and then
continues to a final depth of 613.9 metres. It was planned to
a total depth of 1,000 metres but was unable to be completed by the
drilling contractor and was terminated at 613.9 metres. The
top 200 metres of this hole is within the mineral resource with the
remainder of the hole outside of it. FSDH026 intersected
similar geology to FSDH025, with rhyolite country rock and
hydrothermal breccias cut by porphyry veining down to 466 metres
where it passed into hydrothermal breccias and mineralized porphyry
characterized by potassic alteration until its final depth.
Both holes ended in mineralization and the deposit remains open
to depth and laterally. Three holes totalling 2,184 metres
have been completed to date, with an additional four holes in
progress. The drill program is scheduled to be completed by
the end of March and additional assays will be released as they
come available.
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 are cut at Filo Mining's Batidero camp near the project
site by Company personnel. Diamond drill core is sampled in 2
metre intervals (except where shortened by geological contacts)
using a rock saw for sulphide mineralization. Oxide
mineralization is 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 are bagged and tagged at
camp, and packaged for shipment by truck to San Juan,
Argentina.
Samples are delivered to the ALS preparation laboratory in
Mendoza, Argentina where they are
crushed and a 500g split is pulverized to 85% passing 200
mesh. The prepared samples are 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.
Porphyry deposits are characterized by a large volume of
relatively homogeneous mineralization and drilled lengths indicated
in this news release are interpreted to be representative of the
true width of the mineralized zone.
On behalf of the board
Adam Lundin,
President and
CEO
About Filo Mining
Filo Mining is a Canadian exploration and development company
focussed on advancing development of 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 Company's shares are listed on the TSX-V and on Nasdaq First
North under the symbol "FIL". Filo Mining 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
March 18, 2019 at 3:30 p.m. Pacific Time.
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 results of a drill program and
expected completion of additional results related thereto. 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 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 Section 8000N (Full
Resolution)
Filo Plan 2019
(Full Resolution)
SOURCE Filo Mining Corp.