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Filo Receives $2M and Retains a 1% NSR on NGEx’s Lunahuasi and Lundin Mining’s Cumbre Verde; Publishes 2023 Sustainability Summary

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Filo Receives $2M and Retains a 1% NSR on NGEx’s Lunahuasi and Lundin Mining’s Cumbre Verde; Publishes 2023 Sustainability Summary

 

 

 

 

 

Filo Corp. (TSX: FIL) (Nasdaq First North Growth Market: FIL) (OTCQX: FLMMF) announces that notice has been provided by NGEx Minerals Ltd. and Lundin Mining Corporation to jointly buy-back two thirds of the existing 3% Net Smelter Royalty attached to three mineral claims (Nacimiento 1, Nacimiento 2, and Vicuña 4) in San Juan Province, Argentina which cover NGEx’s Lunahuasi and Lundin Mining’s Cumbre Verde copper-gold-silver projects. In consideration for the joint repurchase, Filo will receive $2M cash consideration, and following the closing of the transaction, Filo retains a 1% NSR over the claims.

 

Commenting on the release, Jamie Beck, President, and CEO stated, “In 2018, we entered into an asset purchase agreement between the Argentine subsidiaries of Filo and NGEx’s predecessor, to transfer some mineral claims in order to facilitate the future development of the Josemaria project. As part of that consideration, Filo retained a 3% NSR over the claims, of which 2% was subject to buy-back.  It’s not surprising, given the recent copper discovery at Lunahuasi and drilling at Cumbre Verde, that this buy-back right has now been exercised. Through our retained 1% NSR over those claims, Filo shareholders maintain exposure to continued success at both projects.”

 

Mr. Beck continued, “I’m proud to share that our Sustainability Summary for 2023 has also been published; highlighting our continuous journey to integrate our sustainability commitments across all aspects of our business.”

 

Sustainability Summary

 

Filo’s Sustainability Summary Report was published on May 9, 2024 and is now available on our website. The Report builds on Filo’s inaugural summary report from 2022 and outlines our growing social and community programs. It summarizes the Company’s Sustainability Framework and commitments to guide the Company moving forward, discloses Filo’s baseline data, and provides more transparency to our stakeholders.

 

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.

 

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. The Company’s shares are listed on the TSX and Nasdaq First North Growth Market and on the OTCQX. Filo is a member of the Lundin Group of Companies.

 

Posted May 14, 2024

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