VANCOUVER, BC, March 17,
2023 /CNW/ - Filo Mining Corp. (TSX: FIL)
(Nasdaq First North Growth Market: FIL) (OTCQX: FLMMF) ("Filo
Mining" or the "Company") announces its results for the three and
twelve months ended December 31,
2022. PDF Version
Jamie Beck, President & CEO,
commented, "With a strong balance sheet and continued
exploration success in 2022, we are accelerating our exploration
efforts. There are nine rigs currently available at the project and
we are planning for year-round operations throughout 2023. We look
forward to another year of high impact drilling comprised of 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. Our exploration results
continue to stand out on a global scale and showcase the project as
one of the most significant copper-gold-silver discoveries of its
generation."
2022 HIGHLIGHTS
- $82.5 million in exploration and
project investigation costs incurred, yielding multiple successful
holes highlighted by:
-
- Discovering what is interpreted to be a new porphyry centre
along the broader Filo trend, now named the "Bonita Zone". The
Bonita discovery supports the interpretation that Filo del Sol
hosts a multikilometer, northeast-trending alignment of overlapping
porphyry-centered hydrothermal systems which is open to expansion
both to the south and to the north. The Bonita Zone is evidence of
the untapped exploration potential that still exists at Filo del
Sol despite the significant mineral discoveries made to date;
- Drilling the highest grade silver intersection on the project
to date in hole FSDH055A which intersected 64m at 1,214 g/t silver;
- Extending the high-grade Breccia 41 Zone with new intersections
in holes FSDH055C (126m @ 5.02% CuEq
(2.12% Cu, 1.69 g/t Au, 188.7 g/t Ag)) and FSDH057 (289m @ 2.0% CuEq (1.18% Cu, 0.68 g/t Au, 36.0 g/t
Ag));
- Continued drilling of a combination of larger step-out holes to
try to find the edges of the mineralized system, along with
step-out and infill holes to further define the size of the
remarkable Aurora Zone;
- Both the Aurora Zone and Breccia 41 remain open to expansion in
several directions and drilling to further define them is
ongoing;
- Pace of exploration accelerated with drilling rig count on site
increasing from 6 at the beginning of the year to 9 currently;
- The first year in which drilling, and field operations
continued year-round, through the South American winter;
- Funding secured via $100 million
strategic investment by BHP Western Mining Resources International
Pty Ltd ("BHP"), resulting in BHP owning approximately 5% of the
Company;
- Added to the S&P/TSX Composite Index - the headline index
for Canada, represented by the
largest companies on the TSX, and is the principal benchmark
measure for the Canadian equity markets;
- Added to the VanEck Junior Gold Miners ETF, recognizing the
significant precious metals content at Filo del Sol, as well as the
continued growth in our market capitalization and trading
liquidity;
- Entered 2023 with strong balance sheet including cash of
$74.9 million and working capital of
$60.3 million; and
- On January 17, 2023, announced a
proposed name change to "Filo Corp." to better align with the
Company's strategic vision and plans to seek shareholder approval
for the name change at its upcoming annual shareholder meeting. If
approved by shareholders, the name change is also subject to TSX
approval.
