Filo Mining outlines potential to significantly expand the current Filo Fel Sol resource

ID: 1559072
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(PresseBox) - Filo Mining Corp. (TSXV, Nasdaq First North Growth Market: FIL) ("Filo Mining?, or the ?Company? - https://www.commodity-tv.com/play/filo-mining-advancing-big-copper-gold-silver-deposit-in-argentina-and-chile/ ) is pleased to provide a summary of the results of the recently completed 2019/2020 field program at the Filo del Sol project, and to discuss the implications of these results for the ultimate size of this impressive mineral system.

Commenting on the recent results, President and CEO Jamie Beck stated, ?Our latest drill program has transformed our understanding of the size and scale of the Filo system.

The most important holes from this season were FSDH032 (1,009 m at 0.95% CuEq (0.57% Cu, 0.39g/t Au, 11.1g/t Ag)) and FSDH034 (1,034 m at 0.68% CuEq (0.42% Cu, 0.32g/t Au, 3.4g/t Ag)) (see Filo News Release dated April 20, 2020).

The oxide portion of the deposit, and the very uppermost part of the sulphide portion, are defined by the current project resource shown in the table below:

All of the holes which define this resource ended in mineralization, and it was clear that there was considerable potential to expand it by drilling deeper.

Following up on these concepts, several holes were drilled below the resource in 2019 and 2020.

None of these intervals are included in the current resource estimate and additional drilling will be required in order to capture this mineralization in the resource, however these intersections clearly demonstrate that, as expected, substantial mineralization occurs below the resource, and that this mineralization remains completely open to depth as all these holes ended in mineralization.

In order to better understand the potential, an exploration target was developed by modelling predicted volumes based on approximate east-west extents of the resource, depths below surface drilled by the deeper diamond drill holes and the north-south extent drilled by these holes.



The potential quantity and grade of this exploration target is conceptual in nature, and there has been insufficient exploration to define a mineral resource in this area.

To the north of this target, surface mapping has demonstrated that the same intense hydrothermal alteration that overlies the deposit, stretches for an additional 1,700 metres to a reverse circulation drill hole (VRC093) which ended with 166.0 m (from 284 m depth) at 0.42% CuEq (0.15% Cu, 0.24 g/t Au, 11.9 g/t Ag) including 42.0 m of 0.57% CuEq (0.40% Cu, 0.17 g/t Au, 6.1 g/t Ag) at the bottom of the hole.ired to characterize the mineralization, if any, in this gap area but it has the potential to add substantially to the current exploration target if successful.

Shallow drilling to the south of this target has intersected mineralization over an 800 metre distance towards holes VRC111 (102m from 6m depth at 1.04% CuEq (0.77% Cu, 0.35g/t Au, 1.5g/t Ag) and VRC143 (118m from surface at 1.02% CuEq (0.68% Cu, 0.45g/t Au, 1.4g/t Ag).

Current work is focused on processing and interpretation of the extensive geophysical data collected during the past season, and integrating it with the updated geological model, including input from the deep drilling, in order to produce a comprehensive 3 dimensional geology-based geophysical model which will help to guide further drilling into the areas north and south of the resource area.out this program as our geological & support staff and contractors are based entirely in Argentina.

On behalf of Filo Mining,

Jamie Beck

President and CEO

QUALIFIED PERSONS AND TECHNICAL NOTES

The field program was carried out under the supervision of Bob Carmichael, B.A.Sc., P.Eng. who is the Qualified Person as defined by NI 43-101.C 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.

Copper Equivalent (CuEq) for drill intersections is calculated based on US$ 2.80/lb Cu, US$ 1,400/oz Au and US$ 16/oz Ag.

Details of the methodology and assumptions used to estimate the resource estimate can be found in the Technical Report 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.

1Source:& Mining, Drill Results ? Copper, filtered by period for the last year, as of April 2020

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 listed on the TSX Venture Exchange (?TSXV?) and Nasdaq First North Growth Market under the trading symbol "FIL". Filo Mining is a member of the Lundin Group of Companies.

ADDITIONAL INFORMATION

The Company''s certified advisor on Nasdaq First North Growth Market is Pareto Securities AB, +46 8 402 50 00, certifiedadviser.se(at)paretosec.com.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.

The information contained in each Filo Mining news release was accurate at the time of dissemination but may be superseded by subsequent news release(s).

The information in this release is subject to the disclosure requirements of Filo Mining under the EU Market Abuse Regulation. This information was submitted for publication, through the agency of the contact person set out below, on

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Certain statements made and information contained herein in the news release constitutes ?forward-looking information? and ?forward-looking statements? within the meaning of applicable securities legislation (collectively, ?forward-looking information?). The forward-looking information contained in this news release is based on information available to the Company as of the date of this news release. Except as required under applicable securities legislation, the Company does not intend, and does not assume any obligation, to update this forward-looking information. Generally, this forward-looking information can frequently, but not always, be identified by use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events, conditions or results ?will?, "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative connotations thereof. All statements other than statements of historical fact may be forward-looking statements.

Statements relating to "mineral resources" are deemed to be forward-looking information, as they involve the implied assessment, based on certain estimates and assumptions that the mineral resources described can be profitably produced in the future.

The forward-looking statements contained in this news release are made as at the date of this news release and Filo does not undertake any obligations to publicly update and/or revise any of the included forward-looking statements, whether as a result of additional information, future events and/or otherwise, except as may be required by applicable securities laws.nt''s current expectations and plans and allowing investors and others to get a better understanding of the Company''s operating environment. Forward-looking information is based on certain assumptions that the Company believes are reasonable, including that the current price of and demand for commodities will be sustained or will improve, the supply of commodities will remain stable, that the general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed on reasonable terms and that the Company will not experience any material labour dispute, accident, or failure of plant or equipment. These factors are not, and should not be construed as being, exhaustive. Although the Company has attempted to identify important factors that would cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. All the forward-looking information contained in this document is qualified by these cautionary statements. Readers are cautioned not to place undue reliance on forward-looking information due to the inherent uncertainty thereof.



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Date: 06/25/2020 - 02:34
Language: English
News-ID 1559072
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