Filo Mining Corp. (TSX: FIL) (Nasdaq First North Growth Market: FIL) (OTCQX: FLMMF) is pleased to announce assay results from holes FSDH068A and FSDH069A at the Filo del Sol Project in San Juan, Argentina.  These holes were collared 275m apart and drilled into the Aurora Zone as part of the drill program currently underway.  Highlights and detailed results are shown below along with accompanying figures:

Drillhole FSDH068A intersected 1,776.0m at 0.70% CuEq from a depth of 18.0m, including;

• • 1,120.0m at 0.92% CuEq from 394.0m
  • 724.2m at 1.08% CuEq from 574.0m
  • The hole was stopped in low grade porphyry mineralization at 1,825.5m
• Drillhole FSDH069A intersected 1,296.5m at 1.00% CuEq from a depth of 138m, including;
  • 31.0m at 127.0 g/t Ag from 404.0m in the Silver Zone
  • 598.0m at 1.51% CuEq from 498.0m
  • 94.0m at 3.01% CuEq from 792.0m
  • The hole ended in strong mineralization at a depth of 1,434.5m due to rig capacity, with the final 20.5m averaging 0.58% CuEq (0.39% Cu, 0.25 g/t Au, 1.7 g/t Ag).

Commenting on the results, Jamie Beck, President, and CEO stated, “An almost 1.8km intersection in hole 68A sets a new record at Filo del Sol for the longest interval to date. Even at those depths, we intersected discrete high-grade sections and will learn from this result as we target future drilling.  Hole 69A provides a fuller picture of the extension of the high-grade Breccia 41 Zone, confirming the continuity of mineralization over 170m to the north of hole 41.  Two additional holes are currently underway to target further extensions to this zone.  Hole 72 is being drilled from the west towards the east on the same section as holes 57 and 69A, while hole 78 is collared 100m to the west of 41.”

FSDH068A was collared 140m east of hole FSDH054 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 high-grade Breccia 41 Zone intersected in holes FSDH041, FSDH055C and FSDH054, all on this same section.  The hole is entirely outside of the resource pit shell.

Similar to other holes on this section, it intersected volcaniclastic and coherent rhyolite from surface to a depth of about 540m where the main mineralized breccia was intersected.  Included in this upper section is a well-mineralized breccia from 54m to 94m and a section of microdiorite which confirms the flat-lying nature of this sill in this part of the deposit area.

The hole continues in breccia to about 1,075m where the first porphyry dyke is intersected.  This is followed by a mixed interval of porphyry and breccia to 1,277m where the hole enters a multi-phase porphyry interval which continues the end of the hole at 1,825.5m.  A decrease in grade at 1,298m marks a transition into a lower-grade, late mineral porphyry, however sporadic high-grade sections below this depth correlate with earlier phase porphyries or breccias in this section.  Significant mineralized sections include 36.0m at 1.65% CuEq (1.15% Cu, 0.65 g/t Au, 2.8 g/t Ag) from 1,394.0m (includes 4m at 5.59% Cu); 26.0m at 0.75% CuEq (0.45% Cu, 0.38 g/t Au, 1.5 g/t Ag) from 1,488.0m and 17.3m at 0.99% CuEq (0.76% Cu, 0.28 g/t Au, 2.5 g/t Ag) from 1,728.0m.

FSDH069A was drilled on Section 9400N, towards the west at an angle of -73 degrees from the same platform as FSDH057 with a slightly shallower angle to explore the high-grade zone which hole FSDH057 ended in.  The hole is entirely outside of the resource pit shell.

The geology and grade distribution match that in FSDH057 very well, starting in moderately mineralized rhyolite cut by microdiorite intrusives and intersecting the Silver Zone at about 400m.  The main mineralized breccia unit was intersected by both holes just above 500m and both holes continued in it to their ends.  Only a few narrow intersections of porphyry intrusive were cut by FSDH069A and this hole appears to be west of the main porphyry trend.  The hole passes from the high-sulphidation (HS) mineral zone to porphyry-style mineralization very sharply at 992m.

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.  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. Filo Mining is a member of the Lundin Group of Companies.

Filo Mining Base Map with Sat Image February 2023. Hole 68A + 69A. (CNW Group/Filo Mining Corp.)

Filo Mining Long Section Plan Map February 2023. Hole 68A + 69A. (CNW Group/Filo Mining Corp.)