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2017-05-18

Filo Mining: News Release

ande Filo Mining: News Release Filo Mining
intersects 2.06% copper over 71 metres, 1.04 g/t gold over 42 metres and
565.1 g/t silver over 16 metres at the Filo del Sol deposit, confirms new
gold zone at Filo South. May 17, 2017: Filo Mining Corporation (TSX-V: FIL)
(Nasdaq First North: FIL) (“Filo Mining” or the “Company”) is pleased to
provide a summary of the overall results of the 2016 / 2017 program at the
Filo del Sol project, including the results of the final 14 holes from the
recently completed 41 hole drill program, and an outline of the next steps
for the project. The results released today continue to confirm and define
the shallow gold oxide and high-grade copper and silver zones in the Filo
del Sol deposit, and demonstrate the potential for significant new zones of
shallow oxide gold and copper mineralization one kilometre south of the
current resource at the Filo South zone. Please click here to view video
summary of today’s release. Please click here to view resource video. A
total of 8,616 metres was drilled in 41 holes during the exploration
program which was completed on March 28th. The results presented here are
from two areas: the Filo del Sol deposit and the Filo South zone.
Intersections from the Filo del Sol deposit are from infill holes contained
within the current Mineral Resource estimate, while those from the Filo
South zone are entirely outside the current resource. Unless otherwise
stated the results presented here are from the final 14 holes of the
program. For further information on earlier holes the reader is referred to
News Releases dated February 15, 2017 and April 10, 2017. Detailed drilling
results and a drill hole location map are included at the end of this
release. Filo Mining CEO Wojtek Wodzicki commented, “We had a very
successful exploration season at Filo del Sol. We believe that we have
enhanced the existing resource and have made a significant new discovery in
the Filo South area. Our drilling has demonstrated that we have an
important oxide gold zone in the upper part of the current resource. The
infill holes into the copper and silver zones have highlighted the
impressive grades and thicknesses present in the high-grade portions of
these zones. Today’s results set us up for an eventful second half of the
year. In the coming months we will incorporate this season’s drill results
into an updated resource estimate, and receive results from our phase 2
metallurgical program which will provide the information to begin
engineering studies during the third quarter.” Filo del Sol Deposit Infill
Drilling Successful Infill Program: The infill drill program was very
successful and is expected to convert a portion of the current Inferred
Resource to Indicated. Infill drilling continued to confirm the deposit
geometry, intersecting three discreet zones of mineralization. From top to
bottom these are a gold oxide zone, a high grade copper oxide zone and a
high grade silver zone. These three zones are underlain by primary sulphide
mineralization containing both copper and gold which remains open at depth.
This year’s drilling focused on definition of the upper three zones and
most holes were terminated at the contact with the underlying sulphide
mineralization. Hole VRC100 summarized below is a good example of a hole
which intersected all three zones. --

Gold Oxide Zone: 52 metres @ 0.51 g/t Au

--

Copper Oxide Zone: 60 metres @ 1.01% Cu and 0.24 g/t Au,

--

High grade Silver Zone: 34 metres @ 138.1 g/t Ag, including 16m @ 227.5 g/t
Ag.

Expanded gold oxide zone: The drill program expanded and further defined
the gold oxide zone, with 11 new intersections. This year’s drilling has
increased the dimensions of this zone to approximately 700 metres
north-south by 350 metres east-west. The intercepts from this year include
some of the best gold mineralization drilled at Filo del Sol to date and it
is anticipated that this zone will form an important part of the updated
resource estimate. Notable new results announced today include: -- VRC132:
42 metres at 1.04 g/t gold; --

VRC126: 20 metres at 0.82 g/t gold;

Confirmed high grade copper oxide zone: Beneath the gold oxide zone is a
discreet, high-grade copper oxide zone with associated gold. The copper
zone has a very sharp upper contact, often going from <0.10% Cu to >1.00%
Cu within less than a metre. The drill holes reported today are infill
holes that are expected to convert a portion of the Inferred Resource to
Indicated. Notable new results announced today include: --

VRC100: 60 metres @ 1.01% Cu, including 26 metres @ 1.56% Cu;

--

VRC123: 33 metres @ 0.50% Cu;

--

VRC125: 71 metres @ 2.06% Cu, including 30 metres @ 3.03% Cu;

--

VRC132: 28 metres @ 0.91% Cu;

Confirmed high grade silver zone: A flat-lying, stratiform silver-rich zone
underlies the copper oxide zone in most areas of the deposit. This zone has
been intersected over a north-south distance of 1.5 kilometres and an
east-west distance of 400 metres. Three of the holes announced today
intersected this zone within the current resource and are expected to
covert a portion of the Inferred Resource to Indicated. --

VRC100: 34 metres @ 138.1 g/t Ag, including 16 metres @ 227.5 g/t Ag);

--

VRC126: 20 metres @ 105.7 g/t Ag, including 6 metres @ 208.0 g/t Ag);

--

VRC132: 34 metres @ 285.1 g/t Ag, including 16 metres @ 565.1 g/t Ag).

