And when it comes to mining there are few people that have had more success in the industry than Lukas Lundin, a Swedish-Canadian billionaire businessman.
So when we were alerted to the latest mining project from the Lundin family, Filo Mining Corp. (TSXV:FIL), it definitely caught our attention.
Filo Mining’s 100% owned Filo del Sol project in Argentina already has an Indicated resource of 3.1 billion pounds of copper, 4.4 million ounces of gold, and 147 million silver ounces.
Then, on May 13, the Company released drill results from what it interpreted to be one of the feeder zones to the high-sulphidation epithermal mineralization, which included an eye-popping interval of 858 metres of 1.80% copper equivalent.
This got the Bay Street analyst community excited, prompting Canaccord Genuity to hike their target price on FIL stock to C$13 per share from $5, with a ‘Speculative Buy’ rating.
Filo said it expects to release an initial Inferred resource estimate, which will include recent drilling, by year end, but the Canaccord analysts said they conservatively estimate this resource at about 600 million tonnes of 0.96% copper equivalent.
Finally, PI Financial analyst Chris Thompson, who also boosted his target price on the stock to C$13.50 from $5.75, believes “the best is yet to come,” seeing “this as still early days for what we believe is shaping up to be a truly world-class deposit.”
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