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Filo Mining Reports 1,028m at 1.16% CuEq, including 172m at 2.14% CuEq

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Filo Mining Reports 1,028m at 1.16% CuEq, including 172m at 2.14% CuEq

 

 

 

 

 

Filo Mining Corp. (TSX: FIL) (Nasdaq First North Growth Market: FIL) (OTCQX: FLMMF) is pleased to announce assay results from holes FSDH070A and FSDH071 at the Filo del Sol Project in San Juan, Argentina.  These holes were drilled into the Aurora Zone and were collared approximately 410m apart. Highlights and detailed results are shown below along with accompanying figures:

 

  • Drillhole FSDH070A 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, with the final 20.5m averaging 0.75% CuEq (0.53% Cu, 0.27 g/t Au, 2.3 g/t Ag).
  • Drillhole FSDH071 intersected 1,028.0m at 1.16% CuEq from a depth of 292m, including;
    • 172.0m at 2.14% CuEq from 408.0m
    • 237.5m at 1.49% CuEq from 776.0m
    • The hole ended in mineralization at a depth of 1,320.0m due to rig capacity, with the final 20m averaging 0.46% CuEq (0.30% Cu, 0.21 g/t Au, 1.3 g/t Ag).

 

Commenting on the results, Jamie Beck, President, and CEO stated, “Holes 70A and 71 continue to demonstrate long intervals of the consistently strong mineralization that make up the Aurora Zone.   Importantly, two new zones of high-grade mineralization were encountered in hole 71, which sits along the eastern edge of our drill pattern.  These zones demonstrate our expectation that we will find not only new mineralization, but new kinds of mineralization, as we continue to explore and expand the deposit.  There are eight holes currently underway at the project, including our deepest ever, hole 68A which is still progressing at over 1,750m.  With holes underway at the Flamenco area to the south, and soon at the Gemelos target in the north, we will be drilling along a 7.5km trend and are very excited to see what else is out there.”

 

HOLE-ID From (m) To (m) Length (m) Cu % Au g/t Ag g/t CuEq1 %
FSDH070A 282.0 1338.5 1056.5 0.54 0.38 4.0 0.86
incl 369.7 1040.0 670.4 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 1320.0 1028.0 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
and incl 776.0 1013.5 237.5 1.04 0.68 6.0 1.49
Mineralized zones within the Aurora Zone are bulk porphyry-style zones and drilled widths are interpreted to be very close to true widths.

FSDH070A was drilled into the Aurora Zone on Section 9000N, towards the west at an angle of -70 degrees between holes FSDH032A and FSDH046.  The hole is outside of the resource pit shell below a depth of 150m.

 

Geology matched that in FSDH046 very well, starting in rhyolite cut by microdiorite intrusives and entering the main, well-mineralized breccia phase at a depth of 373m.  At a depth of 1,026m the hole entered a porphyry intrusive, and this depth corresponds with a change from high-sulphidation mineralization to porphyry mineralization.  At 1,270m the hole passed back into breccia which continued to the end of the hole at 1,338.5m.

 

FSDH071 was collared 215m east of FSDH057 on Section 9400N and drilled at an angle of -70 degrees towards the west.  The entire hole is outside of the resource pit shell.

 

The hole cut rhyolite and microdiorite intrusive rocks to a depth of 354m, where it entered an unusual anhydrite-rich breccia with elevated molybdenum and copper grades.  This breccia continued to 408m, averaging 1.19% CuEq (0.95% Cu, 0.30 g/t Au, 1.8 g/t Ag) and 440ppm Mo.  It correlates to a similar breccia in hole FSDH061 which is 130m to the north, and is open down dip, to the east, and to the north.

 

At 408m the hole entered the main mineralized breccia which was cut by several narrow porphyry intervals and extended to 1,236m where the hole entered another porphyry which continued to the hole’s end at 1,320m.  Two high-grade intervals were intersected within this breccia.  The upper zone, from 408m to 580m, averaged 2.14% CuEq and included a 60m section at 3.53% CuEq.  This zone appears to be too far to the east to be the continuation of the high-grade section in FSDH057 and may represent a new zone of mineralization which is open along trend to the northeast and down dip.  The lower zone, from 776m to 1,013m, averaged 1.49% CuEq and is possibly an extension of the high-grade interval intersected at the bottom of FSDH057, drilled 170m to the west.

 

Outlook

 

Drilling will remain 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.

 

FSDH069A is now complete and was drilled to a final depth of 1,435m, ending as a result of rig capacity.  Assay results for completed holes will be released as they are received, analyzed, and confirmed by the Company.

 

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. Samples were cut at Filo Mining’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 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. Filo Mining is a member of the Lundin Group of Companies.

 

Posted January 11, 2023

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