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Do You Know Why Filo Mining (FLMMF) Stock Jumped 24%?

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In the past session, Filo Mining Corp (OTCQX: FLMMF) stock gained 24.60% to conclude at $7.80. A total of 164.84K shares of Filo Mining stock traded hands during the session, ranging from $6.2063 to $7.9000. A development at its mining facility led to a rise in FLMMF stock.

What was the development?

A Canadian exploration and development company, Filo Mining specializes in mineral exploration. Located in Chile’s Region III in addition to adjacent San Juan Province, Argentina, FLMMF is focused on the development of its 100% owned Filo Del Sol copper-gold-silver deposit. The FLMMF belongs to the Lundin Group of Companies.

Recent reports reveal that Filo Mining has discovered a high-grade zone of copper, gold and silver mineralization at Filo Del Sol.

Here are a few highlights:

  • One of the feeder zones to the high-sulfide epithermal (HSE) mineralization found in FLMMF’s FSDH041 has generated the longest high-grade intersection to date.
  • In the same interval of 858m at 1.80% CuEq from 188m, FSDH041 returned 5.43% CuEq at 780m.
  • There was mineralization in the final 20m of the hole, averaging 1.19 %CuEq while the FLMMF’s FSDH037 hole returned 500m of 0.75% CuEq at 380m.
  • Mineralization across the 870m gap between FLMMF’s previously released holes FSDH032 and FSDH043 has been found in FSDH041 and FSDH037.
  • North of FSDH043 the deposit remains open.
  • South of FSDH032, the deposit extends over 2km.
  • In other words, the intersections reported by FLMMF are not be part of the current mine resource.

FLMMF going further:

It is the first game-changing hole in the Filo Del Sol project and the best hole drilled to date. This hole will be one of the best drilled around the world this year, according to Filo Mining (FLMMF). For the first time at this location, FLMMF found a long-sought-after feeder zone for high-sulfidation mineralization. The FLMMF’s expectations of that project have been reset by these results.

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