FOURTH QUARTER 2022 DRILLING AND ASSAY RESULTS
During and subsequent to the end of the fourth quarter of 2022,
the Company announced the following results from the ongoing drill
program:
- FSDH067, an infill hole in the Aurora Zone, intersected
1,131.6m at 1.11% CuEq from a depth
of 132m, including 4m at 1.54% Cu, 12.08 g/t Au and 20.5 g/t Ag from
202m and 36m at 0.76% Cu, 0.71 g/t Au and 123.2 g/t Ag
from 248m. The hole ended in strong
mineralization at a depth of 1,263.6m;
- FSDH062 intersected 1,313.2m at 0.65% CuEq from a depth of
134m, including 520.4m at 0.82% CuEq from 400m. The hole ended in strong mineralization at
a depth of 1,447.2m due to rig
capacity. The hole was collared at the eastern edge of the current
mineral resource of the Aurora Zone and is entirely outside
it;
- FSDH064 intersected 1,356.0m at 1.09% CuEq from a depth of
44m, including 79.0m at 182.6 g/t Ag from 306.0m and 424.0m
at 1.54% CuEq from 536.0m. The hole
ended in mineralization at a depth of 1,400.0m. The hole is an Aurora Zone infill hole,
filling a 300m gap between previously
drilled holes. It tested an area which has particularly high-grade
mineralization in the shallow, oxidized part of the deposit. The
intersected silver zone correlates well with adjacent holes,
although the silver zone here is thicker and higher-grade than
expected. The porphyry interval in this hole also correlates well
with adjacent holes;
- FSDH070A an infill hole in the Aurora Zone intersected
1,056.5m at 0.86% CuEq from a depth
of 282m, including 670.4m at 0.97% CuEq from 369.7m. The hole ended in strong mineralization
at a depth of 1,338.5m due to rig
capacity;
- FSDH071 an infill hole in the Aurora Zone intersected
1,028.0m at 1.16% CuEq from a depth
of 292m, including 172.0m at 2.14% CuEq from 408.0m and 237.5m
at 1.49% CuEq from 776.0m. The hole
ended in mineralization at a depth of 1,320m due to rig capacity. The entire hole is
outside of the resource pit shell.
- 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 and 724.2m
at 1.08% CuEq from 574.0m. The hole
was planned to test for the eastern and depth extension of the
high-grade Breccia 41 Zone intersected in three holes drilled on
this same section. The hole is entirely outside of the resource pit
shell;
- FSDH069A intersected 1,296.5m at 1.00% CuEq from a depth of
138.0m, including 31m at 127.0 g/t Ag from 404.0m in the Silver Zone, 598.0m at 1.51% CuEq from 498.0m and 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. The hole is
entirely outside of the resource pit shell;
- FSDH074 intersected 1,022.0m at 0.66% CuEq from a depth of
278.0m, including 516.0m at 0.79% CuEq from 644.0m and 252.0m
at 0.85% CuEq from 840.0m. The hole
was collared on Section 9200N, 200m
east of FSDH068A and 400m east of
FSDH041. The hole was stopped in porphyry mineralization at
1,509.0m. The hole is entirely
outside of the resource pit shell; and
- FSDH077 intersected 2.0m
at 10.35 g/t Au from a depth of 192.0m plus 516.2m
at 0.20% CuEq from 404.0m. The hole
was collared on Section 6000N and is the first hole into the new
Flamenco target and there are no holes within 500m of it. The hole was stopped at 920.2m.
Assay results received by the Company during and subsequent to
2022 are summarized in Appendix 1 to this news release.
PRE-FEASIBILITY STUDY UPDATE
The Company has completed an update to the pre-feasibility study
("PFS") on the Filo del Sol Project, with an effective date of
February 28, 2023, which continued to
demonstrate the project's robust economic potential. The PFS, which
was based only on the oxide portion of the current Mineral Resource
and used prices of US$3.65/lb copper,
US$1,700/oz gold, and US$21/oz silver, yielded an after-tax net present
value ("NPV") of US$1.3 billion at a
discount rate of 8%, and generated an internal rate of return of
20%. Positive valuations were also maintained across a wide
range of sensitivities on key assumptions.
The Company's most recent Mineral Resource and Mineral Reserve
statement for the Filo del Sol Project is shown below. This
Resource does not include any of the mineralization hosted in the
Aurora, Breccia 41 or Bonita Zones and the Reserve only encompasses
the oxide portion of the Resource.
Category
|
Tonnes
(millions)
|
Cu
(%)
|
Au
(g/t)
|
Ag
(g/t)
|
Lbs
Cu
(billions)
|
Oz Au
(millions)
|
Oz Ag
(millions)
|
Mineral
Resource
|
|
|
|
|
|
|
|
Indicated
|
432.6
|
0.33
|
0.33
|
11.5
|
3.2
|
4.6
|
160.4
|
Inferred
|
211.6
|
0.27
|
0.31
|
7.4
|
1.3
|
2.1
|
50.3
|
Mineral
Reserve
|
|
|
|
|
|
|
|
Proven
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Probable
|
259.6
|
0.39
|
0.34
|
16.0
|
2.2
|
2.9
|
133.3
|
Mineral
Resource
1) The
Mineral Resource estimate has an effective date of January 18,
2023.
