VANCOUVER, Dec. 11, 2023 – Filo Corp. (TSX: FIL) (Nasdaq First North Growth Market: FIL) (OTCQX: FLMMF) (“Filo”, or the “Company”) is pleased to provide an update on its exploration strategy for 2024 at the Filo del Sol Project in San Juan, Argentina. View PDF Version
Drilling effectively continued at Filo del Sol throughout the year, with accelerated drilling rates, consistent drilling productivity, and a track record of exceptional protection. With more than 34,000 meters drilled through the end of November, our program for 2023 is on track to exceed our plan.
This year’s focus was drilling in the Aurora Zone and completing the well that previously existed between Aurora and Bonita. In addition to generating some of our most productive drilling intersections to date, drilling at Aurora has refined our geological interpretation and improved our understanding. of the deposit, leading to the progression of a three-dimensional reservoir model. Extension holes have shown that there are no holes between Aurora and Bonita and that they are all components of the same continuous mineralized room that is open at both ends. The opportunity for truly extensive expansion of the deposit and the prospect of new discoveries was highlighted through the effects of geophysical surveys completed in the year and the discovery of new styles of mineralization in several drill holes.
Next year’s campaign will be the largest ever held at Filo. Drilling will continue with nine diamond rigs at the site during the year and 40,000m are planned. The results of the 2023 program were used to inform our plans for 2024, with a renewed focus on exploration extension and growth wells.
Commenting on the 2024 plan, Jamie Beck, President and CEO, said: “Drilling into the interior of Aurora in 2023 has been critical to our geological understanding at Filo. known mineralization gaps and check attractive new exploration targets. With 11 target spaces spread over a domain of 8 km from north to south and 3 km from east to west, we plan to test that Filo’s potential is particularly greater than we currently know.
Progressive drilling around Aurora: Drilling between Tamberias and Bonita delineated a mineralized zone of five km north-south, 0. 8 km east-west and 1. 5 km depth. Drilling in 2024 will exit Aurora to further test the prospects for continued mineralization in this 6 cubic kilometre volume. Defining this zone more confidently has significant implications for the price as we bureaucracy long-term prospective extraction. As a result, drilling will be concentrated north of Aurora to Refugio and Bonita, as well as exploration of Tamberias and Filo to the east and west, as well as at depth.
Exploration: Exploration charts aimed at new discoveries (including, but not limited to):
Core research and the integration of artificial intelligence into our geological logging and interpretation workflows with GeologicAI are being implemented in this season’s task to flow and decorate our geological toolkit. In addition, geophysical work will continue in 2024, with seismic study plans to help us delineate the structural paintings and geometry of the deposit at depth. Metallurgical testing, as well as environmental and social baseline studies, will continue to advance in line with our exploration program.
Our goal is to ensure that Filo remains on track for one of the largest and most significant copper discoveries in recent decades.
On behalf of Filo,
Jamie Beck President and CEO
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.
The Sun’s Edge Project clinical and technical disclosure included in this press release has been reviewed and approved by Bob Carmichael, B. A. Sc. , P. Eng. who is the qualified user as explained in Regulation 43-101. Mr. Carmichael is the company’s vice president of exploration. The samples were collected at the Filo operational base, near the city of Guañizuil, Argentina, through legal entities of workers. Diamond drill cores were patterned in 2 meter periods (except when shortened due to geological contacts) using a rock saw for sulfide mineralization. The oxide mineralization was cut with a core separator to prevent dissolution of water-soluble copper minerals during the rain sawing process. Core diameter is an aggregate of PQ, HQ and NQ depending on well intensity. RC patterns were collected at the drilling site through the Company’s work force and splits were carried out at the Company’s camp near the drilling sites. The individual patterns constitute final divisions in 2 meter periods on the hole. The patterns were bagged, labeled and packaged for shipment by truck to the ALS preparation laboratory in Mendoza, Argentina, where they were trampled and a 500 g fraction was pulverized to 85% passing two hundred meshes. The prepared standards were sent to ALS analytical laboratories in Lima, Peru or Santiago, Chile, for copper, gold and silver analysis, as well as sequential and multi-element ICP analysis of copper. ALS is an accredited laboratory independent of the Company. Gold analyzes were carried out by chimney melt testing with AAS end on a 30 g standard. Copper and silver were analyzed by atomic absorption after four acid digestion. Patterns for a series of 36 elements were also analyzed with ICP-ES and a sequential investigation of copper leverage was performed on each pattern with a copper content greater than 500 ppm (0. 05%). Copper and gold criteria, as well as blanks and duplicates (box preparation and investigation) were randomly inserted into the sampling series for quality control. On average, 9% of patterns shipped are QC patterns. No knowledge quality issues have been reported through the QA/QC program.
