Economic network

FenixOro Gold begins drilling on the very promising southeast block

TORONTO, Jan. 19, 2022 (GLOBE NEWSWIRE) — FenixOro Gold Corp (CSE: FENX, OTCQB: FDVXF, Frankfurt: 8FD) is pleased to announce that a second drill rig has been mobilized to begin exploration drilling on the highly prospective southeast block.

  • The southeast block has a major major soil anomaly with a length of 600 m containing more than 1 g/t gold in the soils. In drilling to date, ground anomalies have been an excellent indicator of the presence of high-grade gold structures where there are no visible surface outcrops.
  • The southeast block contains the highest-grade channel sample on the entire project, 146 g/t gold taken from inside a historic artisanal mine
  • The Southeast Block veins are exposed at an elevation of nearly 2800 m, adding at least 400 m of additional vertical potential at the scale of the deposit
  • The southeast veins have a significantly higher silver content than the northern block, adding another potentially interesting element
  • Specific targets in the southeast permit include a series of north-west and east-west trending gold veins that appear similar in scale to those to the north

FenixOro VP Exploration Stuart Moller said: “We are very pleased to be back in pure exploration mode in the southern block on some of Abriaqui’s most promising sites. Preliminary exploration data is extremely promising and has generated very large target areas which we know have historically produced high grade gold. With two drills now in operation, the drilling rate and the frequency of assay results will increase. We certainly have a very busy and exciting first half of the year ahead of us. »

This next phase of drilling will focus on large scale reconnaissance drilling of all new targets. As shown in Figure 1, a four hole pattern will test a series of NW and EW trending veins near the area currently being drilled. Several of these veins have gold grades of more than 20 g/t in shallow mining workings. A second array of holes one kilometer to the southeast will provide the first drill test of a second group of highly prospective veins. Soil sampling indicates that there may be many more veins in the area than shown in the figure and the largest may be over 600 meters long. The veins are exposed at a higher elevation than those to the northwest (an average of 2500 meters versus 2100 meters) giving them a minimum of one vertical kilometer of mineralization potential. The geochemical signature in the area is different, with equal grade gold being accompanied by significantly higher silver content (silver to gold ratio of 16 vs. 1.5) with higher copper and lead content.

To date, the 15 holes totaling over 7,000 meters of drilling at Abriaqui have focused on evaluating dozens of veins in the northwest part of the property (Figure 1). Two main corridors of northwest and east-west trending veins have been delineated by mapping, soil sampling, ground magnetism and diamond drilling. The most prominent veins in the northwest corridor appear to have continuous gold mineralization along 500 to 800 meters strike and a minimum of 700 vertical meters and all veins are open at depth. The thickness of these main veins varies up to 15-20 meters and the gold grades vary from 2-20+ g/t with a silver/gold ratio of approximately 1.5/1. These main vein families in the northwest were drilled at an average spacing of 200 meters along strike and their geometry is fairly well understood.

Technical informations

Stuart Moller, Vice President Exploration and Director of the Company and Qualified Person for the purposes of NI 43-101 (P.Geo, British Columbia), has prepared or supervised the preparation of the technical information contained in this press release. Mr. Moller has more than 40 years of experience in precious and other metals exploration, including ten in Colombia, and is a member of the Society of Economic Geologists.

Drill core sampling is done in accordance with industry standards. The core of HQ and NQ diameter is sawn and half cores are submitted to the laboratory. The other half core along with the laboratory coarse reject material and pulp samples are stored in secure facilities on site and/or in the sample preparation laboratory. Following strict chain-of-custody protocols, samples are routed to ALS Laboratory’s ISO 17025:2017 certified sample preparation facility in Medellin and ALS ships prepared pastes to their analytical laboratory in Lima, Peru. Blanks, duplicates and certified reference standards totaling 15% of the total samples are inserted into the sample stream. To date, no material quality control issues have been detected. Gold is assayed by fire assay with 50 gram loads for grades above 10 grams per tonne and additional elements are assayed by ICP with appropriate follow-up for exceedances.

Reported grade intervals are calculated using uncut gold values. The maximum sample length is one meter. Intervals that include multiple samples are calculated using the full geological interval of mineralization and are not subject to specific rules for cut-off grades and internal low grades. Thus, the quoted thickness and grade of these intervals do not necessarily represent optimized economic intervals in a potential future mine. Reported sample and interval widths are based on individual sample lengths in core and do not necessarily represent actual widths of mineralization. True widths will sometimes be less than quoted interval lengths.

There are currently no NI 43-101 compliant resources or reserves in the project area. The analysis of the drill results aims to estimate the future resource potential which will require significant additional drilling to define.

About FenixOro Gold Corp.

FenixOro Gold Corp is a Canada-based company focused on acquiring and exploring gold projects with world-class exploration potential in Colombia’s most prolific gold-producing regions. FenixOro’s flagship property, the Abriaqui project, is located 15 km west of Continental Gold’s Buritica project in Antioquia State, at the northern end of the Mid-Cauca gold belt, a geological trend that has seen several major gold discoveries over the past 10 years including Anglo Gold’s Buritica and Nuevo Chaquiro and La Colosa. As documented in “NI 43-101 Technical Report on the Abriaqui project Antioquia State, Colombia” (December 5, 2019), the geological characteristics of Abriaqui and Buritica are similar. The report also documents the high gold grade at Abriaqui with samples taken from 20 of the veins grading over 20 g/t gold. Since the preparation of this report, a phase 1 drilling program has been carried out at Abriaqui following surface and underground geological mapping and sampling, as well as a magnetometric survey.

FenixOro’s Vice President of Exploration, Stuart Moller, led the Buritica discovery team for Continental Gold in 2007-2011. At the time of its last public report, the Buritica mine contains measured and indicated resources of 5.32 million ounces of gold (16.02 Mt grading 10.32 g/t) plus an inferred resource of 6.02 million ounces (21.87 Mt grading 8.56 g/t) for a total of 11.34 million ounces of gold resources. Buritica began official production in November 2020 and expects an average annual production of 250,000 ounces at an all-in sustaining cost of approximately US$600 per ounce. Resource, cost and production data are taken from Continental Gold’s “NI 43-101 Buritica Mineral Resource 2019-01, Antioquia, Colombia” (March 18, 2019). Continental Gold was recently taken over by Zijin Mining in an all-cash transaction valued at C$1.4 billion.

Forward-looking information

This press release contains certain forward-looking information. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. Specifically, this press release contains forward-looking information regarding the significance of the Phase 1 drilling results at the Abriaqui Project, conclusions as to the resource potential derived from this dataset, potential results from the phase 2 and implicit assumptions about the potential future. economic viability of reported gold grades and vein thicknesses. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. Although FenixOro has no reason to believe otherwise, there can be no assurance that the planned drilling program will be completed, as uncertainties exist regarding future project financing and future environmental permits. Although FenixOro has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information, there may be other factors that cause results not to be those anticipated, estimated or planned. Accordingly, readers should not place undue reliance on forward-looking information.

FenixOro Gold Corp

John Carlesso, CEO
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Phone: 1-833-ORO-GOLD