Filo Mining Corp. (TSX-V:FIL) (Nasdaq First North: FIL) is pleased to announce the latest results from the 2019 drill program at its 100% owned Filo del Sol project located on the border of Region III, Chile and San Juan Province, Argentina.  These two holes, drilled 1,300 metres apart, continue to demonstrate the potential to expand the Filo del Sol deposit well beyond its current size.

Commenting on the results, CEO Adam Lundin stated, “These two holes again demonstrate the strong potential to expand the Filo del Sol deposit well beyond the current resource.  The last 20 metres of hole FSDH028 averaged 0.67% copper, 0.74 g/t gold and 43.5 g/t silver, and the hole ends in mineralization. This has been a transformative exploration season and we are looking forward to receiving full results from the remaining three holes.“

Results from the latest two holes are presented below:

Hole FSDH027 was collared on section 7250N at an angle of -76 degrees towards the west and drilled to a final depth of 545.4 metres.  The hole is mineralized throughout its length and ended in moderate grade mineralization within a hydrothermal breccia with strong potassic alteration.  The hole intersected rhyolite country rock with intense porphyry veining (A and B type) and local hydrothermal brecciation cut by dioritic intrusive bodies throughout its entire length.  At 23 metres depth the hole passes from oxided rock to primary sulphide mineralization.  The entire hole is outside of the current mineral resource.   

Hole FSDH028 was collared 1,300 metres to the north of FSDH027, on section 8500N, and drilled to the west at an angle of -66 degrees.  The hole was planned to a depth of 1,000 metres, but was terminated short of this goal in competent rock with strong mineralization due to ground condition problems within the shallow oxidized portion of the hole.  The last 20 metres of the hole averaged 0.67% copper, 0.74 g/t gold and 43.5 g/t silver.  The top 410 metres of this hole is within the mineral resource with the last 153.5 metres outside of it. 

The hole intersected rhyolite country rock throughout its length with intense high-sulphidation epithermal alteration and mineralization.  A strong leached zone transitioned at 16 metres depth into low-grade copper-gold oxide mineralization with a sharp increase in copper grade at 122 metres interpreted to be a result of supergene copper enrichment. 

This hole intersected a particularly gold-rich section from 155 to 164 metres, which correlates with a well-defined, flat-lying zone of elevated silver +/- gold +/- copper mineralization (M Zone) intersected by several other holes in this area and forming an important part of the mineral resource.  The exceptionally high gold grades in this hole may be the result of the intersection of this strongly-mineralized, flat-lying zone with a steep structure evident in the drill core.  Similar steeply dipping structural features have been intersected throughout the deposit, typically with significant gold values, but have been difficult to model due to the geometry of intersecting near-vertical structures with steeply-dipping drill holes. The M Zone marks the bottom of the oxide zone, and the hole continues in primary sulphide mineralization to the end.

Complete assays for three additional holes are pending and will be released once all remaining data has been received and verified.

Qualified Persons and Technical Notes

The field program was carried out under the supervision of Bob Carmichael, B.A.Sc., P.Eng., and Diego Charchaflie, MSc., P.Geo (BC) who are the Qualified Persons as defined by NI 43-101.  Mr. Carmichael is Vice President, Exploration for the Company and has reviewed and approved the technical information contained in this news release.  Mr. Charchaflie is a principal geological consultant for the Company.

Samples were cut at Filo Mining’s Batidero camp near the project site 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 at camp, and packaged for shipment by truck to San Juan, Argentina. 

Samples were delivered 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 laboratory in Lima, Peru.  ALS is an accredited laboratory which is independent of the Company.  Gold analyses were by fire assay fusion with AAS finish on a 30g sample.  Copper and silver were analysed 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.  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 flat-lying, and drilled widths are interpreted to be greater than 90% of true widths.  This includes the high-grade gold interval in FSDH028.

About Filo Mining

Filo Mining is a Canadian exploration and development company focussed on advancing its 100% owned Filo del Sol copper-gold-silver deposit located in Chile’s Region III and adjacent San Juan Province, Argentina.  The Filo del Sol project is the subject of a recently completed Pre-Feasibility Study, and details of the project can be found in the 43-101 Technical Report detailing the results of that study titled “NI 43-101 Technical Report, Pre-feasibility Study for the Filo del Sol Project” dated February 22, 2019 with an effective date of January 13, 2019.