VANCOUVER, April 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 recently completed 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. Partial results from the program were previously
released on January 6 and February
20. A total of eight diamond drill holes and thirteen RC
holes were drilled during the program which ended in late
March. The drill program was curtailed prior to scheduled
completion due to travel restrictions imposed in Argentina, and several of the holes were
stopped short of their planned depths. These holes were left
in condition to re-enter and deepen during the next drill
campaign. Complete results for five of the diamond drill
holes and eleven of the RC holes are shown below, assays for the
remaining holes are pending and will be released when received. PDF
Version
Commenting on the results, CEO Adam
Lundin stated, "With the results of this past season's
drilling, the true size of the Filo del Sol mineralized system is
becoming apparent. We now have three holes in excess of 1
kilometre long spanning a north-south distance of 1 kilometre and
have still not drilled out of mineralization. These holes are
within an area where we have drilled continuous mineralization over
a north-south distance of almost 5 kilometres, from FSDH035 in the
south to VRC093 in the north. This area contains our 425
million tonne indicated resource, but clearly the extensive scale
of this system has yet to be defined. Of course, size is only
one part of the story, and these recent holes continue to intersect
impressive copper, gold and silver grades within and beyond the
current resource."
Detailed results are presented below:
Hole
ID
|
From
|
To
|
Length
|
Cu
%
|
Au
g/t
|
Ag
g/t
|
CuEq
%
|
FSDH032
|
132.0
|
1,141.0
|
1,009.0
|
0.57
|
0.39
|
11.1
|
0.95
|
incl
|
378.3
|
1,141.0
|
762.7
|
0.68
|
0.43
|
13.2
|
1.10
|
and incl
|
492.0
|
702.8
|
210.8
|
0.90
|
0.54
|
19.5
|
1.46
|
FSDH033
|
96.0
|
552.0
|
440.0
|
0.48
|
0.44
|
19.8
|
0.97
|
incl
|
200.0
|
226.0
|
26.0
|
2.03
|
0.81
|
2.8
|
2.64
|
and incl
|
264.0
|
284.0
|
20.0
|
0.03
|
0.42
|
223.1
|
2.19
|
and incl
|
518.0
|
552.0
|
34.0
|
0.68
|
0.37
|
8.8
|
1.02
|
FSDH034
|
72.0
|
1,106.0
|
1,034.0
|
0.42
|
0.32
|
3.4
|
0.68
|
incl
|
520.0
|
959.0
|
439.0
|
0.54
|
0.36
|
4.2
|
0.84
|
incl
|
676.0
|
732.0
|
56.0
|
0.74
|
0.60
|
8.5
|
1.25
|
FSDH035
|
46.0
|
58.0
|
12.0
|
0.43
|
0.06
|
1.3
|
0.48
|
FSDH036
|
174.0
|
367.1
|
193.1
|
0.16
|
0.25
|
3.6
|
0.37
|
incl
|
174.0
|
226.0
|
52.0
|
0.32
|
0.35
|
1.7
|
0.59
|
incl
|
174.0
|
182.0
|
8.0
|
0.92
|
0.93
|
3.0
|
1.62
|
VRC166
|
No Significant
Values
|
VRC167
|
No Significant
Values
|
VRC168
|
No Significant
Values
|
VRC169
|
92.0
|
172.0
|
80.0
|
0.17
|
0.08
|
0.4
|
0.23
|
VRC170
|
No Significant
Values
|
VRC171
|
|
|
|
|
|
|
|
VRC172
|
22.0
|
124.0
|
102.0
|
0.12
|
0.05
|
0.6
|
0.16
|
VRC173
|
No Significant
Values
|
VRC174
|
No Significant
Values
|
VRC175
|
24.0
|
252.0
|
228.0
|
0.14
|
0.09
|
1.9
|
0.22
|
VRC176
|
0.0
|
8.0
|
8.0
|
0.01
|
0.37
|
13.0
|
0.39
|
plus
|
56.0
|
256.0
|
200.0
|
0.08
|
0.31
|
4.0
|
0.34
|
incl
|
72.0
|
98.0
|
26.0
|
0.04
|
1.03
|
6.5
|
0.85
|
and incl
|
208.0
|
222.0
|
14.0
|
0.37
|
0.12
|
2.7
|
0.48
|
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. 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. The hole ended in
mineralization. This hole intersected strongly altered
rhyolite and, towards the bottom, granite country rock cut by an
intense stockwork of quartz veins. Various phases of altered
and mineralized porphyry were intersected at depth, visually
similar to the mineralized porphyries seen at surface in the
Tamberias sector to the south. Several sections of
mineralized breccias occur throughout the hole. The
mineralization intersected here is completely open to the north and
at depth.
