Filo Mining Corp. (TSX: FIL) (Nasdaq First North Growth Market: FIL) (OTCQX: FLMMF) is pleased to announce assay results from holes FSDH074 and FSDH077 at the Filo del Sol Project in San Juan, Argentina. Highlights and detailed results are shown below along with accompanying figures:

Drillhole FSDH074 intersected 1,022.0m at 0.66% CuEq from a depth of 278.0m, including;

• • 516.0m at 0.79% CuEq from 644.0m
  • 252.0m at 0.85% CuEq from 840.0m
  • Collared on Section 9200N, 200m east of FSDH068A and 400m east of FSDH041
  • The hole was stopped in porphyry mineralization at 1,509.0m
• Drillhole FSDH077 intersected 2.0m at 10.35 g/t Au from a depth of 192.0m;
  • Plus 516.2m at 0.20% CuEq from 404.0m
  • Collared on Section 6000N, this is the first hole into the new Flamenco target
  • The hole was stopped at 920.2m

Commenting on the results, Jamie Beck, President, and CEO stated, “Hole 74 has successfully extended the Aurora Zone another 200m to the east of our previous drilling, confirming we have yet to find the east-west extents of mineralization.  With each step-out, we build on the potential size of this remarkable Aurora Zone, while improving our geological interpretation of the deposit.”   Mr. Beck continues, “I’m excited about what we learned from Hole 77 into our Flamenco target.  Flamenco sits over 3km to the south of the Aurora Zone, and is characterized by a very large, 1.5km², area of intense surface alteration similar to what we see over the Aurora Zone.  With our first hole ever in this new zone, we’ve established mineralization is evident, and are planning additional drilling at Flamenco in order to properly evaluate the opportunity while chasing higher grades.”

FSDH074 was collared 200m east of hole FSDH068A on section 9200N, and drilled towards the west at an angle of -75 degrees. It was planned to test for the eastern and depth extension of the Aurora Zone intersected by FSDH041, FSDH055C, FSDH054 and FSDH068A, all on this same section.  The hole is entirely outside of the resource pit shell.

The geology in this hole was very similar to other holes on this section, and matched the geological interpretation very well.  It intersected volcaniclastic and coherent rhyolite from surface to a depth of about 724m where the main mineralized breccia was intersected.  The rhyolite sequence was well mineralized from a depth of 400m with the grade increasing on approach to the breccia.

The hole continues in breccia to about 1,260m where it enters a mixed interval of porphyry and breccia to 1,300m, transitioning to a multi-phase porphyry interval which continues to 1,458.0m where breccia is again encountered and persists to the end of the hole at 1,509.0m. The porphyry section is primarily the lower-grade late-mineral phase, but grades increase again in the breccia with the final 5m of the hole averaging 0.46% Cu.

FSDH074 extends the Aurora Zone 200m to the east, and together with the other holes on this section, builds on the potential width of this Zone.  Additional drilling to the east and to the west is required to determine the full width of the Zone.

FSDH077 was drilled on Section 6000N, towards the west at an angle of -70 degrees. This is the first hole drilled into the Flamenco target and there are no other holes within 500m of it.

The most significant interval is a 2m section at 10.35 g/t Au within a narrow sulphide-rich zone possibly associated with a fault. In addition to this interval, there are long sections of low-grade mineralization, although no significant intervals above 0.3% CuEq.  A 516.2m section from 404.0m to the end of the hole at 920.2m averaged 0.20% CuEq (0.11% Cu, 0.11 g/t Au, 0.9 g/t Ag).

The hole intersected weak quartz-alunite altered rhyolites cut by mafic intrusions over its entire length.  Flamenco is a large target area characterized by abundant massive silica alteration over an area of about 1.5 square kilometres at surface, and additional drilling is required to fully test it.

Outlook

Drilling will remain a mix of both large and small step-outs to the north and south of our current interpretation of the Aurora Zone, as well as resource definition drilling within it.

FSDH073 and FSDH079 are now complete, and were drilled to final depths of 1,388m and 846m respectively.  Assay results for completed holes will be released as they are received, analyzed, and confirmed by the Company.

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 Mining’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 Mining

Filo Mining is a Canadian exploration and development company focused 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 Company’s shares are listed on the TSX and Nasdaq First North Growth Market and on the OTCQX. Filo Mining is a member of the Lundin Group of Companies.

Base Map with Sat Image 2023 MAR (CNW Group/Filo Mining Corp.)

Long Section with Plan_MAR 2023 (CNW Group/Filo Mining Corp.)

Section 9200N CuAu 2023 (CNW Group/Filo Mining Corp.)