Filo Mining Corp. (TSX: FIL) (Nasdaq First North Growth Market: FIL) (OTCQX: FLMMF)  is excited to announce results from two holes at the Filo del Sol Project in San Juan, Argentina. Drillholes FSDH061 and FSDH063 have successfully extended the strike length of the Aurora Zone by 180m to a total of 1.6km, and it remains open to expansion in the north and south directions. Highlights and detailed results are shown below:

Drillhole FSDH061 intersected 701.2m at 1.13% CuEq from a depth of 392m, including;

• • 406m at 1.36% CuEq from 508m
  • The hole ended in strong mineralization at a depth of 1,093m
• Drillhole FSDH063, located 1.6km southwest of FSDH061, was drilled to a final depth of 1,141m and intersected 844.2m at 0.53% CuEq from a depth of 16m, including;
  • 142m at 0.71% CuEq from a depth of 16m and,
  • 112m at 0.86% CuEq from a depth of 436m
• The Aurora Zone is interpreted to be continuous between these two holes, with large undrilled gaps remaining, and is open to the south of FSDH063 and to the north of FSDH061.

Commenting on the results, Jamie Beck, President, and CEO stated, “Hole 61 pulls the Aurora Zone another 180m northeast of Hole 57, which was our previous northernmost intersection in this zone of elevated grade. The Aurora Zone is completely open to the north beyond this hole, and now extends 1.6 km southwest to the intersection in Hole 63. As we ramp up drilling into the South American spring and summer, we will continue a combination of larger step-out holes to try to find the edges of the mineralized system, along with step-out and infill holes to try to fully define the size of this remarkable Aurora Zone.”

FSDH061 was collared 230m to the northeast of FSDH057 and drilled to the west at an angle of -70^o to a final depth of 1,093m where it was unable to continue due to technical problems. The hole cut the typical sequence of fragmental and coherent rhyolite country rock to a depth of 522m where it intersected the main mineralized breccia. The breccia is dominated by rhyolite clasts to a depth of 1,025m where it transitions to a granite-dominated breccia. The hole ended in well mineralized, potassic altered, homogeneous granite and granite breccia cut by moderately abundant A veins. The last 21m returned 1.03% CuEq (0.73% Cu, 0.38g/t Au, 2.8g/t Ag). Sparse, narrow, late-mineral porphyry dykes cut the sequence throughout, and scattered clasts of porphyry are common within the breccia.

This hole clearly extends the Aurora Zone and confirms its generally NNE strike direction. There are no holes drilled along this trend to the NNE between FSDH061 and FSDH060 which intersected the Bonita Zone, another 1.6km away (see News Release dated June 9, 2022). Three deep holes were drilled to the west of the Aurora trend in the 2020/2021 season, all of which intersected mineralization consistent with the edge of the zone, suggesting that it should continue several hundred metres beyond FSDH061. These holes include FSDH037, 100m north of FDSH061 (502m @ 0.75% CuEq; 0.41% Cu, 0.13g/t Au, 27.8g/t Ag); FSDH043, 400m north of FSDH061 (294m @ 0.61% CuEq; 0.47% Cu, 0.16g/t Au, 2.6g/t Ag) and FSDH051, 1,200m north of FSHD061 (344m @ 0.50% CuEq; 0.26% Cu, 0.21g/t Au, 9.4g/t Ag). Details of these holes can be found in news releases dated May 13, 2021; March 31, 2021 and August 4, 2021 respectively.

FSDH063 is located 1.6km SSW of FSDH061 along the Aurora trend.  It was collared 140m to the west of FSDH025 and drilled towards the west at -70^o. FSDH025, completed in 2019, was the first hole drilled deeper than 1,000m at Filo del Sol, and returned 1,025m @ 0.47% CuEq (0.30% Cu, 0.22g/t Au, 1.6g/t Ag). As additional drilling outlined the NNE trend of the Aurora Zone, this hole was interpreted to have been drilled to the east of the trend and FSDH063 was planned to test for the southern extension of the zone west of FSDH025.

FSDH063 intersected the resource block model down to a depth of 436m, with grades as predicted. The interval from 436m to 548m is interpreted as the Aurora Zone in this hole, ending at the contact with an intermineral porphyry which continues to 649m. The mineralized breccia continues below this, however, grades are diminished from the main interval and alteration is predominantly phyllic rather than silica and quartz-alunite as is seen further north.  Granite and associate breccias are intersected from 907m to the end of the hole.

The Aurora Zone remains open to the south of this hole, and large distances remain to the north and down-dip for expansion. Down dip, FSDH025 is just over 500m away from FSDH063 (it was drilled steeper than FSDH063 so the two holes diverge with depth), and to the north there is an undrilled gap of 590m between FSDH063 and FSDH048 (1,081m @ 0.88% CuEq; 0.52% Cu, 0.43g/t Au, 5.3g/t Ag).

Outlook

Drilling was interrupted by an unusually harsh winter in the Andes, with uncharacteristically large snowfalls and strong winds occurring through several storms since late June. As always, we prioritize the safety of our personnel while maintaining operations. The weather has now improved, and drilling is currently underway with six diamond rigs on site, and six holes in progress. As the weather continues to moderate into spring and summer, we will be adding two brand new, state-of-the-art diamond rigs into the program in September which will allow us to drill even deeper at Filo del Sol. Our year-round operations planning sees the company drilling with up to 11 rigs, and this plan would see approximately 40,000m of drilling completed over the next 12 months.

Holes that have been completed with assays pending include:

• FSDH066, located 1.3km northeast of FSDH060, to investigate a shallow target under the Maranceles veins (a series of quartz-enargite veins which outcrop in this area), was completed to a depth of 458m

Holes underway, with current depths, include:

• FSDH062 (1,089m) Infill between holes 44 and 46 – a 200m gap
• FSDH064 (825m) Infill between holes 48 and 32 – a 400m gap
• FSDH065 (196m) Suspended for winter, will resume in spring
• FSDH067 (1,145m) Infill between holes 48 and 32 – a 400m gap
• FSDH068 (124m) A 150m step-out east of FSDH054
• FSDH069 (134m) A short step-out to explore the bottom of the FSDH057 intersection
• FSDH070 (38m) A step-out west (up-dip) of FSDH041

Assay results for these 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. 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 Plan Map – August 23, 2022 (CNW Group/Filo Mining Corp.)

Filo Mining Long Section Plan Map – August 23, 2022 (CNW Group/Filo Mining Corp.)