1Copper Equivalent (CuEq) for drill intersections is calculated based on US$ 3.00/lb Cu, US$ 1,500/oz Au and US$ 18/oz Ag, with 80% metallurgical recoveries assumed for all metals. The formula is: CuEq % = Cu % + (0.7292 * Au g/t) + (0.0088 * Ag g/t).
Basemap with satellite imagery
Filo is a Canadian exploration and progression company whose objective is to advance its wholly-owned Filo del Sol copper-gold-silver deposit in the province of San Juan, Argentina and adjacent Region III, Chile. The company’s shares are indexed on the TSX and Nasdaq First North. Growth Market under the symbol “FIL” and on OTCQX under the symbol “FLMMF”. Filo is a member of the Lundin business organization.
The company’s qualified advisor on the Nasdaq First North Growth Market is Aktieinvest FK AB, 8 506 51703, rutger. ahlerup@aktieinvest. se.
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 data was sent through Filo Corp. for publication, via the touch user indexed below, on December 11, 2023 at 10:00 p. m. m. EST.
Certain statements made and data contained in the press release constitute “forward-looking data” and “forward-looking statements” within the meaning of applicable securities legislation (collectively, “forward-looking data”). The forward-looking data contained in this press release is based on data available to the Company as of the date of this press release. Except as required by applicable securities laws, the Company does not intend or undertake any obligation to update this forward-looking information. Generally, but not always, this forward-looking information can be learned through the use of forward-looking terminology such as “anticipates,” “expects,” or “does not expect,” “is planned,” “budget,” “planned,” “estimates,” “forecasts,” “claims,” “projects,” “budgets,” “assumes,” “strategy,” “goals,” “objectives,” “potential,” “possible,” “anticipates” or “does not anticipate,” or “believes,” or diversifications of such words, expressions or statements, which certain actions, events, situations, or effects “will,” “possibly,” “could,” “would,” “should,” “might,” or “will,” “happen,” or “will” or “be taken” or their negative connotations. All statements other than statements of old facts would likely be forward-looking statements.
The Company believes that the expectations reflected in the forward-looking data included in this press release are reasonable, but there can be no assurance that such expectations will prove to be correct and that undue reliance will not be placed on such forward-looking data. The data involved in this press release is as of the date of this press release. In particular, this press release comprises forward-looking data relating to assumptions made in the interpretation of drilling effects, geology, grade, geochemistry, prospective implications of geophysical interpretations and continuity of mineral deposits; expectations related to access to and demand for equipment, professional labor and facilities required for the exploration and progression of mineral properties; and that activities will not be interrupted or hindered by exploration, progression, operational, regulatory, political, community, economic, environmental and/or hazards. or fitness and protection. Additionally, this press release would possibly include forward-looking statements or data relating to: potential exploration clients at the Filo del Sol project, adding the scope and significance of the underlying porphyry copper-gold formulation to existing mineral resources and prospectivity of the exploration. goals. ; exploration and progression plans and expenditures, adding a transition to year-round operations and the timing thereof; the ability of the Company’s COVID-19 operational protocol to continue to comply with government-mandated fitness and protection guidelines, allowing it to carry out its cash formulations as planned; the good fortune of long-term exploration activities; resource expansion prospects; ability to create value for shareholders; expectations that its mineral reserves or resources will increase through exploration; expectations related to the conversion of inferred resources to an indicated resource classification; ability to execute planned paint formulas; plans or capacity to load more drilling rigs; the timing or expected effects of an update to Filo del Sol’s mineral resource estimate; government regulation of mining activities; environmental hazards; unexpected recovery expenses; securities disputes or claims; limitations on insurance coverage; and other dangers and uncertainties.
Statements relating to “mineral resources” are forward-looking data because they signify an implied assessment, based on confident estimates and assumptions, that the mineral resources described could possibly be produced profitably 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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