Filo Mining steps up exploration with BHP funding

Toronto-listed Filo Mining is increasing drilling activity at its Filo del Sol copper-gold-silver deposit located in Chile's Region III and adjacent San Juan Province, Argentina following BHP’s move to take a C$100 million stake in the company.

Filo Mining to step up drilling

Filo Mining to step up drilling

Two additional diamond rigs are being mobilized to site, bringing the total diamond rig count to seven. The firm aims to increase this to 11 by mid-year. 

Shares in the firm on the Toronto Stock Exchange closed 6.25% or C$1.08 higher at C$18.37.  

"Our 2021/2022 drill campaign is now well underway and initial assays from holes 54 and 55 have built confidence in our geological model and returned excellent results," said chief executive Jamie Beck.

"With the closing of the C$100 million, non-brokered private placement to BHP earlier this month, the company is now well funded to significantly ramp up our exploration efforts at Filo del Sol." 

Filo Mining posted a wider net loss of C$32.4 million for the year ended December 31, 2021, from a loss of C$18.9 million a year earlier. 

Financial losses last year were primarily due to C$40.9 million in exploration and project investigation costs. 

The deal with BHP's BHP Western Mining Resources International unit, announced in February this year, was closed on March 11. 

Under the deal, the firms have formed a joint advisory committee to share exploration concepts and future project development. 

The Filo del Sol Project hosts a high-sulphidation epithermal copper-gold-silver deposit associated with a large porphyry copper-gold system., according to Filo Mining. 

Filo Mining is part of the Lundin Group. 

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