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Filo Discovers New High-Grade Zone at Bonita; Reports 212m at 1.15% CuEq Within 1,368m at 0.56% CuEq

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Filo Discovers New High-Grade Zone at Bonita; Reports 212m at 1.15% CuEq Within 1,368m at 0.56% CuEq

 

 

 

 

 

Filo Corp. (TSX: FIL) (Nasdaq First North Growth Market: FIL) (OTCQX: FLMMF) is pleased to announce assay results from holes FSDH088, FSDH090 and FSDH091 from the Filo del Sol Project in San Juan, Argentina. Highlights and detailed results are shown below along with accompanying figures:

 

Drillhole FSDH091 intersected 1,368.0m at 0.56% CuEq from 168.0m, including:

    • 837.2m at 0.70% CuEq from 672.8m
    • 212.0m at 1.15% CuEq from 872.0m
    • Collared between holes FSDH060 and FSDH087, this hole continues to confirm continuity of mineralization between Aurora and Bonita, and discovers a new high-grade zone
  • Drillhole FSDH090 intersected 1,518.5m at 0.48% CuEq from 100.0m, including:
    • 22.0m at 490.8 g/t silver from 108.0m
    • 657.0m at 0.56% CuEq from 665.0m
    • Collared 730m south of FSDH091 between Aurora and Bonita
  • Drillhole FSDH088 intersected 992.0m at 0.63% CuEq from 66.0m, including:
    • 582.0m at 0.73% CuEq from 436.0m
    • Collared in the Filo sector, south of Aurora and 2.5km south of FSDH091

 

Commenting on the release, Jamie Beck, President, and CEO stated, “Hole 91 intersected a new high-grade zone near Bonita, and it is the first instance of consistent grades greater than 1% CuEq outside of Aurora. At over 1km to the north of the Aurora Zone, this opens up an entirely new area to explore for high-grade. Given that the closest holes to 91 are hole 60, 330m to the north, and 87, 550m to the south, we have a tremendous amount of room to grow this zone as we continue to explore. Hole 88, drilled 2.5km to the south of hole 91, on the other side of the Aurora Zone, provides a reminder of how big this deposit is.”

 

 

HOLE-ID From (m) To (m) Length (m) Cu % Au g/t Ag g/t CuEq1 %
FSDH088 66.0 1058.0 992.0 0.36 0.32 3.7 0.63
incl 436.0 1018.0 582.0 0.41 0.38 5.4 0.73
FSDH090 100.0 1618.5 1518.5 0.31 0.11 10.3 0.48
incl 108.0 130.0 22.0 0.07 0.06 490.8
and incl 268.7 272.0 3.3 2.64 0.92 127.2 4.43
and incl 539.1 540.0 0.9 2.66 2.04 132.6 5.31
and incl 665.0 1322.0 657.0 0.44 0.14 2.0 0.56
FSDH091 168.0 1536.0 1368.0 0.40 0.19 2.5 0.56
incl 185.5 200.0 14.5 0.42 0.97 30.2
and incl 504.0 508.0 4.0 1.94 1.20 9.8 2.90
and incl 672.8 1510.0 837.2 0.53 0.21 1.9 0.70
incl 872.0 1084.0 212.0 0.84 0.40 2.2 1.15
Mineralized zones at Filo del Sol are bulk porphyry-style zones and drilled widths are interpreted to be very close to true widths.

 

 

FSDH088 was collared on Section 8400N and drilled to the west at -67 degrees. The hole penetrated the current oxide resource to a depth of 394m. The main mineralized breccia was intersected to a depth of 754m where there is a sharp contact to a mineralized porphyry unit which continues to the end of the hole. The hole was ended shallower than planned as it deviated unexpectedly to the south, coming close to FSDH080.

 

FSDH090 was collared on Section 10100N, 230m south of FSDH087, and drilled to the west at -72 degrees.  The hole intersected a number of high-grade sulphide veins over the upper several hundred metres, similar to those seen in FSDH087. These include a 22m intersection at 490.8 g/t silver which may correlate with a 16m interval of 4.73% CuEq (including 50g/t silver) 300m away in FSDH087. Recent and ongoing drilling is showing that these high-grade veins are a consistent feature of the area north and east of Aurora, and they may prove to be an important part of the deposit.

 

FSDH091 was collared on Section 10800N and drilled to the west at an angle of -70 degrees.  Again, a series of high-grade veins were intersected down to about 650m where mineralization transitions to primarily disseminated, with grades becoming more consistent and uniform. The hole intersected a very high-grade section beginning at 872m, averaging 1.15% CuEq over 212m. Copper mineralization in this interval contains an unusually high proportion of bornite, along with enargite, chalcocite and chalcopyrite, and is primarily disseminated and in veinlets. This is the first instance of consistent grades greater than 1% CuEq over more than 200m discovered outside of the Aurora Zone and opens up an entirely new area to explore for high-grade mineralization. For reference, the closest holes to this intersection are FSDH060 which is 330m to the north, and FSDH087 which is 550m to the south.

 

Outlook

 

Drilling is ongoing with nine rigs active on the project, including FSDH086 which is complete to 1,414m, FSDH089 which is complete to 677m, and FSDH093 which is currently at a depth of 1,568m. Assay results for completed holes will be released as they are received, analyzed, and confirmed by the Company.

 

With the weather currently moderating as we move into spring, exploration focus over the next few months will be the areas adjacent to the Aurora Zone: drilling below Tamberias to the south-west, drilling to the east and west of the Aurora-Bonita link, following up the high-grade intersection in FSDH091, along with testing a new eastern trend identified by our geophysics and hole FSDH085. Drill targeting will not only continue our search for the edges of the system but could also add significant mineralization around the known deposit. This work ensures Filo del Sol remains on track to grow into one of the largest copper discoveries in recent times.

 

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.

 

Base Map with Sat Image 2023

 

Filo Long Section with Plan

 

 

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. Samples were cut at Filo’s operations base near the town of Guañizuil, Argentina 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.  RC 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 bagged and tagged and packaged for shipment by truck 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 laboratories in either Lima, Peru or Santiago, Chile for copper, gold and silver assays, and 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, or bulk porphyry-style zones and drilled widths are interpreted to be very close to true widths.

 

1Copper 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 Corp.

 

Filo is a Canadian exploration and development company focused on advancing its 100% owned Filo del Sol copper-gold-silver deposit located in San Juan Province, Argentina and adjacent Region III, Chile. Filo is a member of the Lundin Group of Companies.

 

Posted October 26, 2023

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