Filo Drills 1,270m at 0.92% CuEq in Aurora and 529m at 0.97% CuEq in Bonita
VANCOUVER, BC, November 21, 2024 /CNW/ - Filo Corp. (TSX: FIL) (Nasdaq First North Growth Market: FIL) (OTCQX: FLMMF) (“Filo”, or the “Company”) is pleased to announce assay results from six holes from the Filo del Sol Project. Highlights and detailed results are shown below along with accompanying figures:
- Drillhole FSDH107 intersected 1,270.0m at 0.92% CuEq from 298.0m in the Aurora Zone, including:
- 52.0m at 218.5 g/t Ag from 508.0m
- 624.0m at 1.13% CuEq from 606.0m
- Drillhole FSDH112 intersected 1,282.5m at 0.61% CuEq from 96.0m in the Bonita Zone, including:
- 528.5m at 0.97% CuEq from 659.5m
- 1.5km to the northeast of the intersection in FSDH107
- Drillhole FSDH113 intersected 833.7m at 0.64% CuEq from 532.3m in the Bonita Zone, including:
- 510.0m at 0.71% CuEq from 590.0m
- Drillhole FSDH116 intersected 610.0m at 0.39 g/t Au, 0.15% Cu and 2.2 g/t Ag from 22.0m in the Tamberias Zone
- 4.3km to the southwest of the intersection in FSDH112
Commenting on the release, Jamie Beck, President, and CEO stated, “Hole 107 has provided an expansion of the Aurora Zone, 300m to the west of hole 41. We now interpret mineralization on this section to have a minimum east-west width of 700m, remaining open in both directions. Additionally, holes 112 and 113 confirm the strong mineralization encountered in the Bonita area and are helping us to target the high-grade corridor running throughout the deposit with several of the current holes. Three kilometres to the south of hole 107 we have confirmed a gold-rich porphyry in hole 116 in the Tamberias area, further expanding the footprint of the overall deposit. We have now drilled continuous mineralization over 5.5 kilometres between holes 116 in the south and 114 in the north, with hole 107 expanding the width, and still the deposit is open in all directions.” Mr. Beck continued, “The previously announced arrangement with BHP and Lundin Mining is progressing on schedule and is anticipated to be completed in the first quarter of 2025.”
Intersections from recently completed holes are shown in the table below, with hole locations on the accompanying figures.
|
Hole ID |
From |
To |
Length (m) |
Cu % |
Au g/t |
Ag g/t |
CuEq1 % |
|
FSDH099 |
392.0 |
486.0 |
94.0 |
0.50 |
0.28 |
9.9 |
0.80 |
|
Incl |
392.0 |
416.0 |
24.0 |
0.91 |
0.42 |
1.3 |
1.23 |
|
plus |
574.0 |
841.1 |
267.1 |
0.45 |
0.18 |
2.1 |
0.61 |
|
incl |
674.4 |
841.1 |
166.7 |
0.56 |
0.19 |
2.5 |
0.72 |
|
FSDH107 |
298.0 |
1568.0 |
1270.0 |
0.55 |
0.35 |
12.6 |
0.92 |
|
incl |
424.0 |
492.0 |
68.0 |
0.01 |
0.86 |
4.5 |
|
|
incl |
450.0 |
470.0 |
20.0 |
0.01 |
1.46 |
3.1 |
|
|
and incl |
508.0 |
560.0 |
52.0 |
0.01 |
0.26 |
218.5 |
|
|
and incl |
606.0 |
1230.0 |
624.0 |
0.78 |
0.41 |
5.3 |
1.13 |
|
FSDH110 |
362.0 |
749.7 |
387.7 |
0.50 |
0.37 |
24.5 |
0.98 |
|
incl |
362.0 |
400.0 |
38.0 |
2.12 |
0.28 |
0.8 |
2.33 |
|
and incl |
480.0 |
508.0 |
28.0 |
0.01 |
0.48 |
151.7 |
|
|
and incl |
584.0 |
749.7 |
165.7 |
0.62 |
0.47 |
22.4 |
1.16 |
|
FSDH112 |
96.0 |
1378.5 |
1282.5 |
0.46 |
0.16 |
4.9 |
0.61 |
|
incl |
659.5 |
1188.0 |
528.5 |
0.77 |
0.20 |
6.0 |
0.97 |
|
FSDH113 |
532.3 |
1366.0 |
833.7 |
0.50 |
0.17 |
2.1 |
0.64 |
|
incl |
590.0 |
1100.0 |
510.0 |
0.54 |
0.20 |
2.5 |
0.71 |
|
FSDH116 |
22.0 |
632.0 |
610.0 |
0.15 |
0.39 |
2.2 |
0.46 |
|
incl |
22.0 |
80.0 |
58.0 |
0.01 |
0.92 |
1.4 |
|
|
and incl |
363.8 |
388.0 |
24.2 |
0.19 |
0.88 |
1.2 |
0.84 |
|
and incl |
474.4 |
546.0 |
71.6 |
0.20 |
0.49 |
1.3 |
0.57 |
Mineralized zones at Filo del Sol are 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)
FSDH099 and FSDH110 were collared on the western side of the deposit, 200m apart on sections 9200N and 9000N respectively, and drilled back towards the east across the Aurora Zone. Both holes were lost due to technical drilling challenges exacerbated by sitting idle over the winter, just as they were entering the main high-grade zone. The final 20m averaged 1.00% CuEq (0.81% Cu, 0.23 g/t Au, 2.7 g/t Ag) in FSDH099 and 1.29% CuEq (0.82% Cu, 0.45 g/t Au, 16.2 g/t Ag) in FSDH110.
