VANCOUVER, BC, Sept. 1, 2021 /CNW/ - Filo Mining
Corp. (TSXV: FIL) (Nasdaq First North Growth Market: FIL)
(OTCQX: FLMMF) ("Filo Mining", or the "Company") is pleased to
announce that drilling has resumed at the Filo del Sol project
following a short break to prepare for winter operations. The
Company is planning a staged start-up of the program with three
drills now turning. Four more rigs are planned to be added during
Q4 2021, with a goal of drilling continuously throughout 2022 with
seven rigs. View PDF version.
The initial holes will focus on the high-grade zone intersected
in hole FSDH041, which returned 163m at 5.43% CuEq (2.31% Cu; 2.07g/t Au;
183.0g/t Ag) from 780m depth within a
broader interval of 858m at 1.80%
CuEq (0.86% Cu; 0.70g/t Au; 48.1g/t Ag) from 188m depth (see News Release dated May 13, 2021), with the goal of improving our
understanding of its geometry, extent and geological context.
Jamie Beck, President and CEO,
commented "We are incredibly excited to get the drills turning
again at Filo del Sol. Last season, in addition to the
high-grade intersection in Hole 41, our drilling extended
the known mineralization over a distance of approximately
4,500m north-south, 1,000m east-west and almost 1,500m deep. The deposit remains open to the
north, south, east and at depth. I expect the Company will continue
to generate compelling drill hole intersections as we learn more
about the geometry and size of this extraordinary deposit. With
camp winterization complete and expansion underway, we now have the
ability to support year-round drilling operations, allowing us to
rapidly define the deposit and continue our exploration efforts.
This field program will be the most ambitious ever undertaken at
Filo del Sol."
Drilling will be a combination of step-out holes to continue to
try to find the edges of the mineralized zone, and infill holes to
provide a better understanding of the deposit geology and grade
distribution. Infill drilling will target the area between FSDH025
in the south and FSDH037 in the north, with the initial holes
designed to follow up on the exceptional intersection drilled in
FSDH041 (refer to the attached figures). Step-out drilling will be
a combination of holes testing the sparsely drilled area north of
FSDH037, the undrilled area north of FSDH051 and, eventually, the
area south of the southern extent of the current resource. Hole
locations will be planned and communicated as the drill program
progresses, guided by drill results, surface mapping, and
geophysical interpretations.
Data collected from the drilling will be used to develop a
comprehensive geological model which will guide further exploration
and form the basis of eventual resource estimates - driving forward
our understanding of the deposit geology, geometry and controls on
mineralization. Geological data collection and interpretation will
be carried out by an integrated team comprised of the Company's
experienced geological staff led by Diego Charchaflié and supported
by José (Pepe) Perelló and C.J. Greig and Associates Ltd.
Diego Charchaflié has decades of experience exploring for copper
and gold deposits in the Andes and was a member of the team
credited with discovery of the Veladero deposit in San Juan,
Argentina. Veladero has produced
over 8 million ounces of gold since its start up in 2005. Pepe
Perelló is a highly regarded expert on porphyry and
high-sulphidation deposits, particularly in the Andes. Charlie Greig and his team are credited with the
discovery of GT Gold's Saddle North and Saddle South deposits, and
developed the geological model and resource estimation which led to
the acquisition of GT Gold by Newmont in early 2021.
Outlook
Drilling is planned to continue without interruption as we
transition to year-round operations. The program will start with
three drills, adding two more in late October as spring weather
eases on-site logistics. An additional two drills are scheduled to
be added by year-end, and the goal is to drill continuously
throughout 2022, subject to being able to operate safely and
effectively in accordance with the Company's COVID-19 protocols.
This plan would see approximately 7,000m completed by year end, and seven rigs
active throughout 2022, with a goal to triple the number of metres
ever drilled in a single year.
On behalf of Filo Mining,
Jamie Beck
President and CEO
About Filo del Sol
Filo del Sol is a high-sulphidation epithermal
copper-gold-silver deposit associated with one or more large
porphyry copper-gold systems. Overlapping mineralizing events
combined with weathering effects, including supergene enrichment,
have created several different styles of mineralization, including
structurally-controlled and breccia-hosted gold, manto-style
high-grade silver (+/- copper) and high-grade supergene enriched
copper within a broader envelope of disseminated, stockwork and
breccia-hosted sulphide copper and gold mineralization. This
complex geological history has created a heterogeneous orebody
which is characterized by zones of very high-grade copper +/- gold
+/- silver mineralization within a large envelope of more
homogeneous, lower-grade mineralization.
Qualified Persons and Technical Notes
The scientific and technical disclosure for the Filo del Sol
Project included in this news release have been reviewed and
approved by 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.
Copper Equivalent (CuEq) for drill intersections 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).
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 TSXV 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.
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 September 1, 2021 at
00:01 EDT.
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", "projects",
"budgets", "assumes", "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.
All statements other than statements of historical fact may be
forward-looking statements.
The Company believes that the expectations reflected in the
forward-looking information included in this news 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
news release is as of the date of this press release. In
particular, this press release contains forward-looking information
pertaining to assumptions made in the interpretation of drill
results, geology, grade, geochemistry 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, environmental and/or
healthy and safety risks. In addition, this news release may
contain forward-looking statements or information pertaining to:
potential exploration upside at the Filo del Sol Project, including
the extent and significance of the porphyry copper-gold system
underlying the current Mineral Resource and the prospectivity of
exploration targets; exploration and development plans and
expenditures, including a transition to year-round operations and
the timing thereof; 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 success of future exploration activities; potential for
resource expansion; the impact of the Company's winterization
efforts at Filo del Sol, and whether such efforts will enable
year-round operations and have adequately anticipated and prepared
for the challenges of winter operation at Filo del Sol, including
but not limited to weather and potential supply chain disruptions;
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; plans or ability to add additional drill
rigs; timing or anticipated results of an update to the mineral
resource estimate for Filo del Sol; government regulation of mining
activities; environmental risks; unanticipated reclamation
expenses; title disputes or claims; limitations on insurance
coverage; and other risks and uncertainties.
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.