VANCOUVER, Nov. 13, 2019 /CNW/ - Filo Mining Corp. (TSXV: FIL, Nasdaq First North Growth Market: FIL) ("Filo Mining", or the "Company") is pleased to announce that drilling has now started at its 100% owned Filo del Sol project located on the border of Region III, Chile and San Juan Province, Argentina. Three diamond drills are on site, with a fourth scheduled to arrive this week. The geophysics crew has also mobilized to the project and the planned 3D induced polarization survey has started. A drone magnetometer survey of the project area is scheduled to begin in early January. Refer to the attached plan map outlining target areas for the 2019/2020 program. View PDF
Commenting on the upcoming program, CEO Adam Lundin stated, "I'm excited to report that we are off to an early start and drilling is now underway at Filo del Sol. We will soon have all 4 rigs turning; and with a plan to drill over 10,000 metres this season, this is the most extensive exploration program in Company history."
Please refer to the Company's news release dated August 8, 2019 for details and objectives of the program, along with a detailed list and description of target areas. Three holes are underway in the Filo Deep area, testing for extensions to both the high-grade gold mineralization encountered last season in holes FSDH028 and FSDH030 and for copper-gold mineralization underlying these holes, both of which ended in strong mineralization.
The fourth drill will begin drilling at the newly discovered Tamberias West zone where surface mapping and trenching during the past season encountered steam-heated alteration identical to that which outcrops above the Filo del Sol deposit. Reinterpretation of the fault systems as part of a regional geological mapping effort last season has resulted in the identification of a north-easterly structure (Portozuelo Fault) which may control the geometry of the deposit. This puts the steam-heated alteration in context as the possible southwestern continuation of the Filo del Sol deposit and makes it a high priority drill target.
Assay results from the current drilling will be released early in the new year.
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. The Filo del Sol project is the subject of a recently completed Pre-Feasibility Study ("PFS"), and details of the project can be found in the 43-101 Technical Report detailing the results of that study titled "NI 43-101 Technical Report, Pre-Feasibility Study for the Filo del Sol Project" dated February 22, 2019 with an effective date of January 13, 2019 (the "Technical Report").
The Company's shares are listed on the TSX-V and on Nasdaq First North Growth Market under the symbol "FIL". Filo Mining Corp. is a member of the Lundin Group of Companies.
The Company's certified advisor on Nasdaq First North Growth Market is Pareto Securities AB, +46 8 402 50 00, [email protected].
Additional information regarding exploration, drilling, data verification, and the mineral resource estimate for the Filo del Sol project can be found in the Technical Report. The Technical Report was prepared for Filo Mining by Ausenco Engineering Canada Inc. ("Ausenco"). The Qualified Persons, as defined under NI 43-101, responsible for the Technical Report are Scott Elfen, P.E., Ausenco, Robin Kalanchey, P.Eng., Ausenco, Bruno Borntraeger, P.Eng., Knight Piesold Ltd., Fionnuala Devine, P.Geo., Merlin Geosciences Inc., Ian Stillwell, BGC Engineering Inc., Neil Winkelmann, FAusIMM, SRK Consulting (Canada) Inc., James N. Gray, P.Geo., Advantage Geoservices Limited, and Jay Melnyk, P.Eng., AGP Mining Consultants, all of whom are independent of Filo Mining. The Technical Report is available for review under the Company's profile on SEDAR at www.sedar.com and on the Company's website at www.filo-mining.com.
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 Mining Corp. for publication, through the agency of the contact person set out below, on November 13, 2019 at 5:30pm Eastern Time.
On behalf of Filo Mining,
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", "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", "might" or "will be taken", "occur" or "be achieved" or the negative connotations thereof. All statements other than statements of historical fact may be forward-looking statements.
Forward-looking statements contained in this news release include statements regarding the Company's plans for the upcoming field season and proposed 2019/2020 drill targets at its 100% owned Filo del Sol project, planned exploration programs, potential upside at the Filo del Sol project, surface indications of epithermal style gold-copper mineralization on the Tamberias West area and a potential to significantly increase the oxide mineral resource, the results of the 2018/2019 field program drill program, and support of Lundin Family Trusts. In addition, this news release discusses the PFS that would support development of the Filo del Sol Project. Information concerning mineral resource/reserve estimates and the economic analysis thereof contained in the results of the PFS are also forward-looking information in that they reflect a prediction of the mineralization that would be encountered, and the results of mining, if a mineral deposit were developed and mined. Although Filo Mining believes that the expectations reflected in such forward-looking information are reasonable, undue reliance should not be placed on forward-looking information since Filo Mining can give no assurance that such expectations will prove to be correct. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information, including the risks, uncertainties and other factors identified in Filo's periodic filings with Canadian securities regulators, including, without limitation, those referred to in the "Risk and Uncertainties" sections, and elsewhere, in the Company's MD&A for the year ended December 31, 2018 and for the interim period ended June 30, 2019, and in the most recent the Company's Annual Information Form available under the Company's profile at www.sedar.com. In addition, these statements involve assumptions made with regard to the Company's ability to develop the Filo del Sol Project and to achieve the results outlined in the PFS; the ability to raise the capital required to fund construction and development of the Filo del Sol Project; and the results and impact of future exploration at Filo del Sol.
The forward-looking information 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 information, 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. 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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Filo Mining Corp.