2) The
qualified person for the resource estimate is James N. Gray, P Geo.
of Advantage Geoservices Ltd.
3) The
mineral resources were estimated in accordance with the CIM
Definition Standards for Mineral Resources and
Reserves.
4)
Sulphide copper equivalent (CuEq) assumes metallurgical
recoveries of 84% for copper, 70% for gold and 77% for silver based
on similar deposits, as no metallurgical testwork has been done on
the sulphide mineralization, and metal prices of $4/lb copper,
$1800/oz gold, $23/oz silver. The CuEq formula is:
CuEq=Cu+Ag*0.0077+Au*0.5469.
5) All
figures are rounded to reflect the relative accuracy of the
estimate.
6)
Mineral resources are not mineral reserves and do not have
demonstrated economic viability.
7) The
resource was constrained by a Whittle® pit shell using the
following parameters: Cu $4/lb, Ag $23/oz, Au $1800/oz, slope of
29° to 45°, a mining cost of $2.72/t and an average process cost of
$9.86/t.
8)
Cut-off grades are 0.2 g/t Au for the AuOx material, 0.15% CuEq
for the CuAuOx material and 20 g/t Ag for the Ag material. These
three mineralization types have been amalgamated in the oxide total
above. CuAuOx copper equivalent (CuEq) assumes metallurgical
recoveries of 77% for copper, 72% for gold and 71% for silver based
on preliminary metallurgical testwork, and metal prices of $4/lb
copper, $1800/oz gold, $23/oz silver. The CuEq formula is:
CuEq=Cu+Ag*0.0077+Au*0.6136.
9)
Mineral resources are inclusive of mineral
reserves.
Mineral
Reserve
1) The
Mineral Reserve estimate has an effective date of February 28,
2023.
2) The
qualified person for the estimate is Mr. Gordon Zurowski, P.Eng. of
AGP Mining Consultants, Inc.
3) The
mineral reserves were estimated in accordance with the CIM
Definition Standards for Mineral Resources and
Reserves.
4) The
mineral reserves are supported by a mine plan, based on a pit
design, guided by a Lerchs-Grossmann (LG) pit shell. Inputs to that
process are metal prices of Cu $3.50/lb, Ag $20/oz, Au $1600/oz;
mining cost average of $2.72/t; an average processing cost of
$9.65/t; general and administration cost of $1.46/t processed; pit
slope angles varying from 29 to 45 degrees, inclusive of
geotechnical berms and ramp allowances; process recoveries were
based on rock type. The average recoveries applied were 83% for Cu,
73% for Au and 80% for Ag, which exclude the adjustments for
operational efficiency and copper recovered as precipitate which
were included in the financial evaluation.
5)
Dilution and mining loss adjustments were applied at ore/waste
contacts using a mixing zone approach. The volumes of dilution gain
and ore loss were equal, resulting reductions in grades of 1.0%,
1.3% and 1.0% for Cu, Au and Ag, respectively.
6)
Ore/waste delineation was based on a net value per tonne (NVPT)
cut-off of $4.5/t considering metal prices, recoveries, royalties,
process and G&A costs as per LG shell parameters stated above,
elevated above break-even cut-off to satisfy processing capacity
constraints.
7) The
life-of-mine stripping ratio in tonnes is 1.57:1.
8) All
figures are rounded to reflect the relative accuracy of the
estimate. Totals may not sum due to rounding as required by
reporting guidelines.
|
|
The Company's Mineral Resource estimate is inclusive of the
Mineral Reserve estimate as set forth above.
