The results stem from the 2017/18 exploration campaign that successfully increased the indicated tonnage to 425.1 million tonnes. Contained gold increased 12% to 4.4 million ounces at 0.32g/t, while silver content rose 34% to 147Moz at 10.7g/t. The project's copper complement also rose 12% to 3.1 billion pounds of red metal, grading 0.33%.

Inferred resources stood at 175.1Mt, holding 1.83Moz of gold grading 0.33g/t, 34.76Moz of silver grading 6.2g/t and one billion pounds of copper grading 0.27%.

Filo del Sol has four distinct zones, three of which are amenable to leach processing. The underlying copper-gold sulphide zone has not been tested metallurgically, but based on mineralogical characteristics, is likely to be able to be processed by flotation to produce a concentrate.

Seventy-one per cent of the total mineral resource is now located in the indicated category, and the company expects the topography of the deposit to be supportive of openpit mining methods.

The resource update will form the basis of a prefeasibility study, currently underway and slated for publication by the first quarter of 2019.

Filo, with a market valuation of C$160 million, gained C2c a share on Wednesday to C$2.20.