HIGHLIGHTS AND OUTLOOK
Filo Mining Launches Most Ambitious Drill Campaign to Date Following Successful 2020/2021 Exploration Program
Our last program successfully showcased the Filo del Sol project as one of the most important copper-gold-silver discoveries in recent years, and we are convinced it has potential to grow even bigger and better. Amidst a backdrop of strong commodity prices and a lack of new copper discoveries, it will be an exciting program for
In
This drill program will be a combination of resource definition drilling and step-out holes, with hole locations to be guided by drill results, surface mapping, and geophysical interpretations. Initial drilling will target the area between FSDH025 in the south and FSDH037 in the north, with priority set on following up on the high-grade intersections drilled in FSDH041. Step-out drilling will continue to try to find the edges of the deposit, which remains open to the north, south, east and at depth. With seven rigs active on the project throughout 2022, this will be the Company's most ambitious drill campaign ever, enabling it to rapidly define the deposit as it advances key exploration efforts.
The current drill program follows the exceptional exploration successes achieved by the Company last season, which featured the discovery of a significant new zone of high-grade copper, gold and silver mineralization along with the substantial extension of the known mineralization. During the third quarter of 2021, the Company received and reported on final assays from the 2020/2021 drill campaign, highlights of which included: Hole FSDH046, which confirmed strong mineralization to over 1,400m below surface and returned the longest mineralized intersection at the project to date being 1,378m at 0.71% CuEq (0.45% Cu; 0.29g/t Au; 6.1g/t Ag) from a depth of 77.7m, including 676m at 0.92% CuEq (0.57% Cu; 0.34g/t Au; 11.3g/t Ag) from a depth of 380m; Hole FSDH049, which returned 425.3m at 1.55% CuEq (0.42% Cu; 0.44g/t Au; 91.5g/t Ag) and intersected the highest-grade silver intersection on the project to date, with 4m at 5,045.0 g/t Ag from a depth of 236m contained within a broader silver interval of 56m at 629.1 g/t Ag from a depth of 228m and Hole FSDH051, which was the most northerly hole drilled into the deposit to date, returned 344.0m at 0.50% CuEq (0.26% Cu; 0.21g/t Au; 9.4g/t Ag) from 246m, extending the mineralized zone by 750m to the north, bringing the north-south strike of continuous mineralization to 4,500m.
The Company incurred a net loss of
LIQUIDITY AND CAPITAL RESOURCES
As at
The Company will continue to deploy the majority of its treasury to fund ongoing advancement of the
About
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
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 results or anticipated outcomes of infill or step-out drilling planned at Filo del Sol; exploration and development plans and expenditures, including, but not limited to, its plans to add rigs to the 2021/2022 drill campaign, the sequencing or prioritization of drill targets, and a transition to year-round operations; the ability of the Company's COVID-19 operating protocol to continue to meet government mandated health and safety guidelines enabling it to conduct its field programs as planned; the ultimate size and scope of its field programs and the Company's ability to achieve the objectives thereof; the impact of the Company's winterization efforts at Filo del Sol, and whether such efforts will enable year-round operations and have adequately anticipated the challenges of winter operation, including, but not limited to, weather and potential supply chain disruptions; the timing or results of an upgrade to the Mineral Resources estimate at Filo del Sol, including the inputs used therein; opportunities to improve project economics; the success of future exploration activities; potential for resource expansion; potential for the discovery of new mineral deposits; ability to build shareholder value; expectations with regard to adding to its Mineral Reserves or Resources through exploration; expectations with respect to the conversion of inferred resources to an indicated resources classification; ability to execute planned work programs; estimation of commodity prices, Mineral Reserves and Resources, estimations of costs, and permitting time lines; ability to obtain surface rights and property interests; currency exchange rate fluctuations; requirements for additional capital; government regulation of mining activities; environmental risks; unanticipated reclamation expenses; title disputes or claims; limitations on insurance coverage and other risks and uncertainties.
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 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.
Contact:
Tel: +1 604 689 7842
Email: Info@filo-mining.com
(C) 2021 Electronic News Publishing, source