The technical information relating to the PFS is described in a
technical report titled "Filo del Sol Project NI 43-101 Technical
Report, Updated Pre-feasibility Study" dated March 17, 2023, with an effective date of
February 28, 2023 (the "Technical
Report"). The Technical Report was prepared for Filo Mining by
Ausenco Engineering Canada Inc. and is available for review under
the Company's profile on SEDAR at www.sedar.com and on the
Company's website at www.filo-mining.com.
OUTLOOK
Drilling continues to be the primary focus with nine drill rigs
at site. As the summer drilling campaign continues, drilling is
underway on new exploration targets outside of the Aurora and
Breccia 41 Zones. Drilling will remain a mix of both large and
small step-outs to the north and south of the Aurora Zone, as well
as resource definition drilling within it. The Company continues to
maintain a strong focus on improving drill productivity through a
variety of initiatives, and is planning for year-around drilling
and field operations.
Data collected from the current campaign will be used to develop
a comprehensive geological model which will guide further
exploration and form the basis of an eventual update to the Mineral
Resource estimate. The Company will continue preliminary
metallurgical testwork on the sulphide mineralization, as well as
environmental and social baseline programs in support of future
project permitting.
The Company's plans and timelines are subject to equipment and
staff availability, along with being able to operate safely and
effectively throughout the winter and in accordance with the
Company's health and safety protocols.
BHP exercises anti-dilutive top-up right to maintain pro rata
shareholding
Jamie Beck remarked,
"Recently, BHP elected to exercise its right to maintain its pro
rata interest in Filo Mining, and we are once again pleased to
receive BHP's ongoing vote of confidence in our team and the Filo
del Sol Project."
On February 7, 2023, the Company
closed a non-brokered private placement to BHP Western Mining
Resources International Pty Ltd, a wholly owned subsidiary of BHP
Group Limited (collectively, "BHP"), whereby the Company issued
43,711 common shares to BHP for gross proceeds of C$1,084,907 (the "Anti-dilution Top-Up").
The Anti-dilution Top-Up was undertaken pursuant to the terms of
the March 11, 2022 private placement
(the "Private Placement"), whereby BHP was granted certain
anti-dilutive rights, allowing BHP to top-up and maintain its pro
rata ownership interest in the Company from time to time (see news
releases dated February 28, 2022 and
March 11, 2022).
SELECTED FINANCIAL INFORMATION
|
(In thousands of
Canadian dollars)
|
|
December
31,
|
December
31,
|
|
|
2022
|
|
2021
|
Cash and cash
equivalents
|
|
74,915
|
|
19,417
|
Working
capital
|
|
60,296
|
|
13,052
|
Mineral
properties
|
|
9,737
|
|
8,063
|
Total assets
|
|
85,964
|
|
30,660
|
The financial
information in this table were selected from the Financial
Statements, which are available on SEDAR at
www.sedar.com and the Company's website
www.filo-mining.com.
|
|
FINANCIAL RESULTS
(In thousands of
Canadian dollars, except per share amounts)
|
|
|
Three months
ended
|
Twelve months
ended
|
|
|
December
31,
|
December
31,
|
|
|
2022
|
2021
|
2022
|
2021
|
Exploration and project
investigation
|
|
25,605
|
10,329
|
82,524
|
40,901
|
General and
administration ("G&A"), excluding
share-based compensation expense(1)
|
|
1,381
|
1,163
|
5,313
|
3,627
|
Share-based
compensation expense(1)
|
|
2,009
|
675
|
9,460
|
3,301
|
Net loss
|
|
21,008
|
8,053
|
68,961
|
32,419
|
Basic and diluted loss
per share
|
|
0.17
|
0.07
|
0.57
|
0.29
|
(1) Share based
compensation is a non-cash cost which reflects the amortization of
the estimated fair value of share options over their vesting
period. The fair value of share options is calculated using the
Black-Scholes pricing model, which relies heavily on the Company's
share price and historical share price volatility. Due to the
material increase in the Company's share price and volatility since
2021, the calculated fair value of the Company's share options has
increased considerably, resulting in a higher share option value
and resultant share-based compensation expense being
recognized.