Both holes intersected the shallow copper oxide zone well outside of the current mineral resource, from 392.0m in FSDH099 and from 362.0m in FSDH110, before entering the main sulphide mineralization.
FSDH107 was collared on Section 9200N and drilled to the west at -70o, targeting the western extension of the Aurora Zone.
A 68.0m zone of oxide gold mineralization was intersected from 424.0m to 492.0m, including a 20.0m section at 1.46 g/t gold, followed by a 52.0m section at 218.5 g/t silver starting at 508.0m. Primary sulphide mineralization starts at 564.0m and continues to the end of the hole, including a 624.0m section averaging 1.13% CuEq.
This hole has extended the Aurora Zone to the west by 300m, and the zone remains wide open in that direction.
Partial results from FSDH112 were released on June 10th, 2024 with the final results shown in the table above. This hole intersected a broad zone of good mineralization from 96.0m, including the key high-grade corridor with 528.5m at 0.97% CuEq from 659.5m. For reference, this intersection is 1.5km northeast of the intersection in FSDH107 and is thought to be continuous between the two holes.
FSDH113 was collared on Section 10700N, between holes FSDH091 and FSDH112, and drilled towards the east at an angle of -70o in order to test for an extension to a high-grade corridor intersected in those two holes.
This hole appears to have passed just above, and to the east of, the high-grade corridor, confirming a large zone of good grade mineralization flanking it and helping to target the centre of the zone.
FSDH116 was drilled in the Tamberias Zone, well south of Aurora and Bonita, to follow up on a north westerly-trending zone of auriferous sheeted veins exposed in surface trenching. Four trenches along a strike length of almost 700m returned 230m at 0.36 g/t Au, 470m at 0.32 g/t Au, 227m at 0.45 g/t Au and 90m at 0.35 g/t Au. The hole intersected two sheeted vein zones including 58.0m at 0.92 g/t Au and 24.2m at 0.88 g/t Au confirming the continuation to depth of the surface mineralization. Overall, the hole intersected a 610.0m section with an elevated gold:copper ratio (0.39 g/t Au and 0.15% Cu) compared to mineralization to the north.
Discussion and Outlook
Drilling recommenced in early September following a winter break, with approximately 9,500m of drilling completed since resumption of activities. As we transition into the austral summer season, drilling is ongoing with nine rigs active on the project. Assay results for completed holes will be released as they are received, analyzed, and confirmed by the Company.
On behalf of Filo,
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. Samples were cut at Filo’s operations base at Estancia Guañizuil near the town of Rodeo, 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. 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).
Additional Information
The Company's certified adviser on the Nasdaq First North Growth Market is Bergs Securities AB, +46 8 506 51703, [email protected].
The information contained in this news release was accurate at the time of dissemination, but may be superseded by subsequent news release(s). The Company is under no obligation, nor does it intend to update or revise the forward-looking information, whether as a result of new information, future events or otherwise.
This information was submitted by Filo Corp. for publication, through the agency of the contact person set out below, on November 21, 2024 at 10:30 pm EST.
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”, “targets” “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, potential implications of geophysics interpretations, 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: consummation and timing of the previously announced arrangement; the satisfaction of the conditions precedent to the previously announced arrangement; 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 success of future exploration activities; potential for resource expansion; 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, including those set out in the Company’s most recent annual information form and annual management discussion and analysis, and risks, uncertainties and other factors identified in the Company's periodic filings with Canadian securities regulators, which are available on the Company’s website and SEDAR+ at www.sedarplus.ca under the Company’s profile. 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.
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