Filo Corp. (TSX: FIL) (Nasdaq First North Growth Market: FIL) (OTCQX: FLMMF)  is pleased to announce assay results from holes FSDH093 and FSDH094 from the Filo del Sol Project in San Juan, Argentina. Highlights and detailed results are shown below along with accompanying figures:

Drillhole FSDH093 intersected 1,449.2m at 0.61% CuEq from 338.8m, including:

• • 652.0m at 0.81% CuEq from 492.0m
  • 276.0m at 0.95% CuEq from 804.0m
  • 76.0m at 0.84% CuEq from 1,674.0m
  • The latter intersection is interpreted to be a continuation of the high-grade sheeted vein mineralization first intersected in FSDH086 and is located 130m northeast and 300m below that intersection
• Drillhole FSDH094 intersected 1,298.0m at 1.01% CuEq from 192.0m, including:
  • 52.0m at 252.4 g/t Ag from 364.0m in the silver zone
  • 304.0m at 1.30% CuEq from 444.0m

Commenting on the release, Jamie Beck, President, and CEO stated, “Holes 93 and 94 highlight the exceptional potential we have to grow the deposit.   Collared over 500m apart, these holes fill critical high-grade gaps in our interpretation as well as extending Aurora to the northeast. The high-grade porphyry zone at depth in hole 93 is similar to, and over 300m away from, the recent intersection in hole 86 defining a zone which continues to intrigue our geologists and to suggest that we may still be missing an important part of the system. With the onset of summer, we have moved the drills into frontier exploration areas while continuing to dedicate some metres to Aurora Zone expansion. This mix of targets will allow us to systematically advance the project and evaluate the entire property. We finished 2023 having completed the largest exploration program at Filo to date, and I’m excited about our 2024 plans which build on that success with our most ambitious program ever.”

FSDH093 was collared on Section 9400N, 500m east of FSDH086, and drilled to the west at -70 degrees.  The hole intersected rhyolite country rock cut by a mafic sill to a depth of 619m where it entered the main mineralized breccia phase.  The breccia is cut by a porphyry interval from 1,061m to 1,270m and transitions again to porphyry at 1,594m to the end of the hole at 1,886.6m. The porphyry intervals are comprised of different phases which can be difficult to distinguish visually but typically show different vein densities and grade characteristics.

In particular, the section from 1,674m to 1,750m contains elevated grades compared to the adjacent porphyry intervals, contains distinct sheeted quartz +/- sulphide veins, and is correlated with a similar section in hole FSDH086 between 1,370m and 1,414m.  This section in hole FSDH093 is actually comprised of two intervals cut by a later, lower grade porphyry phase, and can be broken down into 37.5m at 1.08% CuEq (0.79% Cu, 0.36 g/t Au, 3.1 g/t Ag) and 12.0m at 1.30% CuEq (1.01% Cu, 0.36 g/t Au, 3.5 g/t Ag). This high-grade porphyry phase is open in all directions and remains a compelling exploration target.

The hole was stopped in a low-grade porphyry phase at 1,886.6m and is the deepest hole drilled to date at Filo del Sol.

FSDH094 was collared on Section 9100N and drilled to the west at -70 degrees. It intersected strongly leached rhyolite volcaniclastics to a depth of 295m where a complex sequence of phreatic and magmatic-hydrothermal breccias was encountered and continued to 474m.  This breccia contains abundant clasts of the mafic sill, and includes the high-grade silver zone intersection from 364m to 416m. The main breccia phase continues from 474m to 655m where it is cut by a porphyry intrusive to 960m, with breccia then continuing to the end of the hole.

The hole ended in mineralization due to the capacity of the drill rig, with the last 20m averaging 0.45% CuEq (0.30% Cu, 0.20 g/t Au, 0.7 g/t Ag).

Outlook

Drilling is ongoing with nine rigs active on the project. Drill productivity is improving with the onset of summer supported by a number of initiatives directed at improving drill efficiency and productivity.  December was the most productive month last year with 4,750m drilled, leading to a total of 38,785m of drilling in 2023.

Drillholes FSDH092, FSDH096 and FSDH099 were suspended at depths of 370m, 262m and 179m respectively to take advantage of the summer season and those drills have been moved to more distal frontier exploration areas.  No significant assay results were encountered in any of the holes as they were ended above expected mineralized depths.

Drillholes FSDH097 (1,445m), FSDH098 (1,364m), FSDH100 (887m), FSDH101 (1,380m) and FSDH104 (1,447m) are now complete with assays pending.  Assay results for completed holes will be released as they are received, analyzed, and confirmed by the Company.  Drillholes FSDH102 through FSDH111 are underway.

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.  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 (CuEq) 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.

Vertical Section Jan24 (CNW Group/Filo Corp.)

Base map Jan24 (CNW Group/Filo Corp.)