The company just reported an intercept of 1,337.5m grading 1.33% copper equivalent in which the drill bottomed out at about 1,500m depth in good mineralisation.

"The big takeaway for me from this particular hole was how strong the mineralisation remained right to the bottom of the hole," said Beck. "We drilled this to almost to 1.5km deep and the last 20m of this hole were still in 0.93% copper equivalent all the way to the bottom. We reached the capacity of the drill rig and we were still going strong." 

Filo obtained a C$100 million strategic investment from BHP in March with the major encouraging Filo to focus on finding the boundaries of the deposit rather than making incremental resource updates.

"The BHP partnership was great for us as from the beginning, we saw strong alignment in what they were potentially interested in achieving and what we wanted to try and achieve through this drill programme: to continue to find the edges of the system and build out our geological model. We are still trying to find just how big and how rich this deposit is," said Beck.

"There are not many junior companies which have an asset of this size and of this quality that are able to have their vision supported without too many concerns about where the dollars are coming from. This ultimately leads to optimising what we are doing here at Filo," said Beck.

Shares in Filo Mining gained 12% on the day to close at C$26.31, valuing the company at $3.2 billion.