Filo Mining Corp. (TSXV:FIL, Nasdaq Stockholm:FIL) (“Filo Mining” or the “Company”) is pleased to announce its results for three and six months ended June 30, 2018.

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HIGHLIGHTS

Following the completion of an extensive 2017/2018 field program at its flagship Filo del Sol Project, the Company’s key objective during the second quarter of 2018 was the advancement of samples collected through testing and analysis. The field program included 9,411 metres of mixed reverse circulation (“RC”) and diamond drilling, and was designed to support the undertaking of a Preliminary Feasibility Study (“PFS”). Based on the complete assay results from the 2017/2018 drill program, the Company successfully updated the Mineral Resource estimate at the Filo del Sol Project, with an effective date of June 11, 2018 (see news release dated August 8, 2018). The Mineral Resource estimate confirms successful achievement by the Company of one of the key objectives of the most recent field program, which was to increase the tonnage and contained metal within the Indicated Mineral Resource. Specifically, this Mineral Resource update successfully increased:

  • The total Indicated resource tonnes by 14% to 425.1 million tonnes;
  • The total Indicated contained gold in all zones by 12% to 4.4 million ounces;
  • The total Indicated contained copper in all zones by 12% to 3.1 billion pounds; and
  • The total Indicated contained silver in all zones by 34% to 147 million ounces.

This resource update is comprised of four distinct mineral zones: an uppermost gold oxide (“AuOx”) zone, a copper-god oxide (“CuAuOx”) zone, and a silver zone, all of which is underlain by a copper-gold sulphide (“Sulphide”) zone. The updated Mineral Resource estimate, segregated by zone, is summarized in the following table.

Zone Cutoff Category Tonnes

(millions)

Cu

(%)

Au

(g/t)

Ag

(g/t)

lbs Cu

(millions)

Ounces Au

(thousands)

Ounces Ag

(thousands)

AuOx 0.20 g/t Au Indicated 49.9 0.04 0.42 3.0 45 679 4,810
Inferred 20.8 0.08 0.34 2.4 35 226 1,580
CuAuOx 0.15 % CuEq Indicated 259.2 0.38 0.29 2.7 2,166 2,385 22,500
Inferred 74.3 0.29 0.31 2.1 481 735 5,040
Ag 20 g/t Ag Indicated 40.5 0.50 0.43 87.6 446 562 114,180
Inferred 8.8 0.36 0.43 79.3 70 121 22,400
Sulphide 0.30 % CuEq Indicated 75.5 0.27 0.34 2.2 451 813 5,370
Inferred 71.2 0.30 0.33 2.5 470 750 5,740
Total Indicated

Inferred

425.1 0.33 0.32 10.7 3,108 4,439 146,860
175.1 0.27 0.33 6.2 1,056 1,832 34,760

1 – CuAuOx copper equivalent (CuEq) assumes metallurgical recoveries of 82% for copper, 55% for gold and 71% for silver based on preliminary metallurgical testwork, and metal prices of US$3/lb copper, US$1300/oz gold, US$20/oz silver.  The CuEq formula is: CuEq=Cu+Ag*0.0084+Au*0.4239;