HIGHLIGHTS
Filo Mining Sets Sights on Delineating and Expanding Substantial Exploration Target; Raises
Following completion of its field program in
The 2019/2020 diamond drill program was highlighted by holes FSDH032 and FSDH034, which are summarized in the following table:
Hole-ID | From (m) | To (m) | Length (m) | Cu (%) | Au (g/t) | Ag (g/t) | CuEq1 (%) |
FSDH032 | 132.0 | 1,141.0 | 1,009.0 | 0.57 | 0.39 | 11.1 | 0.95 |
incl | 378.3 | 1,141.0 | 762.7 | 0.68 | 0.43 | 13.2 | 1.10 |
and incl | 492.0 | 702.8 | 210.8 | 0.90 | 0.54 | 19.5 | 1.46 |
FSDH034 | 72.0 | 1,106.0 | 1,034.0 | 0.42 | 0.32 | 3.4 | 0.68 |
incl | 520.0 | 959.0 | 439.0 | 0.54 | 0.36 | 4.2 | 0.84 |
incl | 676.0 | 732.0 | 56.0 | 0.74 | 0.60 | 8.5 | 1.25 |
1 Copper Equivalent is calculated based on |
To better conceptualize the potential implications of this compelling mineralization on the ultimate size and scale of the
The resulting conceptual exploration target has an approximate north-south dimension of 1,400 to 2,000 metres, an east-west dimension of approximately 450 metres, and a vertical depth of 700 metres, underlying the current Resource, and consists of the following:
Tonnage | CuEq (%) | Cu (%) | Au (g/t) | Ag (g/t) |
1.2 – 1.6 billion | 0.7 - 1.0 | 0.4 - 0.6 | 0.3 – 0.4 | 6 - 10 |
The potential quantity and grade of this exploration target is conceptual in nature, and there has been insufficient exploration to define a mineral resource in this area. It is uncertain if further exploration will result in the target being delineated as a mineral resource. This target is in addition to the current resource at Filo del Sol and does not include prospective areas to the north and south of the deposit yet to be drilled.
Following the success of the 2019/2020 field season, on
OUTLOOK
Following the close of the Financings on
The Company continues to respond to the COVID-19 pandemic within the framework of internal protocols, and local and national health authority requirements and recommendations. The health and safety of the Company's employees, contractors, visitors, and stakeholders (collectively, "Stakeholders") remain
The Company is monitoring developments with respect to COVID-19, both globally and within its operating jurisdictions, and will implement any such changes to its business as may be deemed appropriate to mitigate any potential impacts to its business and its Stakeholders. Such changes, may include, but are not limited to, temporary closures of the Company's project site or offices, and deviations from the timing and nature of previous operating plans. Moreover, sustained COVID-19 outbreaks have resulted in operational and supply chain delays and disruption as a result of governmental regulation and preventative measures being implemented worldwide, including in
As of the date of this press release, the government of
The COVID-19-related health and safety regulations implemented by health officials in the Company's operating jurisdictions continue to evolve, and the Company has employed certain practices and procedures to stay abreast of, and remain adaptable to, the fluid situation. Such practices and procedures include, but are not limited to: analysis of alternate staffing schedules, rotations and accommodation arrangements; development of internal testing and quarantine protocols, including early identification of suitable quarantine locations; and regular dialogue with local government and health officials. As a result of its current strategies, the Company is confident that it can safely and effectively carry out the 2020/2021 field program, however, this expectation will be continuously evaluated as the situation with respect to the COVID-19 pandemic in
FINANCIAL RESULTS
(In thousands of Canadian dollars, except per share amounts) | |||||
Three months ended | Six months ended | ||||
2020 | 2019 | 2020 | 2019 | ||
Exploration and project investigation | 1,932 | 4,332 | 13,872 | 15.353 | |
General and administration ("G&A") | 844 | 911 | 1,698 | 1,920 | |
Net loss | 1,262 | 5,336 | 13,098 | 17,428 | |
Basic and diluted loss per share | 0.01 | 0.07 | 0.15 | 0.24 | |
The financial information in this table were selected from the Company's condensed interim consolidated financial statements for the three and six months ended |
SELECTED FINANCIAL INFORMATION
(In thousands of Canadian dollars) | ||
2020 | 2019 | |
Cash | 1,506 | 13,753 |
Working capital | 376 | 12,735 |
Mineral properties | 8,508 | 7,312 |
Total assets | 11,862 | 23,750 |
The financial information in this table were selected from the Financial Statements, which are available on SEDAR at www.sedar.com and the Company's website www.filo-mining.com. |
The Company incurred a net loss of
LIQUIDITY AND CAPITAL RESOURCES
As at
In
In addition, as mentioned above, on
About
Qualified Persons
The scientific and technical disclosure for the
Additional information
The technical information relating to the pre-feasibility study is based on a technical report titled "NI 43-101 Technical Report, Pre-feasibility Study for the
The Company's consolidated financial statements for the year ended
The Company's certified advisor on 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
On behalf of the board of directors of
Cautionary Note Regarding Forward-Looking Statements
Certain statements made and information contained herein in this press release constitutes "forward-looking information" and forward-looking statements" within the meaning of applicable securities legislation (collectively, "forward-looking information") concerning the business, operations, financial performance and condition of Filo Mining. The forward-looking information contained in this press release is based on information available to the Company as of the date of this press 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, any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance, (often, but not always, identified by words or phrases such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "projects" , "estimates", "budgets", "scheduled", "forecasts", "assumes", "intends", "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 and similar expressions) are not statements of historical fact and may be forward-looking statements.
All statements other than statements of historical fact may be forward-looking statements. Forward-looking information is necessarily based on estimates and assumptions that are inherently subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: risks and uncertainties relating to, among other things, the inherent uncertainties regarding Mineral Reserve and Resource estimates, cost estimates, changes in commodity prices, currency fluctuation, financings, unanticipated resource grades, infrastructure, results of exploration activities, cost overruns, availability of materials and equipment, timeliness of government approvals, taxation, political risk and related economic risk and unanticipated environmental impact on operations as well as other risks, and uncertainties and other factors, including, without limitation, those referred to in the "Risks and Uncertainties" section of the Company's most recent MD&A and/or Annual Information Form, under the heading "Risks Factors", and elsewhere, which may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information.
The Company believes that the expectations reflected in the forward-looking information included in this press 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 press release is as of the date of this press release. In particular, this press release contains forward-looking information pertaining to the assumptions used in the PFS for the Filo del Sol project, the assumptions used in the Mineral Reserves and Resources estimates for the Filo del Sol project, including, but not limited to, geological interpretation, grades, metal price assumptions, metallurgical and mining recovery rates, geotechnical and hydrogeological conditions, as applicable; ability to develop infrastructure; assumptions made in the interpretation of drill results, geology, grade 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 and/or environmental risks. In addition, this press release may contain forward-looking statements or information pertaining to: potential exploration upside at the
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 the Company's actual results and future events could differ materially from those anticipated in such statements, as a result of the factors discussed in the "Risk and Uncertainties" section of the Company's most recent management's discussion and analysis and elsewhere and in the "Risk Factors" section in the Company's most recent Annual Information Form, which are available under the Company's profile on SEDAR at www.sedar.com. All of 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.
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.
Neither the
SOURCE
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