Filo Mining Corp. shares traded 30% higher today after the Canadian Explorer reported drill results from its Filo del Sol project in South America that extended its high-grade Breccia 41 copper-silver-gold zone by 175m to the North.
Yesterday evening, Vancouver-based mineral explorer Filo Mining Corp. (FLMMF:OTCMKTS), which is primarily focused on mining at two adjacent copper-gold-silver projects that straddle the border between Argentina and Chile, announced assay results from hole FSDH057 at its Filo del Sol property. The company noted that the data collected from hole FSDH057 successfully serves to extend the high-grade Breccia 41 zone northward by 175 m.
Filo Mining reported that though drilling at Hole FSDH057 ceased before reaching the planned target depth, the last 11.1m of drill cores returned 17.6% Cu eq, and the sample from the final 1.1m collected returned 27.9% Cu eq, which consisted of 13.84% Cu, 13.15 g/t Au and 507.0 g/t Ag.
In aggregate, the company advised that starting from a drill depth of 136.0m, Hole FSDH057 intersected 651.1m of 1.12% Cu eq comprised of 0.63% Cu, 0.37 g/t Au and 25.6 g/t Ag.
The firm mentioned that at the deeper drill depths, silver zone assay results showed 28.0m of 109.9 g/t Ag, the Aurora zone returned 289.1m of 2.0% Cu eq and Breccia 41 returned 11.1 m of 17.6% Cu eq. starting from a downward depth of 776m. Notably, sampled material from this last 11.1m segment included 9.11% Cu, 8.87 g/t Au and 230.4 g/t Ag).
The company stated that it is now conducting drilling at scissor Hole FSDH065 which is located 690 m west of Hole FSDH057 in order to confirm the high-grade mineralization reported here at greater depths.
Filo Mining Corp.’s President and CEO Jamie Beck commented, “A remarkable result; hole 57 extends the bonanza-grade Breccia 41 mineralization another 175m to the north, building on the potential volume of this extremely high-grade rock. Prior to reaching target depth, the hole ended in the highest-grade copper we have ever reported at Filo del Sol.”
The company indicated that it is continuing its ongoing drill program and has deployed seven diamond drill (DD) rigs and one reverse circulation (RC) rig. Efforts are centered around an area of high-grade intersection discovered at FSDH041 during its 2020/2021 season and include additional step-out drilling to measure continuity of the Aurora zone.
The firm commented that it is now awaiting assay results for Holes FSDH055C and FSDH060 and that it plans to release the results after they are received and analyzed.
Filo Mining is a Canadian mineral explorer based in Vancouver, B.C. that is focused on advancing its wholly-owned Filo del Sol copper-gold-silver deposit which straddles the border between Argentina and Chile. The company is a member of the Lundin Group of Companies. According to the company’s website, Filo del Sol has an Indicated resource of 3.1 Blb Cu, 4.4 Moz. Au and 146.9 Moz. Ag and an Inferred resource of 1.1 Blb Cu, 1.8 Moz. Au and 34.8 Moz. Ag.
Filo Mining started the day with a market cap of around $2.0 billion with approximately 121.4 million shares outstanding. FLMMF shares opened 14% higher today at $14.7058 (+$1.8421, +14.32%) over yesterday’s $12.8637 closing price. The stock traded today between $14.47 and $17.71 per share and closed for trading at $16.7661 (+$3.9072, +30.39%).
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