|
|
The financial
information in this table were selected from the Company's
condensed interim consolidated financial statements for the three
months and year ended December 31, 2022 (the "Financial
Statements"), which are available on SEDAR at
www.sedar.com and the Company's website
www.filo-mining.com.
|
|
During the three months and year ended December 31, 2022, the Company incurred net
losses of $21.0 and $69.0 million, respectively. Net losses are
driven primarily by $25.6 million and
$82.5 million, respectively, in
exploration and project investigation expense and $3.0 million and $13.0
million, respectively, in G&A expense. These expenses
were partially offset by gains of $8.3
million and $25.0 million,
respectively, resulting from the use of marketable securities for
the purposes of facilitating intragroup funding transfers ("Funding
Gains"). For the three months and year ended December 31, 2021, the Company reported net
losses of $8.1 million and
$32.4 million, respectively,
consisting mainly of $10.3 million
and $40.9 million, respectively, in
exploration and project investigation expense and $1.7 million and $6.1
million, respectively, in G&A expense. These expenses
were partially offset by Funding Gains of $4.7 million and $15.3
million, respectively.
LIQUIDITY AND CAPITAL RESOURCES
As at December 31, 2022, the
Company had cash and cash equivalents of $74.9 million and net working capital of
$60.3 million, compared to cash of
$19.4 million and net working capital
of $13.1 million as at December 31, 2021. The increase in the Company's
cash and cash equivalents and net working capital is primarily due
to the $100.0 million Private
Placement of 6,270,000 common shares to BHP at a price of
$15.95 per common share. An
Additional $4.8 million in gross
proceeds was received by the Company in relation to the exercise of
stock options during 2022. The Company plans to deploy its treasury
to fund ongoing exploration and advancement of the Filo del Sol
project, and for working capital and general corporate
purposes.
About Filo Mining
Filo Mining is a Canadian exploration and development company
focused on advancing its 100% owned Filo del Sol copper-gold-silver
deposit located in Chile's Region
III and adjacent San Juan Province, Argentina. The Company's
shares are listed on the TSX and Nasdaq First North Growth Market
under the trading symbol "FIL", and on the OTCQX under the symbol
"FLMMF". Filo Mining is a member of the Lundin Group of
Companies.
Technical Information
Copper Equivalent is calculated based on US$ 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).
Details on assay procedures and the drill intersections provided
above can be found in the Company's news releases dated
January 12, 2022, January 19, 2022, April
19, 2022, May 12, 2022,
May 23, 2022, June 9, 2022, August 23,
2022, October 5, 2022,
November 23, 2022, January 10, 2023 and February 2, 2023.
Qualified Persons
The scientific and technical disclosure for the Filo del Sol
Project included in this news release have been reviewed and
approved by Bob Carmichael, P.Eng.
and Jamie Beck, P. Eng. Mr.
Carmichael is Filo Mining's Vice President of Exploration and a
Qualified Person under National Instrument 43-101 Standards of
Disclosure of Mineral Projects ("NI 43-101"). Mr. Beck is Filo
Mining's President and CEO and is also a Qualified Person under NI
43-101.
Additional information
The Company's condensed interim consolidated financial
statements for the three months and year ended December 31, 2022 and related management's
discussion and analysis are available on the Company's website at
www.filo-mining.com or under its profile on SEDAR at
www.sedar.com.
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 March 17, 2023 at
21:00 EDT.
On behalf of the board of directors of Filo Mining,
Jamie Beck, President and CEO
Filo Mining Corp.
APPENDIX 1 – 2022 ASSAY RESULTS
Assay results received by the Company during and subsequent to
2022 are summarized in the following table:
Hole-ID
|
From
(m)
|
To
(m)
|
Length
(m)
|
Cu
(%)
|
Au
(g/t)
|
Ag
(g/t)
|
CuEq1
(%)
|
FSDH054
|
146.0
|
1,369.5
|
1,223.5
|
0.71
|
0.54
|
18.0
|
1.26
|
incl.
|
435.9
|
442.0
|
6.1
|
0.59
|
0.24
|
127.5
|
1.89
|
incl.
