Filo Corp. (TSX: FIL) (Nasdaq First North Growth Market: FIL) (OTCQX: FLMMF) is pleased to announce assay results from holes FSDH086, FSDH089 and FSDH095 from the Filo del Sol Project in San Juan, Argentina. Highlights and detailed results are shown below along with accompanying figures:

Drillhole FSDH086 intersected 1,014.0m at 1.02% CuEq from 400.0m, including:

• • 796.0m at 1.14% CuEq from 618.0m
  • 44.0m at 1.81% CuEq from 1,370.0m
  • The latter intersection is interpreted to be a new gold-rich (up to 2 g/t over a 2m sample interval) section of the porphyry, associated with strong potassic alteration, sheeted quartz veinlets and copper mineralization as chalcopyrite and bornite.
• Drillhole FSDH089 had a partial intersection of 541.0m at 1.51% CuEq from 136.0m, including:
  • 88.0m at 278.5 g/t Ag from 328.0m; and
  • 225.0m at 1.72% CuEq from 452.0m
  • The hole ended at 677.0m in mineralization
• Drillhole FSDH095 had a partial intersection of 374.0m at 1.30% CuEq from 122.0m, including:
  • 20.0m at 1,209.9 g/t Ag from 274.0m
  • The hole ended at 496.0m in mineralization

Commenting on the release, Jamie Beck, President, and CEO stated, “Aurora Zone drilling continues to deliver, and the holes released here particularly highlight the precious metals rich nature of the deposit.  All three holes tagged our high-grade silver zone, and we intersected a new phase of the porphyry in hole 86, where we are seeing high-grade porphyry-style mineralization with unusually high gold grades and copper hosted by a chalcopyrite-bornite assemblage.  This intersection is at the northwestern edge of our Aurora drilling and demonstrates the significant potential that still exists at Filo to find new styles of mineralization.” 

FSDH086 was collared on Section 9400N and drilled to the west at -75 degrees.  The hole intersected the silver zone between 410m and 438m, correlating well with adjacent holes.  Silver grades in the interval below this were unusually high for the breccia-hosted mineralization, including a 34.7m section of 69.0 g/t Ag.  The main breccia unit was intersected at 441m and continued to the end of the hole, cut by a few thin late porphyry dykes.  An unusually high-grade section of mixed breccia and porphyry starts at 1,244m and continues to the end of the hole, cut by one lower grade late-mineral porphyry dyke from 1,324m to 1,348m.  Gold grades are particularly good in this interval, with individual 2m samples up to 2.01 g/t.  The hole ended in good grade mineralization and this intersection remains open to depth, to the west and to the north.

FSDH089 was collared on Section 8800N and drilled to the east at -80 degrees to test a large gap in the drill pattern.  It intersected a thick, high-grade section of the silver zone between 328m and 416m, averaging 278.5g/t Ag, with two notable bonanza grade sections as shown in the table.  The interval from the collar to 456m is within the current resource.  Strong copper and gold mineralization continue below this in phreatic breccia to 544m and then magmatic-hydrothermal breccia to the end of the hole at 677.0m.  The hole was lost at 677.0m in broken ground.

FSDH095 was collared on Section 8900N and drilled to the west at an angle of -71 degrees and intersected the current resource volume to a depth of 355m.  It intersected a very strong silver zone over 20m with an average grade of 1,209.9 g/t Ag including an 8m interval of 2,748.5 g/t.  This interval correlates well with surrounding holes, although the grade is higher.  The hole continued with good grades in a strong, pyritic phreatic breccia below this.  It ended in good grade at 496m due to challenging ground conditions.

Outlook

Drilling is ongoing with nine rigs active on the project. FSDH093 was just completed to a depth of 1,886.6m and is now the deepest hole ever drilled at Filo del Sol. Assay results for completed holes will be released as they are received, analyzed, and confirmed by the Company.

With the weather currently moderating, we are planning drill targets and objectives for the 2024 exploration campaign, and will provide a fulsome update to the market in the coming weeks.   Our goal is to ensure Filo remains on track to grow into one of the largest and most important copper discoveries in recent times.

About Filo del Sol

Filo del Sol is a high-sulphidation epithermal copper-gold-silver deposit associated with one or more large porphyry copper-gold systems. Overlapping mineralizing events combined with weathering effects, including supergene enrichment, have created several different styles of mineralization, including structurally controlled and breccia-hosted gold, manto-style high-grade silver (+/- copper) and high-grade supergene enriched copper within a broader envelope of disseminated, stockwork and breccia-hosted sulphide copper and gold mineralization. This complex geological history has created a heterogeneous orebody which is characterized by zones of very high-grade copper +/- gold +/- silver mineralization within a large envelope of more homogeneous, lower-grade mineralization.

Qualified Persons and Technical Notes

The scientific and technical disclosure for the Filo del Sol Project included in this news release have been reviewed and approved by Bob Carmichael, B.A.Sc., P.Eng. who is the Qualified Person as defined by NI 43-101.  Mr. Carmichael is Vice President, Exploration for the Company. Samples were cut at Filo’s operations base near the town of Guañizuil, Argentina by Company personnel. Diamond drill core was sampled in 2 metre intervals (except where shortened by geological contacts) using a rock saw for sulphide mineralization. Oxide mineralization was cut with a core splitter in order to prevent dissolution of water-soluble copper minerals during the wet sawing process. Core diameter is a mix of PQ, HQ and NQ depending on the depth of the drill hole.  RC samples were collected at the drill site by Company personnel with splitting carried out at the Company’s field camp near the drill sites.  Individual samples represent final splits from 2 metre intervals down the hole.  Samples were bagged and tagged and packaged for shipment by truck to the ALS preparation laboratory in Mendoza, Argentina where they were crushed and a 500g split was pulverized to 85% passing 200 mesh. The prepared samples were sent to the ALS assay laboratories in either Lima, Peru or Santiago, Chile for copper, gold and silver assays, and multi-element ICP and sequential copper analyses.  ALS is an accredited laboratory which is independent of the Company.  Gold assays were by fire assay fusion with AAS finish on a 30g sample. Copper and silver were assayed by atomic absorption following a 4-acid digestion.  Samples were also analyzed for a suite of 36 elements with ICP-ES and a sequential copper leach analysis was completed on each sample with copper greater than 500ppm (0.05%). Copper and gold standards as well as blanks and duplicates (field, preparation and analysis) were randomly inserted into the sampling sequence for Quality Control. On average, 9% of the submitted samples are Quality Control samples. No data quality problems were indicated by the QA/QC program.

Mineralized zones within the Filo del Sol deposit are typically flat-lying, or bulk porphyry-style zones and drilled widths are interpreted to be very close to true widths.

¹Copper Equivalent for drill intersections is calculated based on US$ 3.00/lb Cu, US$ 1,500/oz Au and US$ 18/oz Ag, with 80% metallurgical recoveries assumed for all metals. The formula is:  CuEq % = Cu % + (0.7292 * Au g/t) + (0.0088 * Ag g/t).

About Filo Corp.

Filo is a Canadian exploration and development company focused on advancing its 100% owned Filo del Sol copper-gold-silver deposit located in San Juan Province, Argentina and adjacent Region III, Chile. Filo is a member of the Lundin Group of Companies.

Filo Section 1 (CNW Group/Filo Corp.)

Filo Section 2 (CNW Group/Filo Corp.)