Holes VRC100 and VRC126 were terminated in high-grade silver mineralization
due to drilling difficulties. New Discovery at the Filo South Area Drilling
in the Filo South area followed up on historic drill holes and more recent
surface trenches which intersected significant copper and gold
mineralization but were spaced too far apart to allow for correlation
between holes or an estimation of the size of the zones. Following this
year’s drilling Filo South is characterized by a variety of mineralized
intersections over an area of 1,000 metres north-south by at least 500
metres east-west. Mineralization appears to be related to the oxidized
upper portion of a significant porphyry system and is distinct from the
high-sulphidation epithermal mineralization at the Filo del Sol deposit
proper. Following this season’s drill program, mineralization in Filo South
has tentatively been subdivided into three zones: Filo South gold zone:
Drilling has started to outline an area of oxide gold mineralization
extending from the surface to an average depth of approximately 100 metres.
Drill holes VRC133 and VRC134 (see below), stepped out from historic hole
RCVI16 (116m @ 0.52 g/t Au) and previously announced VRC109 (94m @ 0.56 g/t
Au) and intersected broad zones of similar grade oxidized gold
mineralization: --

VRC133 56 metres @ 0.53 g/t Au from surface, including 0.88 g/t Au upper 16
metres.

--

VRC134 100 metres @ 0.57 g/t Au from 6 metres, including 28 metres @ 0.80
g/t

Together with RCVI16 and VRC109, these holes outline a continuous, shallow
oxide gold zone across approximately 400 metres in a northeast-southwest
direction (see attached section). To the northwest, the nearest hole,
located 200 metres away, is RCVI12 (18m @ 1.28 g/t Au starting at 4
metres). Additional drilling will be needed to fully define the size and
grade of this new zone. Filo SW copper zone: Previously released drill
holes VRC110, VRC111, VRC112, VRC113 and VRC119 followed up a shallow
copper oxide zone originally drilled in hole RCVI02 (40m @ 1.19% Cu). These
drill holes all intersected similar widths and grade, and are starting to
outline a zone with a strike length of at least 320 metres and possibly up
to 570 metres assuming continuity with a previous hole (VRC008 – 38m @
0.61% Cu) which is along trend to the southeast. These drill holes were
announced in a News Release dated April 10, 2017 and are included here as
part of the summary of the results of the whole program. Filo Northeast
copper-gold zone: Hole VRC103 (see April 10, 2017 News Release) discovered
a new area of copper mineralization which was followed up by hole VRC128,
collared 150 metres to the northwest. VRC128 was successful in intersecting
the copper zone, with 16 metres @ 0.87% Cu and 0.32 g/t Au. It is not yet
clear how the mineralization in this area relates to the other zones.
Mineralization at Filo South is not currently included in the current Filo
del Sol resource estimate, and it is anticipated that the upcoming resource
estimate will establish an initial resource for this high-priority area.
The newly discovered zones in the Filo South Area all remain open for
expansion and will require further drilling to fully delineate them Next
Steps --

Resource Update: We expect to complete an updated resource estimate
including all of this year’s drilling by the third quarter of 2017.

--

Metallurgical test work : Approximately 2.8 tonnes of material from the
oxide gold and copper zones were collected and submitted to SGS Lakefield
laboratory for column leach testing. Additional material from drill samples
was submitted for test work on the silver zone. Results are expected early
in the third quarter of 2017.

--

Internal Scoping Study : Once the resource update and metallurgical test
work is complete, we expect to do an internal scoping study that will
analyze various development options. The work is expected to be completed
during the third quarter allowing a decision on whether to proceed to a
Preliminary Economic Assessment early in the fourth quarter of 2017.

Drill Results FILO DEL SOL DEPOSIT INFILL
-------------------------------------------------------------
------------------------------------------------------------ HOLE-ID From
(m) To (m) Length (m) Au g/t Cu % Ag g/t VRC100 128 180 52 0.51 0.02 1.7
------------------------------------------------------------ incl 132 134 2
1.78 0.03 0.5 ------------------------------------------------------------
and incl 150 154 4 1.81 0.02 2.3
------------------------------------------------------------ and incl 172
174 2 1.18 0.02 1.5
------------------------------------------------------------ plus 236 296
60 0.24 1.01 1.8
------------------------------------------------------------ incl 246 272
26 0.29 1.56 1.6
------------------------------------------------------------ plus 296 330
34 0.22 0.38 138.1
------------------------------------------------------------ incl 308 324
16 0.22 0.50 227.5
------------------------------------------------------------ VRC122B 24 56
32 0.48 0.02 0.7
------------------------------------------------------------
------------------------------------------------------------ plus 208 234
26 0.70 0.03 3.4 VRC123 242 275 33 0.21 0.50 0.8
------...

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