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 was lost due to ground conditions at a
final depth of 552 metres. This hole is 72 metres to the east
of, and parallel to, hole FSDH030 which was drilled during the
2018/2019 season (see Filo News Release dated May 28, 2019) in order to test the area below the
strong mineralization in FSDH030. The hole exits the mineral
resource pit shell at a down-hole depth of 422 metres and ends in
mineralization. Overall, the mineralization in this hole
correlates very well with that seen in FSDH030, including a 20
metre section of high-grade silver mineralization.
Mineralization here is contained in rhyolite country rock with
varying degrees of brecciation.
Hole FSDH034 was collared 300 metres to the south of FSDH033 and
500 metres south of FSDH032, on section 8500N and drilled towards
the west at an angle of -73 degrees. It was designed to test
the area below FSDH028, drilled during the previous drill season,
which ended in high-grade mineralization (last 67.5 metres at 0.61%
Cu and 0.68 g/t Au; see Filo news release dated May 17, 2019). FSDH034 was stopped in
mineralization at a final depth of 1,106 metres after intersecting
strongly altered and stockworked rhyolite and, at depth, granite
country rock. Both lithologies are cut by several porphyry
intrusive intervals and various breccias. The hole exits the
mineral resource pit shell at a down-hole depth of 320 metres and
is entirely outside the current mineral resource below this
depth.
Hole FSDH035 was collared 3,170 meters to the southwest of
FSDH032 and drilled to the east at an angle of -67 degrees to a
total depth of 208 metres. The hole is entirely outside of
the mineral resource. It intersected rhyolite country rock
with strong silica alteration and included a short section of
copper mineralization. Drilling issues prevented the hole
from being completed to its planned depth, but the alteration and
mineralization seen here indicate the system is still active and
there is potential to extend the deposit to the south.
Hole FSDH036 was a step-out hole 200 metres to the north of
FSDH032. The hole was intended to test the mineralization
extending to the north of FSDH032, and below an intersection of 88
metres of 0.49% Cu and 0.41 g/t Au at the bottom of RC hole VRC071
drilled to a depth of 406 metres in 2014. FSDH036 was stopped
at a depth of 367.1 metres when the program was curtailed.
The hole intersected 52 metres at 0.32% Cu and 0.35 g/t Au at about
the elevation of the mineralization in VRC071 but was stopped just
above the beginning of the main mineralized intersection in
FSDH032. This hole will be completed during the next drill
campaign.
RC holes VRC166 through VRC176 were drilled to the southwest of
the resource area to test for an extension of the oxide part of the
Filo del Sol deposit suggested by surface mapping and
re-interpretation of geophysical data. Although no
significant mineralization was encountered by most of these holes,
strong silicification and locally anomalous pathfinder elements are
consistent with the uppermost levels of the system, and potential
for mineralization at depth remains to be evaluated. Hole
VRC176 intersected a shallow zone of gold oxide mineralization
(26m of 1.03 g/t Au) 123 metres to
the west of the nearest previous intersection.
Complete assays for the remaining holes from this season's
campaign will be released once all data has been received and
verified.
On behalf of the board,
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.
*
|
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).
|
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 April 20,
2020 at 01:00 Eastern Time.
FOR FURTHER INFORMATION PLEASE CONTACT:
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 Drill Hole Locations
Filo Section 8500N
Filo Long Section
SOURCE Filo Mining Corp.