Highlights are listed below, along with accompanying figures:
- Drillhole FSDH041 has 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 163m at 5.43% CuEq (2.31% Cu; 2.07g/t Au; 183.0g/t Ag) from 780m depth within a broader interval of 858m at 1.80% CuEq (0.86% Cu; 0.70g/t Au; 48.1g/t Ag) from 188m depth. The hole ended in mineralization, with the final 20m averaging 1.19 %CuEq (0.65% Cu; 0.72g/t Au; 2.3g/t Ag).
- FSDH037, 400m to the north, returned 502m at 0.75% CuEq (0.41% Cu; 0.13g/t Au; 27.8g/t Ag) from 380m.
- 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.
Commenting on the results, President and CEO
A total of nine holes have now been completed during the current program, with five in progress. Assay results for seven of the holes have been released, with the remainder to come. The program has been successful in expanding the deposit by 1 kilometre to the north, 250m to the east, and it remains open in both these directions as well as at depth.
HOLE-ID | From (m) | To (m) | Length (m) | Cu % | Au g/t | Ag g/t | CuEq % |
FSDH037 | 118.0 | 134.0 | 16.0 | 0.39 | 0.45 | 4.8 | 0.76 |
plus | 208.0 | 240.0 | 32.0 | 0.25 | 0.21 | 0.6 | 0.40 |
plus | 380.0 | 882.0 | 502.0 | 0.41 | 0.13 | 27.8 | 0.75 |
incl | 380.0 | 484.0 | 104.0 | 0.19 | 0.07 | 119.9 | 1.30 |
incl | 396.0 | 404.0 | 8.0 | 0.21 | 0.09 | 473.0 | 4.44 |
FSDH041 | 188.0 | 1,046.0 | 858.0 | 0.86 | 0.70 | 48.1 | 1.80 |
incl | 376.0 | 1,046.0 | 670.0 | 1.07 | 0.85 | 60.9 | 2.23 |
incl | 780.3 | 943.3 | 163.0 | 2.31 | 2.07 | 183.0 | 5.43 |
incl | 780.3 | 864.0 | 83.7 | 3.13 | 2.40 | 272.2 | 7.27 |
FSDH045 | 118.0 | 142.0 | 24.0 | 0.19 | 0.35 | 6.8 | 0.50 |
plus | 268.0 | 286.0 | 18.0 | 0.22 | 0.93 | 5.3 | 0.94 |
Hole FSDH037 was started during the past season at an angle of -70 degrees towards the west and was curtailed as that program ended due to the pandemic. The hole was deepened this season to a final depth of 882m where it was stopped due to drilling problems. The hole ended in strong mineralization, with the last 20m averaging 0.84% CuEq (0.68% Cu; 0.20g/t Au; 2.3g/t Ag). This hole is 400m north of FSDH041 and bottoms 360m south of FSDH043. Similar to FSDH043, copper values increased towards the bottom of the hole. Mineralization in this hole is visually subtle and is contained in a very homogeneous section of rhyolite which contains disseminated sulphides and is cut by a weak stockwork of quartz veinlets.
Hole FSDH041 was collared 200m north of FSDH032 and drilled at an angle of -75 degrees towards the west to a final depth of 1,046m. The hole was abandoned due to drilling difficulties, but ended in strong mineralization, with the final 20m averaging 1.20% CuEq (0.65% Cu; 0.72g/t Au; 2.3g/t Ag). The hole was planned to test the northern extension to the strong mineralization encountered in FSDH032 and was drilled below an historical reverse circulation hole (VRC071) which was 406m long and intersected 20m at 1.51% CuEq (1.10%Cu; 0.63g/t Au; 1.1g/t Ag) towards the bottom.
FSDH041 intersected various hydrothermal breccias between 360 and 502m, followed by a strongly altered rhyolite, which is cut by several porphyry intervals towards the bottom of the hole. This rhyolite is overprinted, starting at a depth of 780m, by an intense residual silica alteration with abundant sulphides, which is interpreted to be a feeder structure and contains very high copper, gold and silver values. Mineralization in this interval is similar to the extensive overlying silver zone which was intersected between 376 and 496m and is characterized by a typical HSE assemblage of very high copper, gold and silver values with associated arsenic. This deep zone in hole FSDH041 is the only place outside of the well-defined, flat-lying tabular silver zone where high-grade silver values are seen, suggesting that it represents a feeder to the silver zone. The intersection lies some 400m below the overlying silver zone, implying substantial vertical continuity if they are connected.
Additional drilling is required to determine the geometry and orientation of the high-grade mineralization intersected in this hole, and its true width is currently uncertain.
The breccia bodies and porphyry intrusives in FSDH041 correlate well with those in hole FSDH032. The alteration and mineralization patterns are consistent with a high sulphidation system, with advanced argillic alteration accompanied by copper sulphides such as tennantite-covellite-chalcocite, overprinting a porphyry system with abundant "A" veins and remanent potassic alteration containing chalcopyrite and bornite. Holes FSDH041 and FSDH037 strongly suggest that mineralization is continuous between holes FSDH032 and FSDH043, opening an extensive area of very high mineral potential.
Hole FSDH045 was collared 200m north of FSDH041 and 200m south of FSDH037 and drilled towards the west at -76 degrees. The hole was abandoned at a depth of 359m in strongly altered and leached rock which created difficult drilling conditions. The hole ended above the projection of the silver zone and underlying sulphide mineralization, encountering two short, mineralized intervals as shown in the accompanying table.
Drilling results continue to support our interpretation of Filo del Sol as a telescoped HSE / porphyry copper-gold system which has created a very large, diverse mineral system with variations in deposit geometry, grade distribution and mineralogy. All of these will have important implications for ongoing exploration and conceptual development scenarios. Mineralization can be generally grouped into three zones based on mineralogy. The shallowest zone is the oxide/sulphate zone, which is amenable to heap leach processing, and forms the design basis of the PFS project. This mineralization is the product of weathering, oxidation, and supergene enrichment of the underlying primary sulphide mineralization (comprised of both HSE mineralization and porphyry mineralization). Due to the telescoped nature of the deposit, the HSE and porphyry mineralization are generally overlapping or adjacent, with a general trend of HSE transitioning to porphyry at depth and to the east.
HSE mineralization post-dates and overprints the earlier porphyry mineralization, increasing the copper, gold, silver, and arsenic grades as the mineralogy changes. Copper mineralization in the HSE zone generally consists of covellite/tennantite/chalcocite/bornite while the porphyry mineralization is more typically chalcopyrite/bornite/covellite.
Outlook
Results from this season's program have exceeded expectations and provide strong evidence that the Company is beginning to outline a major mineral deposit, of which the reserve underpinning the
Drilling will continue until the end of
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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.
Qualified Persons and Technical Notes
The scientific and technical disclosure for the
Mineralized zones within the Filo del Sol deposit are typically flat-lying, or bulk porphyry-style zones and drilled widths in holes FSDH037 and FSDH045 are interpreted to be very close to true widths. The true width of the high-grade silicified zone in FSDH041 is unknown, and additional drilling is planned in order to understand its geometry.
Copper Equivalent (CuEq) for drill intersections is calculated based on
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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 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.
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