|
498.0
|
1,090.0
|
592.0
|
1.15
|
0.84
|
31.9
|
2.04
|
incl.
|
830.0
|
1,001.5
|
171.5
|
1.51
|
1.42
|
75.9
|
3.22
|
FSDH055A
|
362.0
|
426.0
|
64.0
|
0.01
|
0.49
|
1,213.8
|
|
incl.
|
374.4
|
402.0
|
27.6
|
0.01
|
0.50
|
2,439.2
|
|
incl.
|
380.0
|
388.0
|
8.0
|
0.01
|
0.45
|
5,280.0
|
|
FSDH055B
|
366.0
|
428.0
|
62.0
|
0.01
|
0.61
|
280.5
|
|
FSDH055C
|
150.0
|
1,487.5
|
1,337.5
|
0.66
|
0.54
|
31.5
|
1.33
|
incl.
|
418.0
|
504.0
|
86.0
|
0.07
|
0.43
|
109.2
|
|
and incl.
|
540.0
|
1,076.0
|
536.0
|
1.25
|
0.95
|
56.1
|
2.44
|
incl.
|
728.0
|
854.0
|
126.0
|
2.12
|
1.69
|
188.7
|
5.02
|
incl.
|
728.0
|
752.0
|
24.0
|
5.08
|
4.88
|
530.2
|
13.30
|
incl.
|
742.0
|
750.6
|
8.6
|
7.08
|
8.16
|
820.4
|
20.25
|
FSDH056
|
168.0
|
670.2
|
502.2
|
0.50
|
0.40
|
11.4
|
0.89
|
incl.
|
388.0
|
670.2
|
282.2
|
0.68
|
0.39
|
17.9
|
1.13
|
and incl.
|
420.0
|
432.5
|
12.5
|
0.39
|
0.93
|
135.8
|
|
FSDH057
|
136.0
|
787.1
|
651.1
|
0.63
|
0.37
|
25.6
|
1.12
|
incl.
|
404.0
|
432.0
|
28.0
|
0.01
|
0.19
|
109.9
|
|
incl.
|
498.0
|
787.1
|
289.1
|
1.18
|
0.68
|
36.0
|
2.00
|
and incl.
|
776.0
|
787.1
|
11.1
|
9.11
|
8.87
|
230.4
|
17.60
|
FSDH058
|
100.0
|
1,351.5
|
1,251.5
|
0.56
|
0.41
|
6.6
|
0.91
|
Incl
|
232.0
|
238.0
|
6.0
|
0.24
|
0.24
|
398.3
|
|
incl.
|
500.0
|
1,004.0
|
504.0
|
0.77
|
0.54
|
7.4
|
1.23
|
incl.
|
600.0
|
910.0
|
310.0
|
0.87
|
0.62
|
8.2
|
1.40
|
FSDH059
|
124.0
|
311.5
|
187.5
|
0.13
|
0.19
|
6.2
|
0.33
|
incl.
|
304.0
|
311.5
|
7.5
|
0.00
|
0.08
|
49.7
|
|
FSDH060
|
332.0
|
1,070.0
|
738.0
|
0.39
|
0.14
|
1.9
|
0.51
|
incl.
|
620.0
|
1,070.0
|
450.0
|
0.47
|
0.14
|
1.8
|
0.59
|
incl.
|
620.0
|
942.0
|
322.0
|
0.50
|
0.16
|
1.8
|
0.63
|
FSDH061
|
392.0
|
1,093.2
|
701.2
|
0.81
|
0.33
|
9.1
|
1.13
|
incl.
|
508.0
|
914.0
|
406.0
|
0.97
|
0.40
|
11.1
|
1.36
|
FSDH062
|
134.0
|
1,447.2
|
1,313.2
|
0.40
|
0.29
|
4.5
|
0.65
|
incl.
|
400.0
|
920.4
|
520.4
|
0.51
|
0.35
|
6.4
|
0.82
|
FSDH063
|
16.0
|
860.2
|
844.2
|
0.29
|
0.25
|
6.5
|
0.53
|
incl.
