Filo Mining Corp. (TSX: FIL) has elected to increase a previously announced non-brokered private placement for gross proceeds of C$130M.
The net proceeds from the Private Placement will be used for exploration and development of the company’s Filo del Sol project in South America and for working capital and general corporate purposes.
The Filo del Sol Project is located in the San Juan Province of Argentina and the adjacent Atacama Region of Northern Chile.
A Prefeasibility Study highlighted the significant potential of the project.
Filo del Sol PFS Highlights:
- A $1.31B after-tax NPV using an 8% discount rate and an IRR of 20% at $3.65/lb copper, $1700/oz gold and $21/oz silver;
- Average annual production of approximately 66,000t of copper (including copper as copper precipitate), 168,000oz of gold, and 9,256,000oz of silver at a C1 cost of $1.54/lb CuEq.;
- An Initial Probable Mineral Reserve of 260Mt of 0.39% copper, 0.34g/t gold, and 16g/t silver;
- Pre-production capital cost of $1.81B (excluding costs prior to a construction decision);
- 13 year mine life (including pre-stripping)
- Low strip ratio of 1.57:1 (waste:ore)
- Excellent metallurgy producing LME grade copper cathodes and gold and silver doré.
- Incorporates planning for a fully autonomous haul truck fleet and recovery of additional copper as sulphide precipitate with coincident regeneration of a portion of the cyanide, which drives the low estimated operating costs;
- Potential opportunities to further improve the project include:
- Increasing metallurgical recoveries with additional test work and optimization of process parameters;
- Delineating more or higher-grade material through continued exploration on the Company’s extensive land package; and
- Future exploitation of copper-gold sulphide material underlying the identified oxide deposit.
For further information please visit: https://filo-mining.com/
