FILO MINING DRILLS 50 METRES OF 236.4 G/T SILVER, 0.56% COPPER,
0.50 G/T GOLD AND 36 METRES OF 1.45% COPPER AT FILO DEL SOL
Filo Mining Corp (TSXV, Nasdaq First North:
FIL) ("Filo Mining", “Filo”, or the “Company”) is pleased to
announce results of the first batch of drill holes from the
recently completed 2017/18 drill program at the Filo del Sol
project in San Juan Province, Argentina and Region III,
Chile. A total of 9,411 metres was drilled during the
program, which was completed at the end of March. Assay
results for 20 reverse circulation (RC) holes are presented here,
and the remainder will be released once the final assays have been
received. In total, 31 RC holes and 9 diamond drill holes
were completed during the program.
Highlights of Field Program:
- Infill drilling is expected to convert a portion of the
inferred oxide resource to indicated
- Step out drilling has extended mineralization beyond the
current resource limits
- Over 4.5 tonnes of material was collected for metallurgical,
geotechnical and environmental testing
- Geotechnical drilling has been completed
Highlights from this first batch of drill holes
include:
- VRC135: 20m @ 0.54% Cu, 0.96 g/t Au,
208.0 g/t Ag
- VRC137: 164m @ 0.33% Cu, 0.36 g/t Au, 27.4
g/t Ag
- VRC143: 36m @ 1.45% Cu, 0.34 g/t Au,
0.9 g/t Ag
- VRC152: 38m @ 0.33% Cu, 0.28 g/t Au,
313.6 g/t Ag
- VRC153: 12m @ 0.86% Cu, 1.91 g/t Au,
0.8 g/t Ag
- VRC155: 50m @ 0.56% Cu, 0.50 g/t Au,
236.4 g/t Ag
Commenting on today’s results, Adam Lundin, CEO
of Filo Mining stated, “We are very pleased with the initial
results from our 2017/18 drill season. We expect to convert a large
portion of our inferred oxide resource to indicated, which was one
of our primary objectives this season. The remainder of drill
results will be released in Q2 of this year, followed by a resource
update in Q3.”
One of the main goals of the 2017/18 drill
program was to convert a part of the inferred oxide resource to the
indicated category and most of the holes in this release were
drilled for that purpose. The results suggest that we are
well on our way to achieving this objective. The resource
remains open laterally and to depth, and several other holes were
drilled adjacent to the inferred resource in order to test for
resource extensions. The holes in this release span a
distance of 2.5 kilometres from VRC141 in the south to VRC153 in
the north.
Fourteen of the holes announced today were
drilled into the Filo zone of the deposit. Three of these
(VRC136, VRC137 and VRC153) intersected mineralization outside of
the 2017 resource limit, including extensions to the copper-gold
oxide zone in VRC137 and VRC153 and to the hypogene zone in
VRC136. Four holes (VRC137, VRC148, VRC150 and VRC155)
intersected the gold oxide zone. Three of these gold-oxide
zone intersections were in areas of inferred resource while VRC150
drilled through the indicated part of the gold oxide zone on its
way to deeper inferred blocks in the underlying copper-gold oxide
and silver zones.
All of the Filo zone holes intersected the
copper-gold oxide zone, with the exception of VRC136 which started
west of the Frontera fault and VRC151 which was stopped above the
zone due to excessive hole deflection. All of these
copper-gold oxide intersections are either within the inferred
resource or adjacent to it.
Eight of the holes intersected the silver zone,
including some high-grade intervals in holes VRC135, VRC152 and
VRC155. In particular, VRC152 encountered an 8 metre section
between 310 metres and 318 metres which assayed 726.3 g/t
silver. These silver zone intersections are all along the
edge of the indicated resource or within the adjacent inferred
resource.
Six of the holes presented here were drilled
into the Tamberias zone. Three of these holes (VRC140, VRC142
and VRC144) extend the gold oxide zone beyond the 2017 resource
limit. The other three (VRC139, VRC141 and VRC143) were
drilled into the Tamberias copper-gold oxide zone either near the
edge of the indicated resource or within the inferred resource and
will allow for conversion of some of the inferred resource.
A full table of the drill hole intersections,
collar information and a plan map showing the locations of the
drill holes are included within this release.
The results of the 2017/18 drilling will be
incorporated into an updated mineral resource estimate to support
the Pre-Feasibility Study (“PFS”) which is currently
underway. Diamond drill holes completed during the program
will contribute data for the resource update and will also provide
samples for metallurgical testwork forming an important part of the
study. Metallurgical sample material was also collected from
surface trenches during the field program. The PFS testwork
program is being carried out at SGS Minerals metallurgical lab in
Lakefield, Ontario and commenced in early April, 2018.
Ongoing environmental and social programs continue in support of
the PFS and to lay the groundwork for future environmental
assessments and project permitting.
