VANCOUVER, Jan. 6, 2020 /CNW/ - Filo Mining Corp. (TSXV, Nasdaq First North Growth Market: FIL) ("Filo Mining", or the "Company") is pleased to announce initial 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. Drilling was initiated in November, and four diamond drill holes were in progress at the December break. Assay results have been received for the completed portions of two of these holes, FSDH032 and FSDH033. Drill crews have been remobilized to the project following the break, and all four holes will continue to progress in January. A reverse circulation drill has also been added to the program in order to begin testing a newly-identified southwesterly extension to the hydrothermal alteration associated with the Filo del Sol deposit. View PDF.
Commenting on the results, CEO Adam Lundin stated, "The drill holes announced today extend high-grade copper gold mineralization intersected in holes drilled last year. Hole FSDH032 is a very important hole that extends the current resource by 150m at depth and leaves it open to the northeast. The next few holes will tell us what lies below the large oxide resource in an area where previous holes ended in strong copper-gold mineralization. These early results set us up for an exciting remainder of the season."
Results from the latest two holes are presented below:
* Current end of hole – holes will continue to progress in January
Hole FSDH032 was collared on section 9000N at an angle of -70 degrees towards the west and is planned to be drilled to a final depth of 1,000 metres. The hole was completed to a depth of 550 metres prior to the break, and assays to that depth indicate the bottom of the hole to be in strong copper-gold mineralization. Mineralization in this hole, below a depth of 400 metres, is outside of the current mineral resource. Mineralization is open to the northeast beyond FSDH032.
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 was drilled to 245 metres before the break. This hole is 72 metres to the east of, and parallel to, hole FSDH030 which was drilled during the 2018/2019 season. FSDH030 was abandoned short of its target depth, ending in strong copper-gold mineralization at 512 metres (see Filo News Release dated May 28, 2019). Hole FSDH033 is planned to test the area below the strong mineralization in FSDH030. The mineralized intervals shown above are within the current mineral 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,
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, and drilled widths are interpreted to be greater than 90% of true widths.
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.
The Company's certified advisor on Nasdaq First North Growth Market is Pareto Securities AB, +46 8 402 50 00, email@example.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 January 6 at 6:45pm 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 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.
SOURCE Filo Mining Corp.