Filo Mining (TSXV: FIL) has substantially increased indicated resources at its 100% owned Filo del Sol copper-gold-silver deposit, located 140 km southeast of the city of Copiapo, Chile, on the Chile-Argentina border. More than 70% of the total resource is now indicated.
As of the updated, the project contains 425.1 million indicated tonnes grading 0.33% copper, 0.32 gram gold per tonne and 10.7 grams silver for 3.1 billion lb. copper, 4.4 million oz. gold and 147 million oz. silver.
Those numbers represent a 14% increase in tonneage; a 12% increase in gold; a 12% increase in copper; and a 34% increase in silver.
In a press release, company president and CEO Adam Lundin said he was confident that with the updated resource Filo would meet its targeted first quarter 2019 prefeasibility study.
The project also contains 175.1 million inferred tonnes at 0.27% copper, 0.33 gram gold and 6.2 grams silver for 1.05 billion lb. copper, 1.83 million oz. gold and 34.7 million oz. silver.
The resource contains four distinct mineralized zones. Studies so far indicate Filo could use leach processing on the first three.
The gold oxide zone is the nearest to surface and contains 679,000 indicated oz. gold. Below it lies a copper-gold oxide zone that contains 2.2 billion indicated lb. copper and 2.4 million indicated oz. gold. Deeper lies a silver zone containing 114 million indicated oz. silver.
A copper-gold sulphide zone underlies the three other areas. Filo has not tested the zone’s metallurgically, but says mineralogical characteristics indicate it could be processed by flotation to form a concentrate.
The resource remains open in several directions and at depth.
Shares of Filo are currently trading at $2.18, within a 52-week range of $2 and $2.80. The company has a $159 million market capitalization.