Q3 2023 Highlights
Continued exploration success, highlighted by: Assay results announced for hole FSDH091 resulted in the first intersection of a high-grade zone near the
Hole FSDH090, collared 730m to the south of FSDH091, intersected 1,518.5m at 0.48% CuEq and intersected a number of high-grade sulphide veins over the upper several hundred metres, similar to those seen in FSDH087. This includes a 22m intersection of 490.8g/t silver which may correlate with a 16m interval of 4.73% CuEq (including 50g/t silver) 300m away in FSDH087;
Assay results announced for FSDH088, collared in the Filo sector, included 992.0m at 0.63% CuEq from 66.0m, including 582.0m at 0.73% CuEq from 436.0m. Hole FSDH088, which is south of Aurora and 2.5km south of FSDH091, demonstrates the considerable size of the deposit;
Assay results announced for hole FSDH084 resulted in the second-best hole from a grade-thickness perspective ever drilled at the
The assay results of FSDH091, FSDH090 and FSDH087 support the idea of continuous mineralization across the 1.3km distance between the Aurora and Bonita Zones. Additional holes in this area are underway, which will provide critical information on the continuity of mineralization from Tamberias in the south to Bonita in the north (a distance of over five kilometers);
Assay results announced from the Company's geotechnical drilling program, carried out in support of the Company's studies of a potential underground adit to provide platforms to more efficiently drill out the
Results from hole FSGT006 returned several mineralized intersections, including 12m at 5.21 g/t Au at shallow depth. This hole is 600m to the east of the nearest hole into the Filo del Sol deposit and, although copper values are uniformly low, it indicates that peripheral alteration and mineralization extend to this area;
Five holes were drilled in total for a cumulative 1,597m. Consistent with the results of the Company's 2023 geophysical surveys, the geotechnical drilling results confirm the presence of strong hydrothermal alteration extending as far as 2km to the east of the
Q3 2023 Drilling and Assay Results
Drilling and assay results disclosed by the Company during and subsequent to the first three quarters of 2023 are summarized in Appendix 1 to this news release.
Outlook
Drilling continues to be the Company's primary focus with nine drill rigs at site. Drilling will remain a mix of both large and small step-outs to the north and south of the
Data collected from the current campaign is being used to develop a comprehensive geological model which will guide further exploration and form the basis of an eventual update to the Mineral Resource estimate. The Company is continuing preliminary metallurgical testwork on the sulphide mineralization, as well as environmental and social baseline programs in support of future project permitting.
The Company's plans and timelines are subject to equipment and staff availability, along with being able to operate safely and effectively in accordance with the Company's health and safety protocols.
For the three and nine months ended
Liquidity and Capital Resources
As at
The Company will continue to deploy the majority of Its treasury to fund ongoing advancement of the
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.
Technical Information
Copper Equivalent is calculated based on
Mineralized zones within the Filo del Sol deposit are typically flat-lying, or bulk porphyry-style zones and drilled widths are interpreted to be very close to true widths.
Samples were cut at Filo's operations base near the town of Guanizuil,
Details on assay procedures and the drill intersections provided in Appendix 1 can be found in the Company's news releases dated
About
Filo is a Canadian exploration and development company focused on advancing its 100% owned Filo del Sol copper-gold-silver deposit located in
Additional Information
The Company's condensed interim consolidated financial statements for the three and nine months ended
The Company's certified adviser on the Nasdaq First North Growth Market is
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
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', 'projects', 'budgets', 'assumes', 'strategy', 'goals', 'objectives', 'potential', 'possible', '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', 'should', 'might' or 'will be taken', 'will occur' or 'will be achieved' or the negative connotations thereof. All statements other than statements of historical fact may be forward-looking statements.
The Company believes that the expectations reflected in the forward-looking information included in this news release are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking information should not be unduly relied upon. Information contained in this news release is as of the date of this press release. In particular, this press release contains forward-looking information pertaining to assumptions made in the interpretation of drill results, geology, grade, geochemistry, potential implications of geophysics interpretations, and continuity of mineral deposits; expectations regarding access and demand for equipment, skilled labour and services needed for exploration and development of mineral properties and that activities will not be adversely disrupted or impeded by exploration, development, operating, regulatory, political, community, economic, environmental and/or healthy and safety risks. In addition, this news release may contain forward-looking statements or information pertaining to: potential exploration upside at the
Statements relating to 'mineral resources' are deemed to be forward-looking information, as they involve the implied assessment, based on certain estimates and assumptions that the mineral resources described can be profitably produced in the future.
The forward-looking statements 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 statements, 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.
Contact:
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Email: Info@filocorp.com
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