|
16.0
|
548.0
|
532.0
|
0.35
|
0.32
|
9.0
|
0.66
|
incl.
|
16.0
|
158.0
|
142.0
|
0.36
|
0.26
|
18.1
|
0.71
|
incl.
|
436.0
|
548.0
|
112.0
|
0.42
|
0.42
|
15.0
|
0.86
|
FSDH064
|
44.0
|
1,400.0
|
1,356.0
|
0.58
|
0.53
|
14.4
|
1.09
|
incl.
|
306.0
|
385.0
|
79.0
|
0.73
|
0.90
|
182.6
|
3.00
|
incl.
|
536.0
|
960.0
|
424.0
|
0.86
|
0.84
|
7.8
|
1.54
|
FSDH067
|
132.0
|
1,263.6
|
1,131.6
|
0.62
|
0.53
|
11.9
|
1.11
|
incl.
|
160.0
|
480.0
|
320.0
|
0.66
|
0.73
|
29.9
|
1.45
|
incl.
|
202.0
|
206.0
|
4.0
|
1.54
|
12.08
|
20.5
|
10.52
|
incl.
|
248.0
|
284.0
|
36.0
|
0.76
|
0.71
|
123.2
|
2.36
|
FSDH068A
|
18.0
|
1,794.0
|
1,776.0
|
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
|
1,514.0
|
1,120.0
|
0.59
|
0.38
|
5.3
|
0.92
|
incl.
|
574.0
|
1,298.2
|
724.2
|
0.69
|
0.45
|
6.8
|
1.08
|
FSDH069A
|
138.0
|
1,434.5
|
1,296.5
|
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
|
1,096.0
|
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
|
FSDH070A
|
282.0
|
1,338.5
|
1,056.5
|
0.54
|
0.38
|
4.0
|
0.86
|
incl.
|
369.7
|
1,040.0
|
670.4
|
0.63
|
0.41
|
5.3
|
0.97
|
incl.
|
540.0
|
712.0
|
172.0
|
0.75
|
0.47
|
5.9
|
1.15
|
FSDH071
|
292.0
|
1,320.0
|
1,028.0
|
0.78
|
0.47
|
6.7
|
1.16
|
incl.
|
408.0
|
580.0
|
172.0
|
1.44
|
0.82
|
12.6
|
2.14
|
incl.
|
514.0
|
574.0
|
60.0
|
2.18
|
1.64
|
16.9
|
3.53
|
incl.
|
776.0
|
1,013.5
|
237.5
|
1.04
|
0.68
|
6.0
|
1.49
|
FSDH074
|
278.0
|
1300.0
|
1022.0
|
0.49
|
0.19
|
4.4
|
0.66
|
incl
|
644.0
|
1160.0
|
516.0
|
0.61
|
0.21
|
3.2
|
0.79
|
incl
|
840.0
|
1092.0
|
252.0
|
0.65
|
0.23
|
3.6
|
0.85
|
FSDH077
|
192.0
|
194.0
|
2.0
|
0.05
|
10.35
|
0.5
|
0.20
|
plus
|
404.0
|
920.2
|
516.2
|
0.11
|
0.11
|
0.9
|
As of the date of this News Release, additional holes have been
completed with assays pending, which include:
- FSDH073 drilled to a final depth of 1,388m; and
- FSDH079 drilled to a final depth of 846m.
Assay results for these holes will be released as they are
received, analyzed and confirmed by the Company. Two additional
holes, FSDH065 (196m) and
FSDH066 (458m) were
suspended earlier this year, prior to the winter weather, and will
be deepened during the upcoming months.
Cautionary Note Regarding Forward-Looking Statements
Certain statements made and information contained herein in this
press release constitutes "forward-looking information" and
"forward-looking statements" within the meaning of applicable
securities legislation (collectively, "forward-looking
information") concerning the business, operations, financial
performance and condition of Filo Mining. The forward-looking
information contained in this press release is based on information
available to the Company as of the date of this press 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, any statements
that express or involve discussions with respect to predictions,
expectations, beliefs, plans, projections, objectives, assumptions
or future events or performance, (often, but not always, identified
by words or phrases such as "plans", "expects" or "does not
expect", "is expected", "budget", "scheduled", "estimates",
"forecasts", "intends", "projects" , "estimates", "budgets",
"scheduled", "forecasts", "assumes", "intends", "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 and similar expressions) are not statements of
historical fact and may be forward-looking statements.
