Filo Mining identifies new gold zone at Filo del Sol
The Filo del Sol Project is located in the Atacama Region of Northern Chile and adjacent San Juan province of Argentina, 140 kilometres southeast of the city of Copiapó, Chile and straddles the border between Argentina and Chile.
Filo Mining Corp. [FIL-TSXV, NASDAQ First North] has released additional assay results from drilling at its 100%-owned Filo del Sol Project, which straddles the border of Region 111, Chile and San Juan Province, Argentina.
Filo Mining is a member of the Lundin Group of companies. The Filo del Sol Project is a high-sulphidation epithermal copper-gold-silver deposit associated with a large porphyry gold system.
The company has said it plans to complete 8,000 metres of core drilling through April, 2021, following a 2019/2020 field season, which ended in March 2020, and confirmed the existence of substantial additional sulphide mineralization underlying and to the north of the current mineral resource.
The 2020/2021 field program is designed, among other things to explore the 1.7-kilometre gap between hole FSDH032 and the mineralized intersection in hole VRC093 and to clarify the geological controls of significant zones of high-grade copper, gold and silver mineralization present within the overall mineralized envelope. The program is also designed to allow for a portion of the sulphide mineralization to be added to Filo del Sol’s mineral resource estimate by tightening the drill spacing within this deeper mineralization, where appropriate.
On Monday, Filo released new assays from the current drill program and announced the discovery of a new zone of oxide gold mineralization 1.5 kilometres north of the Filo del Sol deposit. It also said drilling has extended the Filo high-grade silver zone by 600 metres to the north.
The new oxide gold discovery was intersected in hole FSDH042, which was drilled 48 metres at 1.01 g/t gold. This hole is 260 metres away from the nearest drill hole, 1,500 metres north of the Filo del Sol deposit and lies west of the main copper trend.
Other highlights from Monday’s press release include two new holes which intersected the silver zone north of the previous northernmost intersection in hole FSDHO32. Hole FSDH041 intersected 120 metres at 54.3 g/t silver (180 metres north of FSDHO32), and FSDH037 intersected 104 metres at 119.9 g/t silver (600 metres north of FSDH032).
This increases the total length of the silver zone to 2,050 metres. Eight holes have been completed during the current season, with five in progress. Full assay results have been received for four holes, three of which were reported in a news release on March 31, 2021.
On Monday, Filo shares eased 2.2% or $0.08 to $3.52 on volume of 178,930. The shares trade in a 52-week range of $3.75 and $1.06.