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

• Drillhole FSDH072 in the Aurora Zone intersected 1,228m at 0.83% CuEq from 484m, including:
  • 822m at 1.02% CuEq from 650m
  • 330m at 1.35% CuEq from 998m
• Drillhole FSDH080 in the Filo Zone intersected 1,226m at 0.67% CuEq from 122m, including:
  • 936m at 0.77% CuEq from 122m
  • 94m at 1.38% CuEq from 122m
  • 388m at 0.83% CuEq from 494m

Commenting on the release, Jamie Beck, President, and CEO stated, “The holes released here are over 1km apart and continue to demonstrate both the size of the Filo del Sol deposit and the tremendous amount of room we have left to explore. The closest hole to FSDH080 is 350m away with lots of high-potential ground to drill in the area surrounding it.” Mr. Beck continued, “Additionally, I’m pleased to announce the release of our inaugural Sustainability Summary Report, summarizing our ongoing commitment to responsible exploration.”

FSDH072 was collared 1,100m north of hole FSDH080 on the west side of the Filo ridge on section 09400N and drilled towards the east at -68 degrees.

The hole intersected rhyolite country rocks to a depth of 518m where it encountered the main mineralized breccia. The breccia continues to 1,253m where the first of a series of porphyry sections is seen. This initial porphyry interval is comprised of an unusually high-grade porphyry phase with 1,253m to 1,358m returning a 105m section of porphyry intrusive grading 1.11% CuEq (0.71% Cu, 0.52 g/t Au, 2.2 g/t Ag). From 1,358m to the end of the hole at 1,787.4m the hole passes through the main breccia cut by a series of different porphyry phases with different grade characteristics, finally ending at 1,686m.

FSDH080 was collared Section 08300N and drilled to the west at -70 degrees. It was drilled in the middle of a 700m gap between hole FSDH063 to the south (532m @ 0.66% CuEq (0.35% Cu, 0.32 g/t Au, 9.0 g/t Ag)) and FSDH034 to the north (1,034m @ 0.68% CuEq (0.42% Cu, 0.32 g/t Au, 3.4 g/t Ag), successfully demonstrating continuity of mineralization across this area.

The hole intersected the current resource to a depth of 360m, including a high-grade copper-gold oxide section from 122m to 216m which averaged 1.02% Cu and included a 22m section of 2.25% Cu oxide from 126m.

An unusually large section of microdiorite was intersected down to 740m, interspersed with sections of breccia. From 740m to 1,310m the hole encountered various porphyry phases, again with remnant sections of breccia interspersed throughout. Granite country rock was finally cut from 1,310m to the end of the hole at 1,347.5m.

This is the only deep hole in this 700m gap and significant additional drilling is required to fully understand the geology and grade distribution in this area of the deposit.

Sustainability Summary

Our inaugural Sustainability Summary Report was published on June 19, 2023 and is now available on our website. The Report outlines Filo’s Sustainability Framework and commitments to guide the company moving forward, discloses Filo’s baseline data and provides transparency to our stakeholders. The report also highlights the positive work and activities the Company has already undertaken on our sustainability journey.

Outlook

Drilling is ongoing with nine rigs active on the project, focusing on Aurora infill and the Aurora-Bonita gap. Assay results for completed holes will be released as they are received, analyzed, and confirmed by the Company. Three holes are underway in the Aurora-Bonita gap, five holes are working on Aurora and Filo infill, and one rig is completing the last of a series of geotechnical holes to examine a potential future underground exploration adit.

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 (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.

Base map with Sat Image July 2023 (CNW Group/Filo Mining Corp.)