Ongoing Drill Program At The Filo Del Sol Project

VANCOUVER - Filo Mining Corp. reported on holes FSDH055C and FSDH059 from the ongoing drill program at the Filo del Sol Project.  Hole FSDH055C is the best hole drilled on the project to date, measured by copper-equivalent ("CuEq") multiplied by intercept length, and ended in strong mineralization at almost 1,500m depth. Highlights:FSDH055C returned 1,337.5m at 1.33% CuEq from 150m, including 126.0m at 5.02% CuEq from 728m in Breccia 41, and 24.0m at 13.30% CuEq from 728m within the same zone; The latter intersection included an 8.6m section at 20.25% CuEq; and The hole was stopped at a depth of 1,487.5m due to the capacity of the drill, and ended in strong porphyry-style mineralization with the last 21.5m of the hole at 0.93% CuEq (0.62% Cu, 0.41 g/t Au, 0.9 g/t Ag).

Jamie Beck, President and CEO, said, "From a grade-thickness perspective, hole 55C is the best hole ever drilled at Filo del Sol.  It represents one of the thickest, highest-grade intervals drilled through the Aurora Zone, and confirms the continuity of the bonanza-grade Breccia 41 mineralization between holes 41 and 54 to the south, and hole 57 to the north. At almost 1.5km deep, and still strongly mineralized, hole 55C is a great reminder of not only the size and scale of the system, but also how much more there is to discover at Filo."

FSDH055C was collared on the same platform as FSDH041 and drilled to the west at an angle of -70o. The hole deviated to the north, such that at the depth of the Breccia 41 intersection it is 40m northeast of FSDH041.  At 1,380m down hole, it is 80m northwest of the end of hole FSDH054.  

The hole drilled through strongly altered rhyolite volcaniclastics and microdioritic dykes up to 360m, where the first porphyry veins appear. Intense advanced argillic alteration, with quartz-alunite, residual (vuggy) quartz and silicification are accompanied by disseminated and vein-controlled high sulphidation assemblages (covellite-chalcocite-enargite/tennantite) down to a remarkably sharp transition to a thick sequence of early magmatic-hydrothermal breccias and porphyry bodies at 1,000m. From 1,000m to the end of the hole copper mineralogy changes to chalcopyrite which appears along with potassic alteration.

The high-grade Breccia 41 is intersected between 728m and 854m, where it contains some of the highest-grade mineralization drilled on the project to date. The best 2m sample interval returned 32.58% CuEq (13.85% Cu, 6.63 g/t Au, 1580.0 g/t Ag). Other than hole FSDH057 (134m to the north), which also intersected Breccia 41, there are no holes up-dip, down-dip, or to the north, west or east of the intersection in FSDH055C.

FSDH059 was collared on section 9300N, 100m north of FSDH041, and drilled at an angle of -70o towards the west to a final depth of 311.5m where it was terminated due to drilling difficulties. The hole ended in mineralization just as it was entering the Silver Zone, manifested by the same rock type as seen in the Silver Zone intersection in hole FSDH055A, 100m to the south. A follow-up hole to test this area will be started shortly.

Drilling is ongoing with 7 diamond drill rigs, in addition to a reverse circulation (RC) rig, and eight holes are currently underway. Holes are designed to explore the area around the high-grade intersections in FSDH041, FSDH054, FSDH057 and now FSDH055C, along with some moderate step-outs to test continuity of the Aurora Zone, and larger step-out holes to continue to try to find the edges of the mineralized zone.

One hole, FSDH060, located 2km northeast of FSDH041, has been completed to a final depth of 1,070m and assays are pending. Results for these holes will be released once the holes are completed, and results are analyzed and confirmed by the Company.