VANCOUVER, BC, Jan. 12, 2022 /CNW/ - Filo Mining Corp. (TSX: FIL) (Nasdaq First North Growth Market: FIL) (OTCQX: FLMMF) ("Filo Mining", or the "Company") ("Filo Mining", or the "Company") is pleased to provide initial assay results and an update on the Filo del Sol drilling program. Highlights are listed below, along with drillhole locations on the accompanying plan map: View PDF.

Drillhole FSDH055A returned 64.0 m at 1,213.8 g/t Ag and 0.49 g/t Au from a depth of 362m; this represents the best intersection of high-grade silver on the project to date.
A total of 5,000m of diamond drilling has now been completed during the current program, with one hole (FSDH054) completed to a depth of 1,370m and five holes currently underway.
Commenting on the initial results, Jamie Beck, President and CEO stated, "Hole 55A is one of the longest, highest-grade silver intercepts seen globally in a long time. It is a great reminder of the outstanding precious metal content of this remarkable deposit and demonstrates that we've got a significant silver deposit contained within the major copper-gold deposit at Filo del Sol. This hole also adds to the evidence that the area around hole FSDH041 is one of the centres of the system and we look forward to assays from additional step-out holes in this area."

FSDH055A is located 50m to the west of, and parallel to, FSDH041. It intersected the high-grade silver zone as shown in the table below, before being abandoned at a depth of 485m due to drilling difficulties. FSDH055C is currently underway at the same location to re-drill this hole to target depth.

HOLE-ID From (m) To (m) Length (m) Cu % Au g/t Ag g/t

FSDH055A 362.0 426.0 64.0 0.01 0.49 1,213.8

incl. 374.4 402.0 27.6 0.01 0.50 2,439.2

incl. 380.0 388.0 8.0 0.01 0.45 5,280.0

This is the best intersection of the high-grade silver zone at Filo del Sol drilled to date and sits completely outside the current mineral resource. This intersection is open in several directions, with a 420m undrilled gap to the north, between FSDH055A and FSDH037 (104m at 120 g/t Ag, see News Release dated April 12, 2021) which is currently being tested by holes FSDH057 and FSDH059. To the east, this intersection correlates with the silver zone in hole FSDH041 (46m at 75 g/t Ag, see News Release dated April 12, 2021). The intersection is completely open to the west. Additional drilling is required to fully understand the geometry of this intersection, however based on correlation with other holes it is interpreted to be approximately true width.

Initial holes for this program were designed to explore the area around the high-grade intersection in FSDH041 from the 2020/2021 season, with holes FSDH054, FSDH055 and FSDH056 as 50m step-outs to the east, west and south respectively. FSDH054 was completed at a depth of 1,370m in early December, and this drill has been moved to FSDH059 located 100m north of FSDH041. Two larger step-outs are also underway, FSDH057 located 200m north of FSDH041 and FSDH058 located 450m to the south of FSDH041.

Outlook

Drilling will continue year-round at Filo del Sol in 2022 with our most ambitious field program ever. The Company plans to add an additional two drill rigs in early February, bringing the total rig count to seven drills operating throughout the year. Assay results have been received for approximately 2,100m of the length drilled to date, and additional results will be released as they are received, analyzed and confirmed by the Company.

On behalf of Filo Mining,

Jamie Beck
President and CEO

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.