VANCOUVER, Feb. 20, 2020 /CNW/ - Filo Mining Corp. (TSXV,
Nasdaq First North Growth Market: FIL) ("Filo Mining", or the
"Company") is pleased to announce additional 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. Diamond drilling was initiated in
November, and a reverse circulation (RC) drill was added to the
program in January. Two diamond drill holes and six RC holes
have been completed to date, and four diamond drill holes and one
RC hole are currently in progress. Partial assay results for
holes FSDH032 and FSDH033 were released on January 6, and additional partial results for
these two holes are shown below. View PDF.
Commenting on the results, CEO, Adam
Lundin stated, "The results of hole FSDH032 clearly
demonstrate the existence of a large porphyry system which
underlies and extends to the north of the current resource.
With four additional diamond drill holes in progress, we are well
on our way to achieving the objectives of this year's program and
have shown that Filo del Sol has the potential to be one of the
largest copper-gold-silver deposits in this prolific mineral
belt."
Partial results from the latest two holes are presented
below:
Hole
ID
|
From
(m)
|
To
(m)
|
Length
(m)
|
Cu
%
|
Au
g/t
|
Ag
g/t
|
CuEq
%1
|
FSDH032
|
192.0
|
978.0
|
786.0
|
0.57
|
0.40
|
13.6
|
0.97
|
incl
|
378.0
|
978.0
|
600.0
|
0.67
|
0.44
|
16.2
|
1.12
|
and incl
|
492.0
|
702.8
|
210.8
|
0.90
|
0.54
|
19.5
|
1.46
|
FSDH033
|
96.0
|
366.0
|
270.0
|
0.48
|
0.52
|
23.5
|
1.06
|
incl
|
176.0
|
366.0
|
190.0
|
0.57
|
0.58
|
33.1
|
1.27
|
incl
|
176.0
|
226.0
|
50.0
|
1.31
|
0.68
|
1.8
|
1.82
|
and incl
|
264.0
|
284.0
|
20.0
|
0.03
|
0.42
|
223.1
|
2.19
|
"It is important to note," continues Lundin, "that
this 600 metre headline intercept begins at what would be the floor
of the open pit as defined in our Pre-Feasibility Study for the
oxide project. In other words, the pre-strip to get to
this mineralization, is material with an after-tax NPV of
US$1.3 billion; an IRR of 23%; and a
strip ratio of 1.5:1.2"
Hole FSDH032 was collared on section 9000N at an angle of -70
degrees towards the west and was drilled to a final depth of 1,141
metres. Assays have been received down to 978 metres and are
pending below this depth. Mineralization is open to the
northeast beyond FSDH032. This hole clearly establishes
strong porphyry-style mineralization well below the current
resource. The hole exits the pit shell which defines the
current resource at 378 metres, and the entirety of the hole below
this depth is outside of the resource.
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
is currently at 552 metres. This hole is 72 metres to the
east of, and parallel to, hole FSDH030 which was drilled during the
2018/2019 season. Hole FSDH033 is planned to test the area
below the strong mineralization in FSDH030 (see Filo News Release
dated May 28, 2019). The
mineralized intervals shown above are within the current mineral
resource pit shell and highlight the high-grade zones present
within the current 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, or bulk porphyry-style zones and drilled widths are
interpreted to be very close to true widths.
1
Copper Equivalent (CuEq) is calculated based on US$ 2.80/lb Cu,
US$ 1,400/oz Au and US$ 16/oz Ag. The formula is: CuEq
% = Cu % + (0.7292 * Au g/t) + (0.0083 * Ag g/t).
|
2 For information about the
Filo del Sol Pre-Feasibility Study, refer to the NI 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.
|
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 February 20 at 01:00 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 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 DEL SOL PROJECT - RESOURCE PIT WITH DRILLHOLES
SOURCE Filo Mining Corp.