VANCOUVER, BC, Feb. 2, 2023
/CNW/ - Filo Mining Corp. (TSX: FIL) (Nasdaq First
North Growth Market: FIL) (OTCQX: FLMMF) ("Filo Mining", or
the "Company") is pleased to announce assay results from holes
FSDH068A and FSDH069A at the Filo del Sol Project in San Juan,
Argentina. These holes were
collared 275m apart and drilled into
the Aurora Zone as part of the drill program currently
underway. Highlights and detailed results are shown below
along with accompanying figures: View PDF.
- Drillhole FSDH068A intersected 1,776.0m at 0.70% CuEq from a depth of
18.0m, including;
-
- 1,120.0m at 0.92%
CuEq from 394.0m
- 724.2m at 1.08%
CuEq from 574.0m
- The hole was stopped in low grade porphyry mineralization at
1,825.5m
- Drillhole FSDH069A intersected 1,296.5m at 1.00% CuEq from a depth of
138m, including;
-
- 31.0m at 127.0 g/t
Ag from 404.0m in the Silver
Zone
- 598.0m at 1.51% CuEq from
498.0m
- 94.0m at 3.01% CuEq from
792.0m
- The hole ended in strong mineralization at a
depth of 1,434.5m due to rig
capacity, with the final 20.5m
averaging 0.58% CuEq (0.39% Cu, 0.25
g/t Au, 1.7 g/t
Ag).
Commenting on the results, Jamie
Beck, President, and CEO stated, "An almost 1.8km
intersection in hole 68A sets a new record at Filo del Sol for the
longest interval to date. Even at those depths, we intersected
discrete high-grade sections and will learn from this result as we
target future drilling. Hole 69A provides a fuller picture of
the extension of the high-grade Breccia 41 Zone, confirming the
continuity of mineralization over 170m to the north of hole 41. Two
additional holes are currently underway to target further
extensions to this zone. Hole 72 is being drilled from the
west towards the east on the same section as holes 57 and 69A,
while hole 78 is collared 100m to the
west of 41."
HOLE-ID
|
From
(m)
|
To
(m)
|
Length
(m)
|
Cu
%
|
Au
g/t
|
Ag
g/t
|
CuEq1
%
|
FSDH068A
|
18.0
|
1794.0
|
1776.0
|
0.45
|
0.30
|
4.0
|
0.70
|
incl
|
54.0
|
94.0
|
40.0
|
0.65
|
0.92
|
8.1
|
1.39
|
incl
|
394.0
|
1514.0
|
1120.0
|
0.59
|
0.38
|
5.3
|
0.92
|
incl
|
574.0
|
1298.2
|
724.2
|
0.69
|
0.45
|
6.8
|
1.08
|
FSDH069A
|
138.0
|
1434.5
|
1296.5
|
0.60
|
0.38
|
13.9
|
1.00
|
incl
|
404.0
|
435.0
|
31.0
|
0.00
|
0.27
|
127.0
|
|
and incl
|
498.0
|
1096.0
|
598.0
|
0.92
|
0.57
|
19.3
|
1.51
|
incl
|
792.0
|
886.0
|
94.0
|
1.78
|
1.37
|
26.3
|
3.01
|
Mineralized zones
within the Aurora Zone are bulk porphyry-style zones and drilled
widths are interpreted to be very close to true widths.
|
|
FSDH068A was collared 140m
east of hole FSDH054 on section 9200N, and drilled towards the west
at an angle of -75 degrees. It was planned to test for the
eastern and depth extension of the high-grade Breccia 41 Zone
intersected in holes FSDH041, FSDH055C and FSDH054, all on this
same section. The hole is entirely outside of the resource
pit shell.
Similar to other holes on this section, it intersected
volcaniclastic and coherent rhyolite from surface to a depth of
about 540m where the main mineralized
breccia was intersected. Included in this upper section is a
well-mineralized breccia from 54m to
94m and a section of microdiorite
which confirms the flat-lying nature of this sill in this part of
the deposit area.
The hole continues in breccia to about 1,075m where the first porphyry dyke is
intersected. This is followed by a mixed interval of porphyry
and breccia to 1,277m where the hole
enters a multi-phase porphyry interval which continues the end of
the hole at 1,825.5m. A
decrease in grade at 1,298m marks a
transition into a lower-grade, late mineral porphyry, however
sporadic high-grade sections below this depth correlate with
earlier phase porphyries or breccias in this section.
Significant mineralized sections include 36.0m at 1.65% CuEq (1.15% Cu, 0.65 g/t Au, 2.8
g/t Ag) from 1,394.0m (includes
4m at 5.59% Cu); 26.0m at 0.75% CuEq (0.45% Cu, 0.38 g/t Au, 1.5
g/t Ag) from 1,488.0m and
17.3m at 0.99% CuEq (0.76% Cu, 0.28
g/t Au, 2.5 g/t Ag) from 1,728.0m.
FSDH069A was drilled on Section 9400N, towards the
west at an angle of -73 degrees from the same platform as FSDH057
with a slightly shallower angle to explore the high-grade zone
which hole FSDH057 ended in. The hole is entirely outside of
the resource pit shell.
The geology and grade distribution match that in FSDH057 very
well, starting in moderately mineralized rhyolite cut by
microdiorite intrusives and intersecting the Silver Zone at about
400m. The main mineralized
breccia unit was intersected by both holes just above 500m and both holes continued in it to their
ends. Only a few narrow intersections of porphyry intrusive
were cut by FSDH069A and this hole appears to be west of the main
porphyry trend. The hole passes from the high-sulphidation
(HS) mineral zone to porphyry-style mineralization very sharply at
992m.
Outlook
Drilling will remain a mix of both large and small step-outs to
the north and south of our current interpretation of the Aurora
Zone, as well as resource definition drilling within it.
Assay results for completed 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. RC samples were collected at the drill site by Company
personnel with splitting carried out at the Company's field camp
near the drill sites. Individual samples represent final
splits from 2 metre intervals down the 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.
Filo Mining Base Map with Sat Image February 2023. Hole 68A + 69A.
Filo Mining Long Section Plan Map February 2023. Hole 68A + 69A.
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 February 2, 2023 at
17:00 EST.
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.