Filo Mining (TSX:FIL) Announces Assay Results From Filo del Sol Project of 1,022m at 0.66% CuEq

Filo Mining (TSX:FIL) has reported new assay results from the Filo del Sol Project in San Juan, Argentina. The results are from two holes: FSDH074 and FSDH077. Filo del Sol is a deposit of copper, gold, and silver formed by high-sulphidation epithermal processes. The deposit is linked with one or more significant porphyry copper-gold systems. 

The mineralization events overlapped, and the effects of weathering have given rise to different types of mineralization, including structurally controlled and breccia-hosted gold, high-grade silver (with or without copper) in manto-style, and high-grade supergene enriched copper, alongside disseminated, stockwork, and breccia-hosted sulphide copper and gold mineralization. 

Due to this complex geological history, the orebody displays a varied composition, featuring areas of exceptionally high-grade copper, gold, and silver mineralization within a more widespread envelope of less concentrated mineralization.

Jamie Beck, President, and CEO of Filo Mining, commented in a press release: “Hole 74 has successfully extended the Aurora Zone another 200m to the east of our previous drilling, confirming we have yet to find the east-west extents of mineralization.  With each step-out, we build on the potential size of this remarkable Aurora Zone, while improving our geological interpretation of the deposit. I’m excited about what we learned from Hole 77 into our Flamenco target.  Flamenco sits over 3km to the south of the Aurora Zone, and is characterized by a very large, 1.5km2, area of intense surface alteration similar to what we see over the Aurora Zone.  With our first hole ever in this new zone, we’ve established mineralization is evident, and are planning additional drilling at Flamenco in order to properly evaluate the opportunity while chasing higher grades.”

Highlights from the results are as follows:

Base Map with Sat Image 2023 MAR. Source: Filo Mining
  • Drillhole FSDH074 intersected 1,022.0m at 0.66% CuEq from a depth of 278.0m, including;
    • 516.0m at 0.79% CuEq from 644.0m
    • 252.0m at 0.85% CuEq from 840.0m
    • Collared on Section 9200N, 200m east of FSDH068A and 400m east of FSDH041
    • The hole was stopped in porphyry mineralization at 1,509.0m

  • Drillhole FSDH077 intersected 2.0m at 10.35 g/t Au from a depth of 192.0m;
    • Plus 516.2m at 0.20% CuEq from 404.0m
    • Collared on Section 6000N, this is the first hole into the new Flamenco target
    • The hole was stopped at 920.2m
Hole ID From  To Length (m)  Cu %  Au g/t  Ag g/t  CuEq % 
FSDH074 278.0 1300.0 1022.0 0.49 0.19 4.4 0.66
incl 644.0 1160.0 516.0 0.61 0.21 3.2 0.79
incl 840.0 1092.0 252.0 0.65 0.23 3.6 0.85
FSDH077 192.0 194.0 2.0 0.05 10.35 0.5  
plus 404.0 920.2 516.2 0.11 0.11 0.9 0.20

 

Mineralized zones within the Aurora Zone are bulk porphyry-style zones and drilled widths are interpreted to be very close to true widths.  True width of the intersection in FSDH077 is unknown.

FSDH074 was collared 200m east of hole FSDH068A on section 9200N, and drilled towards the west at an angle of -75 degrees. It was planned to test for the eastern and depth extension of the Aurora Zone intersected by FSDH041, FSDH055C, FSDH054 and FSDH068A, all on this same section.  The hole is entirely outside of the resource pit shell.

Long Section with Plan MAR 2023. Source: Filo Mining

The geology in this hole was very similar to other holes on this section, and matched the geological interpretation very well.  It intersected volcaniclastic and coherent rhyolite from surface to a depth of about 724m where the main mineralized breccia was intersected.  The rhyolite sequence was well mineralized from a depth of 400m with the grade increasing on approach to the breccia.    

The hole continues in breccia to about 1,260m where it enters a mixed interval of porphyry and breccia to 1,300m, transitioning to a multi-phase porphyry interval which continues to 1,458.0m where breccia is again encountered and persists to the end of the hole at 1,509.0m. The porphyry section is primarily the lower-grade late-mineral phase, but grades increase again in the breccia with the final 5m of the hole averaging 0.46% Cu. 

FSDH074 extends the Aurora Zone 200m to the east, and together with the other holes on this section, builds on the potential width of this Zone.  Additional drilling to the east and to the west is required to determine the full width of the Zone.   

FSDH077 was drilled on Section 6000N, towards the west at an angle of -70 degrees. This is the first hole drilled into the Flamenco target and there are no other holes within 500m of it.

Section 9200N CuAu 2023. Source: Filo Mining

The most significant interval is a 2m section at 10.35 g/t Au within a narrow sulphide-rich zone possibly associated with a fault. In addition to this interval, there are long sections of low-grade mineralization, although no significant intervals above 0.3% CuEq.  A 516.2m section from 404.0m to the end of the hole at 920.2m averaged 0.20% CuEq (0.11% Cu, 0.11 g/t Au, 0.9 g/t Ag).

The hole intersected weak quartz-alunite altered rhyolites cut by mafic intrusions over its entire length.  Flamenco is a large target area characterized by abundant massive silica alteration over an area of about 1.5 square kilometres at surface, and additional drilling is required to fully test it.

 

 

The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a licensed professional for investment advice. The author is not an insider or shareholder of any of the companies mentioned above.

Matthew Evanoff

I specialize in the mining industry, focusing on top global mining stocks. My reporting covers the latest industry news, company/project developments, and profiles of key players. With a degree in finance and economics from the University of Toronto, I've contributed to a wide range of industry publications. Beyond my professional pursuits, I have a keen interest in global business and a love for travel.

By Matthew Evanoff

I specialize in the mining industry, focusing on top global mining stocks. My reporting covers the latest industry news, company/project developments, and profiles of key players. With a degree in finance and economics from the University of Toronto, I've contributed to a wide range of industry publications. Beyond my professional pursuits, I have a keen interest in global business and a love for travel.

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