Filo Mining jumps on 'one of the best holes drilled globally this year'
Filo Mining (TSXV: FIL) reported today 858m at 1.80% copper equivalent and also a new high-grade feeder zone discovery at Filo Del Sol project in San Juan province, Argentina.
The company is up 68% to $5.67 a share.
The company said that its drillhole FSDH041 has returned the longest high-grade intersection to date in what is interpreted to be one of the feeder zones to the high-sulphidation epithermal ("HSE") mineralization.
"Hole 41 is a game-changer for the project and by far the best hole ever drilled at Filo del Sol. We believe it will rank as one of the best holes drilled globally this year," said President and CEO Jamie Beck. "It represents the first intersection of the long-sought feeder zone for the high-sulphidation mineralization at Filo. These results reset our expectations of what is possible at Filo. Our drilling over the past three years has confirmed the vast size potential of this deposit and with hole 41 we have demonstrated this system can also produce exceptional grades. This results in a compelling combination of values and provides us with the evidence we need to justify expanding our exploration efforts."
"We remain convinced that Filo del Sol will turn out to be one of the most important copper-gold-silver discoveries in recent years and we see strong potential for additional high-grade zones as we drill out the deposit. We look forward to sharing exploration results from our remaining holes, culminating in a resource update by year end. Planning has already begun for our next field campaign, and following a short break, we anticipate continuous, year-round activities leading to our most ambitious field program ever."
Social media was alight after Filo announced the results.
These are simply amazing, world-class results! Headline is Hole FSDH041 which intercepted 858m @ 1.8% CuEq (including 163m @ 5.34% CuEq) and will rank as one of the best copper intercepts over the past decade! https://t.co/nBY6wxFOct— Ian H Lundin (@Ian_H_Lundin) May 13, 2021