HOLE-ID |
From (m) |
To (m) |
Length (m) |
Cu % |
Au g/t |
Ag g/t |
Zone |
Purpose |
VRC135 |
134 |
250 |
116 |
0.33 |
0.40 |
38.0 |
Filo |
Resource Conversion |
incl |
178 |
198 |
20 |
0.54 |
0.96 |
208.0 |
VRC136 |
406 |
498 |
92 |
0.24 |
0.33 |
1.6 |
Filo |
Resource Addition |
incl |
464 |
498 |
34 |
0.41 |
0.27 |
1.6 |
VRC137 |
0 |
12 |
12 |
0.05 |
1.07 |
10.3 |
Filo |
Resource Conversion |
plus |
12 |
176 |
164 |
0.33 |
0.36 |
27.4 |
incl |
114 |
170 |
56 |
0.47 |
0.35 |
66.6 |
VRC138 |
0 |
100 |
100 |
0.17 |
0.22 |
1.0 |
Filo |
Resource Conversion |
VRC139 |
0 |
100 |
100 |
0.33 |
0.37 |
1.9 |
Tamb |
Resource Conversion |
incl |
12 |
72 |
60 |
0.27 |
0.50 |
2.5 |
or incl |
40 |
96 |
56 |
0.51 |
0.36 |
1.4 |
VRC140 |
0 |
100 |
100 |
0.01 |
0.30 |
2.4 |
Tamb |
Resource Addition |
VRC141 |
0 |
134 |
134 |
0.22 |
0.37 |
1.4 |
Tamb |
Resource Conversion |
incl |
2 |
34 |
32 |
0.18 |
0.50 |
2.4 |
VRC142 |
0 |
90 |
90 |
0.02 |
0.24 |
4.0 |
Tamb |
Resource Addition |
VRC143 |
0 |
118 |
118 |
0.68 |
0.45 |
1.4 |
Tamb |
Resource Conversion |
incl |
4 |
62 |
58 |
0.41 |
0.55 |
1.5 |
and incl |
78 |
114 |
36 |
1.45 |
0.34 |
0.9 |
VRC144 |
0 |
120 |
120 |
0.03 |
0.33 |
7.8 |
Tamb |
Resource Addition |
incl |
88 |
104 |
16 |
0.07 |
0.75 |
6.9 |
VRC145 |
102 |
220 |
118 |
0.34 |
0.56 |
1.3 |
Filo |
Resource Conversion |
incl |
102 |
142 |
40 |
0.51 |
0.83 |
1.6 |
and incl |
196 |
220 |
24 |
0.58 |
0.85 |
2.4 |
plus |
230 |
238 |
8 |
0.23 |
0.16 |
129.3 |
VRC146 |
124 |
190 |
66 |
0.29 |
0.29 |
1.5 |
Filo |
Resource Conversion |
VRC147 |
72 |
200 |
128 |
0.32 |
0.26 |
23.0 |
Filo |
Resource Conversion |
incl |
106 |
120 |
14 |
0.42 |
0.19 |
91.3 |
VRC148 |
50 |
104 |
54 |
0.01 |
0.59 |
1.5 |
Filo |
Resource Conversion |
plus |
168 |
182 |
14 |
1.60 |
0.39 |
1.2 |
VRC149 |
174 |
359 |
185 |
0.31 |
0.30 |
8.0 |
Filo |
Resource Conversion |
incl |
236 |
326 |
90 |
0.42 |
0.39 |
14.4 |
incl |
314 |
320 |
6 |
0.43 |
0.25 |
117.7 |
VRC150 |
12 |
36 |
24 |
0.01 |
0.40 |
3.3 |
Filo |
Resource Conversion |
plus |
220 |
320 |
100 |
0.40 |
0.37 |
45.0 |
incl |
248 |
286 |
38 |
0.44 |
0.41 |
113.9 |
VRC151 |
No Significant Values |
|
|
|
Filo |
Resource Conversion |
VRC152 |
106 |
150 |
44 |
0.90 |
0.19 |
1.2 |
Filo |
Resource Conversion |
plus |
260 |
346 |
86 |
0.34 |
0.32 |
139.9 |
incl |
308 |
346 |
38 |
0.33 |
0.28 |
313.6 |
VRC153 |
162 |
272 |
110 |
0.42 |
0.43 |
1.5 |
Filo |
Resource Addition |
incl |
162 |
174 |
12 |
0.86 |
1.91 |
0.8 |
VRC155 |
28 |
82 |
54 |
0.03 |
0.63 |
1.0 |
Filo |
Resource Conversion |
plus |
84 |
218 |
134 |
0.48 |
0.38 |
97.4 |
incl |
168 |
218 |
50 |
0.56 |
0.50 |
236.4 |
Mineralized zones within the Filo del Sol
deposit are flat-lying, and drilled widths are interpreted to be
greater than 95% of true widths.
