VANCOUVER, May 17, 2019 /CNW/ - Filo Mining Corp. (TSX-V,
Nasdaq First North: FIL) ("Filo Mining", or the "Company") is
pleased to announce the latest results from the 2019 drill program
at its 100% owned Filo del Sol project located on the border of
Region III, Chile and San Juan
Province, Argentina. These two holes, drilled 1,300 metres
apart, continue to demonstrate the potential to expand the Filo del
Sol deposit well beyond its current size.
Please view PDF version of News Release.
Commenting on the results, CEO Adam Lundin
stated, "These two holes again demonstrate the strong
potential to expand the Filo del Sol deposit well beyond the
current resource. The last 20 metres of hole FSDH028
averaged 0.67% copper, 0.74 g/t gold and 43.5 g/t silver, and the
hole ends in mineralization. This has been a transformative
exploration season and we are looking forward to receiving full
results from the remaining three holes."
Results from the latest two holes are presented below:
HOLE-ID
|
From
(m)
|
To
(m)
|
Length
(m)
|
Cu
%
|
Au
g/t
|
Ag
g/t
|
FSDH027
|
0.0
|
545.4
|
545.4
|
0.22
|
0.28
|
1.8
|
incl
|
318.0
|
422.0
|
104.0
|
0.37
|
0.34
|
3.5
|
FSDH028
|
16.0
|
563.5
|
547.5
|
0.40
|
0.78
|
8.0
|
incl
|
155.0
|
164.0
|
9.0
|
0.18
|
22.04
|
15.2
|
and incl
|
390.0
|
563.5
|
173.5
|
0.55
|
0.54
|
12.9
|
incl
|
496.0
|
563.5
|
67.5
|
0.61
|
0.68
|
24.0
|
Hole FSDH027 was collared on section 7250N at an angle of -76
degrees towards the west and drilled to a final depth of 545.4
metres. The hole is mineralized throughout its length and
ended in moderate grade mineralization within a hydrothermal
breccia with strong potassic alteration. The hole intersected
rhyolite country rock with intense porphyry veining (A and B type)
and local hydrothermal brecciation cut by dioritic intrusive bodies
throughout its entire length. At 23 metres depth the hole
passes from oxided rock to primary sulphide mineralization.
The entire hole is outside of the current mineral resource.
Hole FSDH028 was collared 1,300 metres to the north of FSDH027,
on section 8500N, and drilled to the west at an angle of -66
degrees. The hole was planned to a depth of 1,000 metres, but
was terminated short of this goal in competent rock with strong
mineralization due to ground condition problems within the shallow
oxidized portion of the hole. The last 20 metres of the hole
averaged 0.67% copper, 0.74 g/t gold and 43.5 g/t silver. The
top 410 metres of this hole is within the mineral resource with the
last 153.5 metres outside of it.
The hole intersected rhyolite country rock throughout its length
with intense high-sulphidation epithermal alteration and
mineralization. A strong leached zone transitioned at 16
metres depth into low-grade copper-gold oxide mineralization with a
sharp increase in copper grade at 122 metres interpreted to be a
result of supergene copper enrichment.
This hole intersected a particularly gold-rich section from 155
to 164 metres, which correlates with a well-defined, flat-lying
zone of elevated silver +/- gold +/- copper mineralization (M Zone)
intersected by several other holes in this area and forming an
important part of the mineral resource. The exceptionally
high gold grades in this hole may be the result of the intersection
of this strongly-mineralized, flat-lying zone with a steep
structure evident in the drill core. Similar steeply dipping
structural features have been intersected throughout the deposit,
typically with significant gold values, but have been difficult to
model due to the geometry of intersecting near-vertical structures
with steeply-dipping drill holes. The M Zone marks the bottom of
the oxide zone, and the hole continues in primary sulphide
mineralization to the end.
Complete assays for three additional holes are pending and will
be released once all remaining data has been received and
verified.
On behalf of the board
Adam Lundin,
President and CEO
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 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. Mr.
Charchaflie is a principal geological consultant for the
Company.
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 San Juan,
Argentina.
Samples were delivered to the ALS preparation laboratory in
Mendoza, Argentina 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 Lima, Peru.
ALS is an accredited laboratory which is independent of the
Company. Gold analyses were by fire assay fusion with AAS
finish on a 30g sample. Copper and silver were analysed 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. 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
flat-lying, and drilled widths are interpreted to be greater than
90% of true widths. This includes the high-grade gold
interval in FSDH028.
About Filo Mining
Filo Mining is a Canadian exploration and development company
focussed 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 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 Corp. 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
Friday, May 17, 2019 at 3:00 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.
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.
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. 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.
Section 8500N (Full resolution)
Filo Plan 2019 NR2 (Full
resolution)
SOURCE Filo Mining Corp.