All statements other than statements of historical fact may be
forward-looking statements. Forward-looking information is
necessarily based on estimates and assumptions that are inherently
subject to known and unknown risks, uncertainties and other factors
that may cause the actual results, level of activity, performance
or achievements of the Company to be materially different from
those expressed or implied by such forward-looking information,
including but not limited to: risks and uncertainties relating to,
among other things, the inherent uncertainties regarding Mineral
Reserve and Resource estimates, cost estimates, changes in
commodity prices, currency fluctuation, financings, unanticipated
resource grades, infrastructure, results of exploration activities,
cost overruns, availability of materials and equipment, timeliness
of government approvals, taxation, political risk and related
economic risk and unanticipated environmental impact on operations
as well as other risks, and uncertainties and other factors,
including, without limitation, those referred to in the "Risks and
Uncertainties" section of the Company's most recent MD&A and/or
Annual Information Form, under the heading "Risks Factors", and
elsewhere, which may cause the actual results, level of activity,
performance or achievements of the Company to be materially
different from those expressed or implied by such forward-looking
information.
The Company believes that the expectations reflected in the
forward-looking information included in this press 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
press release is as of the date of this press release. In
particular, this press release contains forward-looking information
pertaining to the assumptions used in the pre-feasibility study for
the Filo del Sol project, the assumptions used in the Mineral
Reserves and Resources estimates for the Filo del Sol project,
including, but not limited to, geological interpretation, grades,
metal price assumptions, metallurgical and mining recovery rates,
geotechnical and hydrogeological conditions, as applicable; ability
to develop infrastructure; assumptions made in the interpretation
of drill results, geology, grade 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 and/or environmental
risks. In addition, this press release may contain forward-looking
statements or information pertaining to: the potential exploration
results or anticipated outcomes of current or future drilling at
Filo del Sol, including the exploration results of the recent
Bonita Zone discovery and the Company's current interpretation of
Filo del Sol as part of a multikilometer, northeast-trending
alignment of overlapping porphyry-centered hydrothermal systems;
exploration and development plans and expenditures, including but
not limited to its plans to add additional rigs, the sequencing or
prioritization of drill targets, and the continuation of winter or
year-round operations; 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 ultimate size and scope of its field programs and the
Company's ability to achieve the objectives thereof; the size and
scope of its field programs and the Company's ability to achieve
the objectives thereof; the impact of the Company's winterization
efforts at Filo del Sol, and whether such efforts have adequately
anticipated the challenges of winter operation, including but not
limited to significant weather events and potential supply chain
disruptions; the anticipated use of proceeds from the Private
Placement or Anti-dilution Top-Up and/or its current treasury
balance; the timing or results of an upgrade to the Mineral
Resources estimate at Filo del Sol, including the inputs used
therein; opportunities to improve project economics; the success of
future exploration activities; potential for resource expansion;
potential for the discovery of new mineral deposits; 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; estimation of commodity prices, Mineral Reserves and
Resources, estimations of costs, and permitting time lines; ability
to obtain surface rights and property interests; currency exchange
rate fluctuations; requirements for additional capital; government
regulation of mining activities; environmental risks; unanticipated
reclamation expenses; title disputes or claims; limitations on
insurance coverage; and other risks and uncertainties.
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 the Company's actual results and future
events could differ materially from those anticipated in such
statements, as a result of the factors discussed in the "Risk and
Uncertainties" section of the Company's most recent management's
discussion and analysis and elsewhere and in the "Risk Factors"
section in the Company's most recent Annual Information Form, which
are available under the Company's profile on SEDAR at
www.sedar.com. 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.
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.
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SOURCE Filo Mining Corp.