Filo Mining Corp. [FIL-TSXV, Nasdaq First North Growth Market; FLMMF-OTCQX] discovered a significant new zone of high-grade copper, gold and silver mineralization at the 100%-owned Filo del Sol project in San Juan province, Argentina.
Drillhole FSDH041 returned the longest high-grade intersection to date in what is interpreted to be one of the feeder zones to the high-sulphidation epithermal (HSE) mineralization.
FSDH041 returned 163 metres at 5.43% CuEq (2.31% Cu; 2.07g/t Au; 183.0g/t Ag) from 780 metres depth within a broader interval of 858 metres at 1.80% CuEq (0.86% Cu; 0.70g/t Au; 48.1g/t Ag) from 188 metres depth. The hole ended in mineralization, with the final 20 metres averaging 1.19 %CuEq (0.65% Cu; 0.72g/t Au; 2.3g/t Ag).
FSDH037, 400 metres to the north, returned 502 metres at 0.75% CuEq (0.41% Cu; 0.13g/t Au; 27.8g/t Ag) from 380 metres.
Drillholes FSDH041 and FSDH037 strongly suggest continuity of mineralization across the 870m gap between previously released holes FSDH032 and FSDH043. The deposit remains open north of FSDH043 and extends over 2km to the south of FSDH032. The intersections reported here lie completely outside of the current mineral resource.
President and CEO Jamie Beck, said, “Hole 41 is a game-changer for the project and by far the best hole ever drilled at Filo del Sol. We believe it will rank as one of the best holes drilled globally this year. It represents the first intersection of the long-sought feeder zone for the high-sulphidation mineralization at Filo. These results reset our expectations of what is possible at Filo. Our drilling over the past three years has confirmed the vast size potential of this deposit and with hole 41 we have demonstrated this system can also produce exceptional grades. This results in a compelling combination of values and provides us with the evidence we need to justify expanding our exploration efforts. We remain convinced that Filo del Sol will turn out to be one of the most important copper-gold-silver discoveries in recent years and we see strong potential for additional high-grade zones as we drill out the deposit. We look forward to sharing exploration results from our remaining holes, culminating in a resource update by year end. Planning has already begun for our next field campaign, and following a short break, we anticipate continuous, year-round activities leading to our most ambitious field program ever.”
In May 13 trading, Filo shares gained $2.22, up 53.8%, on a volume 3,064,900.