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.
The Quality Control/Quality Assurance (QA/QC)
program for the Filo del Sol Project is under the management of
Diego Charchaflie MSc., P.Geo (BC), a Qualified Person pursuant to
NI 43-101.
Samples were collected at the drill site by
Company personnel with splitting carried out at the Company’s field
camp near the drill sites. Individual samples represent final
splits from 2 metre intervals down the hole. Samples were
delivered to the ALS preparation laboratory in Copiapo, Chile where
samples were crushed and split 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 correspond
to Quality Control samples.
ABOUT FILO MINING CORP.
Filo Mining’s flagship project is its 100%
controlled Filo del Sol Project located on the border between San
Juan Province, Argentina and Region III, Chile. Filo del Sol is
located between the prolific Maricunga and El Indio Gold Belts, two
major mineralized trends that contain such deposits as Caspiche, La
Coipa, Veladero, and El Indio. The region is mining-friendly and
hosts a number of large scale mining operations. The project
area is covered under the Mining Integration and Complementation
Treaty between Chile and Argentina, which provides the framework
for the development of cross border mining projects.
HOLE-ID |
East |
North |
Elevation |
Length (m) |
Azimuth |
Dip |
VRC135 |
434789 |
6847801 |
5166 |
252 |
92 |
-79 |
VRC136 |
434643 |
6848001 |
5163 |
498 |
70 |
-75 |
VRC137 |
434852 |
6847699 |
5170 |
316 |
260 |
-61 |
VRC138 |
434916 |
6847496 |
5166 |
100 |
0 |
-90 |
VRC139 |
434999 |
6846465 |
5288 |
100 |
60 |
-70 |
VRC140 |
434638 |
6846934 |
5100 |
100 |
0 |
-90 |
VRC141 |
434883 |
6846395 |
5308 |
140 |
60 |
-70 |
VRC142 |
434768 |
6846972 |
5101 |
90 |
0 |
-90 |
VRC143 |
434925 |
6846532 |
5256 |
118 |
60 |
-70 |
VRC144 |
434550 |
6846796 |
5126 |
120 |
0 |
-90 |
VRC145 |
435170 |
6848425 |
5186 |
239 |
100 |
-83 |
VRC146 |
435292 |
6848511 |
5123 |
190 |
90 |
-70 |
VRC147 |
435291 |
6848511 |
5123 |
200 |
0 |
-90 |
VRC148 |
434816 |
6848097 |
5229 |
182 |
0 |
-90 |
VRC149 |
435015 |
6848735 |
5236 |
359 |
270 |
-88 |
VRC150 |
435047 |
6848644 |
5229 |
320 |
185 |
-88 |
VRC151 |
435019 |
6848736 |
5235 |
205 |
259 |
-62 |
VRC152 |
435004 |
6848793 |
5242 |
396 |
0 |
-90 |
VRC153 |
435329 |
6848800 |
5149 |
300 |
80 |
-70 |
VRC155 |
434899 |
6847999 |
5166 |
89 |
270 |
-85 |
ADDITIONAL INFORMATION
Filo Mining is listed on the TSX-V and Nasdaq
First North Exchange under the trading symbol "FIL". Pareto
Securities AB is the Company's Certified Adviser on Nasdaq First
North.
This information is information that Filo Mining
Corp. is obliged to make public pursuant to the EU Market Abuse
Regulation. This information was submitted for publication, through
the agency of the contact person set out below, on April 27, 2018
at 2:00 a.m. Toronto time.
On behalf of the Board of Directors of Filo
Mining,
Adam I. Lundin
President and CEO
For further information, please contact: Sophia
Shane, Investor Relations (604) 806-3575.
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.
Cautionary Note Regarding Forward-Looking
Statements
Certain statements made and information
contained herein in the 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 and financial
performance and condition of Filo Mining Corp. 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, 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. 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 cost estimates, changes in commodity
prices, currency fluctuation, financing, unanticipated resource
grades, infrastructure, results of exploration activities, cost
overruns, availability of financing, 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 more fully
described under "Risk Factors" and elsewhere in the Company's most
recent Annual Information Form available under the Company's
profile at www.sedar.com and on the Company's website.
These risks and uncertainties 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. This forward-looking
information speaks as of the date of this press release.
Forward-looking information in this news release includes, but is
not limited to, statements regarding the Company’s expectations
with respect to conversion of inferred mineral resources to
indicated mineral resources, timing for receipt of additional assay
results, an updated mineral resource estimate to support a PFS,
the assumptions used in the mineral resource estimates for
the Filo del Sol project; expected timing with respect to
completion of a PFS, expectations with regard to potential for
adding to mineral resources through exploration; estimations of
commodity prices, mineral resources, and costs.
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 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 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.
- 180427_filo_assay_results
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