News Flow Has Started... Drilling (year-round!) has started w/ three drills going to seven drills by year-end. Company *fully funded* to at least year-end *after* we will likely get results of drill holes probing infamous Hole 41. Financing will not be an issue or likely 'on the cheap' given Lundin involvement IMO.
Expecting consistent news flow going forward. While we wait for Fil.v drill results... Watch for news re: JOSE.to concerning possible early release of EIA given political situation. Maybe we also see fiscal stability before elections in Nov? JOSE.to just starting to move off ridiculous lows as they start construction *next year*! All of this will positively affect FIL.v share price.
Filo Mining resumes drilling at Filo del Sol
2021-09-01 01:48 ET - News Release
Mr. Jamie Beck reports
FILO MINING RESUMES DRILLING AT FILO DEL SOL
Drilling has resumed at Filo Mining Corp.'s Filo del Sol project following a short break to prepare for winter operations. The Company is planning a staged start-up of the program with three drills now turning. Four more rigs are planned to be added during Q4 2021, with a goal of drilling continuously throughout 2022 with seven rigs.
The initial holes will focus on the high-grade zone intersected in hole FSDH041, which returned 163m at 5.43% CuEq (2.31% Cu; 2.07g/t Au; 183.0g/t Ag) from 780m depth within a broader interval of 858m at 1.80% CuEq (0.86% Cu; 0.70g/t Au; 48.1g/t Ag) from 188m depth (see News Release dated May 13, 2021), with the goal of improving our understanding of its geometry, extent and geological context.
Jamie Beck, President and CEO, commented "We are incredibly excited to get the drills turning again at Filo del Sol. Last season, in addition to the high-grade intersection in Hole 41, our drilling extended the known mineralization over a distance of approximately 4,500m north-south, 1,000m east-west and almost 1,500m deep. The deposit remains open to the north, south, east and at depth. I expect the Company will continue to generate compelling drill hole intersections as we learn more about the geometry and size of this extraordinary deposit. With camp winterization complete and expansion underway, we now have the ability to support year-round drilling operations, allowing us to rapidly define the deposit and continue our exploration efforts. This field program will be the most ambitious ever undertaken at Filo del Sol."
Drilling will be a combination of step-out holes to continue to try to find the edges of the mineralized zone, and infill holes to provide a better understanding of the deposit geology and grade distribution. Infill drilling will target the area between FSDH025 in the south and FSDH037 in the north, with the initial holes designed to follow up on the exceptional intersection drilled in FSDH041 (refer to the attached figures). Step-out drilling will be a combination of holes testing the sparsely drilled area north of FSDH037, the undrilled area north of FSDH051 and, eventually, the area south of the southern extent of the current resource. Hole locations will be planned and communicated as the drill program progresses, guided by drill results, surface mapping, and geophysical interpretations.
Data collected from the drilling will be used to develop a comprehensive geological model which will guide further exploration and form the basis of eventual resource estimates - driving forward our understanding of the deposit geology, geometry and controls on mineralization. Geological data collection and interpretation will be carried out by an integrated team comprised of the Company's experienced geological staff led by Diego Charchaflie and supported by Jose (Pepe) Perello and C.J. Greig and Associates Ltd. Diego Charchaflie has decades of experience exploring for copper and gold deposits in the Andes and was a member of the team credited with discovery of the Veladero deposit in San Juan, Argentina. Veladero has produced over 8 million ounces of gold since its start up in 2005. Pepe Perello is a highly regarded expert on porphyry and high-sulphidation deposits, particularly in the Andes. Charlie Greig and his team are credited with the discovery of GT Gold's Saddle North and Saddle South deposits, and developed the geological model and resource estimation which led to the acquisition of GT Gold by Newmont in early 2021.
Outlook
Drilling is planned to continue without interruption as we transition to year-round operations. The program will start with three drills, adding two more in late October as spring weather eases on-site logistics. An additional two drills are scheduled to be added by year-end, and the goal is to drill continuously throughout 2022, subject to being able to operate safely and effectively in accordance with the Company's COVID-19 protocols. This plan would see approximately 7,000m completed by year end, and seven rigs active throughout 2022, with a goal to triple the number of metres ever drilled in a single year.
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.
Copper 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 Mining Corp.
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. The Company's shares are listed on the TSXV and Nasdaq First North Growth Market under the trading symbol "FIL", and on the OTCQX under the symbol "FLMMF". Filo Mining is a member of the Lundin Group of Companies.
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