Filo Mining Corp. (TSX: FIL) (Nasdaq First North Growth Market: FIL) (OTCQX: FLMMF) has reported new assay results from its flagship copper-gold-silver project in Argentina.
On Thursday, the Vancouver-based miner announced that it had intersected 0.89 per cent copper equivalent over 984 metres, including 614 metres with a 1.06 per cent CuEq grade.
Filo del Sol is a copper-gold-silver deposit formed through high-sulphidation epithermal processes, with associations to one or more porphyry copper-gold systems. The deposit is characterized by overlapping mineralizing events and weathering effects, resulting in diverse styles of mineralization.
These include structurally controlled and breccia-hosted gold, high-grade silver and high-grade supergene enriched copper, all within a broader envelope of disseminated, stockwork and breccia-hosted sulphide copper and gold mineralization.
The complex geological history of Filo del Sol has resulted in an orebody with heterogeneous characteristics, featuring zones of very high-grade copper, gold and silver mineralization, along with a large envelope of more homogeneous, lower-grade mineralization.
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“Hole 73 has successfully extended the Aurora Zone to the northeast of our previous drilling, along the main trend of the Zone, leaving it wide open towards the Bonita Zone which sits 1.5 kilometres to the northeast,” said Jamie Beck, President and CEO of Filo.
“It is now the most northerly hole drilled into the Aurora Zone and future drilling will seek to determine if the Aurora and Bonita Zones are connected,” added Beck.
“It is an excellent result; extending the Aurora Zone 160 metres is significant and even small Aurora step-outs of long, high-grade drill intersections substantially increase the deposit’s potential size.”
Hole 73 was drilled on section 9600N, located 150 metres northeast of hole FSDH061. It was drilled towards the west at an angle of -70 degrees. Notably, it is positioned entirely outside of the resource pit shell and approximately 300 metres north of it, making it the sole hole drilled on this section.
The geology encountered in hole 73 closely resembled that of other holes in the vicinity, aligning well with the geological interpretation. The hole intercepted volcaniclastic and coherent rhyolite from the surface down to a depth of approximately 572 metres, where it intersected the main mineralized breccia.
The rhyolite sequence exhibited favourable mineralization from a depth of around 400 metres, with the grade intensifying as the breccia was approached. The hole continued to encounter breccia until its termination depth.
Jamie Beck was awarded the Kitco Mining CEO of the Year 2022 in the non-operating category!#FILyourboots$FIL.TO https://t.co/mviZN6UitJ
— Filo Mining Corp. (@filo_mining) March 9, 2023
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Filo plans to drill an estimated 40,000 metres this year and currently has nine active drills at Filo del Sol.
The site contains 3.2 billion pounds of indicated copper, 4.6 million ounces of indicated gold and 160.4 million ounces of indicated silver.
Filo’s stock dropped by 0.36 per cent on Friday to $24.83 on the Toronto Stock Exchange. It has been on a steady incline over the past month, increasing by 25.27 per cent.