VANCOUVER, May 20, 2020 /CNW/ - Filo Mining Corp.
(TSXV, Nasdaq First North Growth Market: FIL) ("Filo
Mining", or the "Company") is pleased to announce final assay
results from the recently completed 2019/2020 drill program at its
100% controlled 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,
February 20 and April 20. A
total of eight diamond drill holes and thirteen RC holes were
completed 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 three of the diamond drill
holes and two of the RC holes are shown below. PDF
Version.
Commenting on the results, CEO Adam
Lundin stated, "The results of this season's program
exceeded our expectations and we are already in the initial
planning stages of the next program. As soon as is practical,
we will be back up there drilling so we can fully discover the true
size of this system. What is already apparent, is that it is
far larger than the resource we have defined. Filo del Sol is
shaping up to have a compelling combination of large tonnage and
high grades."
Detailed results are presented below:
Hole
ID
|
From
|
To
|
Length
|
Cu %
|
Au
g/t
|
Ag
g/t
|
CuEq
%
|
FSDH037
|
118.0
|
205.3
|
87.3
|
0.11
|
0.24
|
1.8
|
0.30
|
incl
|
118.0
|
134.0
|
16.0
|
0.39
|
0.45
|
4.8
|
0.76
|
FSDH038
|
150.0
|
383.0
|
233.0
|
0.82
|
0.93
|
31.1
|
1.76
|
incl
|
150.0
|
158.0
|
8.0
|
0.89
|
6.39
|
2.3
|
5.57
|
and incl
|
180.0
|
220.0
|
40.0
|
0.99
|
0.86
|
1.6
|
1.63
|
and incl
|
262.0
|
280.0
|
18.0
|
0.62
|
0.45
|
286.2
|
3.32
|
and incl
|
310.0
|
383.0
|
73.0
|
1.19
|
1.06
|
8.8
|
2.04
|
FSDH039
|
No Significant
Values
|
VRC177
|
288.0
|
300.0
|
12.0
|
0.23
|
0.21
|
13.7
|
0.50
|
VRC178
|
130.0
|
148.0
|
18.0
|
0.00
|
0.42
|
1.0
|
0.31
|
Hole FSDH037 was collared on section 9600N at an angle of -70
degrees towards the west and was drilled to a depth of 205.3 metres
when the program was stopped. The hole is 200 metres north of
the resource, and ended in mineralization. This hole
intersected strongly altered rhyolite down to 190 metres where it
entered a breccia which continued to the end of the hole.
Alteration and geochemistry are very similar to that seen in the
upper parts of holes FSDH032 and
FSDH033.
Hole FSDH038 was collared on section 8800N, on the same platform
as FSDH030 from the 2018/2019 season, and drilled to the west at an
angle of -80 degrees. The hole reached a depth of 383 metres
when the program was curtailed. The hole intersected strongly
altered rhyolite and associated breccias throughout its
length. Strong copper-gold mineralization was intersected
starting at 150 metres and continuing to the end of the hole,
including the silver zone intersected between 262 and 280
metres. This hole is entirely within the
resource.
Hole FSDH039 was collared 1.9 kilometres to the north of FSDH038
and drilled towards the west at an angle of -74 degrees. It
was designed to test mineralization encountered in a 450 metre-long
2015 RC drill hole, VRC093 (last 166.0 metres at 0.42% CuEq (0.15%
Cu, 0.24 g/t Au, 11.9 g/t Ag) including the last 42.0 metres of the
hole which returned 0.57% CuEq (0.40% Cu, 0.17 g/t Au, 6.1 g/t
Ag)). FSDH039 was drilled to a depth of 170 metres by the end
of the program and did not yet reach the depth of the targeted
mineralized zone seen in VRC093. The hole intersected
rhyolites with weak to moderate alteration typical of the upper
parts of the epithermal system, but with low copper, gold and
silver grades. The alteration indicates that the epithermal
system is still present this far north of the deposit, and the hole
is planned to be deepened in order to test the system at depth and
investigate the mineralized zone in VRC093.
RC holes VRC177 and VRC178 were drilled on sections 7700N and
7900N respectively to test a large area of outcropping
silicification and steam-heated alteration typical of the upper
part of the system. Both holes intersected moderately
to strongly altered rhyolite with sections of copper-gold or gold
mineralization. VRC177 intersected a mineralized section at
the bottom of the hole which, combined with the alteration style,
suggests that additional deeper drilling is warranted in this
area.
On behalf of Filo Mining,
Adam Lundin
CEO
Filo Drill Plan
QUALIFIED PERSONS AND TECHNICAL NOTES
The field program was 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, HQ and NQ 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 May
20, 2020 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.
SOURCE Filo Mining Corp.