VANCOUVER, Jan. 6, 2020 /CNW/ - Filo Mining Corp. (TSXV,
Nasdaq First North Growth Market: FIL) ("Filo Mining", or the
"Company") is pleased to announce initial assay results from the
2019/2020 drill program at its 100% owned Filo del Sol project
located on the border of Region III, Chile and San Juan Province, Argentina. Drilling was initiated in November,
and four diamond drill holes were in progress at the December
break. Assay results have been received for the completed
portions of two of these holes, FSDH032 and FSDH033. Drill crews
have been remobilized to the project following the break, and all
four holes will continue to progress in January. A reverse
circulation drill has also been added to the program in order to
begin testing a newly-identified southwesterly extension to the
hydrothermal alteration associated with the Filo del Sol
deposit. View PDF.
Commenting on the results, CEO Adam
Lundin stated, "The drill holes announced today extend
high-grade copper gold mineralization intersected in holes drilled
last year. Hole FSDH032 is a very important hole that extends
the current resource by 150m at depth
and leaves it open to the northeast. The next few holes will
tell us what lies below the large oxide resource in an area where
previous holes ended in strong copper-gold mineralization.
These early results set us up for an exciting remainder of the
season."
Results from the latest two holes are presented below:
Hole-ID
|
From
(m)
|
To
(m)
|
Length
(m)
|
Cu
%
|
Au
g/t
|
Ag
g/t
|
FSDH032
|
192
|
550*
|
358
|
0.42
|
0.35
|
16.6
|
incl
|
192
|
212
|
20
|
0.90
|
0.65
|
13.0
|
and incl
|
466
|
550
|
84
|
0.81
|
0.59
|
22.0
|
FSDH033
|
96
|
245*
|
149
|
0.65
|
0.49
|
9.0
|
incl
|
176
|
245
|
69
|
1.07
|
0.61
|
18.6
|
* Current end of
hole – holes will continue to progress in January
|
Hole FSDH032 was collared on section 9000N at an angle of -70
degrees towards the west and is planned to be drilled to a final
depth of 1,000 metres. The hole was completed to a depth of
550 metres prior to the break, and assays to that depth indicate
the bottom of the hole to be in strong copper-gold
mineralization. Mineralization in this hole, below a depth of
400 metres, is outside of the current mineral resource.
Mineralization is open to the northeast beyond FSDH032.
Hole FSDH033 was collared 200 metres to the south of FSDH032, on
section 8800N, and drilled to the west at an angle of -70
degrees. The hole is planned to a depth of 1,000 metres and
was drilled to 245 metres before the break. This hole is 72
metres to the east of, and parallel to, hole FSDH030 which was
drilled during the 2018/2019 season. FSDH030 was abandoned
short of its target depth, ending in strong copper-gold
mineralization at 512 metres (see Filo News Release dated
May 28, 2019). Hole FSDH033 is
planned to test the area below the strong mineralization in
FSDH030. The mineralized intervals shown above are within the
current mineral resource.
Complete assays for these and the other holes will be released
once all data has been received and verified.
On behalf of Filo Mining,
Adam Lundin
CEO
QUALIFIED PERSONS AND TECHNICAL NOTES
The field program is being carried out under the supervision of
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 and HQ 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, and drilled widths are interpreted to be greater than
90% of true widths.
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. Filo Mining is listed on the TSX
Venture Exchange ("TSXV") and Nasdaq First North Growth Market
under the trading symbol "FIL". 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 6 at 6:45pm Eastern 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.
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 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.
![FILO MINING 2020 DRILL PLAN MAP (CNW Group/Filo Mining Corp.) FILO MINING 2020 DRILL PLAN MAP (CNW Group/Filo Mining Corp.)](https://mma.prnewswire.com/media/1062333/Filo_Mining_Corp__Filo_Mining_Drills_84_Metres_of_0_81__Copper_a.jpg)
FILO MINING 2020 DRILL PLAN MAP
SOURCE Filo Mining Corp.