VANCOUVER, April 5, 2019 /CNW/ - Filo Mining Corp.
(TSX-V, Nasdaq First North: FIL) ("Filo Mining", or the
"Company") is pleased to announce that the 2018/2019 drill program
at its wholly owned Filo del Sol copper-gold-silver project has now
been completed. Positive results from the first two drill holes,
FSDH025 and FSDH026, were released previously (see the Company's
press release dated March 18, 2019)
and assay results from the remaining five holes of the seven-hole
drill program are anticipated in late-April or
early-May.
Please view PDF version of news release.
Adam Lundin, President and CEO of
the Company commented, "Q1 of 2019 witnessed exciting milestones
for the Company. Having released a positive PFS in January,
followed by the release of exciting results from the first two
holes of a seven-hole deep drilling campaign, the Company remains
enthusiastic about the strength of the project in front of us, as
well as the significant potential that still remains largely
untested."
Results from the first two holes are presented below:
HOLE-ID
|
Section
|
Angle
|
From
(m)
|
To
(m)
|
Length
(m)
|
Cu
%
|
Au
g/t
|
Ag
g/t
|
FSDH025
|
8000N
|
-76
degrees
|
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
|
7500N
|
-73degrees
|
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
|
Flowing from the close of the current field program, the Company
believes that data from holes FSDH025 and FSDH026, warrants further
delineation of the Filo del Sol resource at depth. In
addition to continue exploration work, in 2019/2020 the Company
will also maintain focus on ongoing environmental studies and data
collection in support of project permitting, for the progression of
engineering work on the project.
Filo Mining was recently mentioned in Swedish media. In relation
to any discussions with other mining companies, the Company would
like to clarify that the statements were intended to confirm that
we see the merits of bringing in a corporate partner. While
the Company may engage in discussions with third parties from time
to time, the Company does not currently have any binding agreements
or commitments and there is no guarantee that any potential future
discussions will be had, or that any such future discussions will
result in a partner coming into the Filo del Sol project.
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 National Instrument 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.
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. For additional
information, see the technical report entitled "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. See also the Company's press release dated
March 18, 2019 for additional details
on the sampling and analysis with respect to the drill results
reported herein.
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
April 5, 2019 at 8:30 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,
information with respect to the potential of the Filo del Sol
Project, expectations regarding the planned drill program,
expectations regarding the progression of engineering work on the
project, and statements regarding any potential partnership at the
Filo del Sol Project. 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.
Plan 2019 (Full Resolution)
Section 8000N (Full Resolution)
SOURCE Filo Mining Corp.