FenixOro Gold
Corp (CSE:FENX, OTCQB:FDVXF, Frankfurt:
8FD) is pleased to detail the objectives of its maiden
diamond drilling program at Abriaqui. The Phase 1 program,
initiated on September 26, will include 4500 of the budgeted and
fully funded 6000 meters of the initial program. Objectives of the
program are a first phase test of the sequence of mesothermal veins
and geophysical anomalies in the northwestern part of the project
area. As part of its ongoing local community initiative a
geotechnical program utilizing the same drill holes will determine
rock quality for a road upgrade in cooperation with the
Municipality of Abriaqui.
VP Exploration Stuart Moller noted “We are very pleased to pass
this most significant milestone in Company history and enter an
exciting phase for our investors and stakeholders. The work
completed to date has generated a significant suite of anomalies
and multiple new targets throughout both the northwest and
southeastern areas of the project. We expect that these targets
will keep our exploration team occupied well beyond this first
phase of drilling and subject to lab turnaround we anticipate
having the first drill results available in the coming weeks.”
FenixOro CEO John Carlesso added: “The start of drilling
represents the culmination of an incredible effort by our entire
team, and particularly our Colombian management group. We have
navigated the permitting process, completed a tremendously
successful preliminary exploration program and are now commencing
the drilling phase, all in the midst of a global pandemic. I am
extremely proud of the professionalism and excellence our group has
demonstrated in a very challenging time.”
Vein targets: The Abriaqui Project is located
on one of the most prolific belts for the discovery of new gold
deposits in the past ten years. The principal objective of the
drilling is to test several families of “Buritica style”
sub-vertical, high grade, mesothermal gold veins present in
northwest and east-west trending corridors up to 400 meters wide
and 1200 meters long. As reported in previous press releases, many
of the 80+ known veins grade over 20 g/t gold over
a vertical outcrop interval of more than 800 meters. Consistency in
metal ratios and mineralogy, along with the lack of vertical
zonation in gold grade over this thick vertical interval is typical
of mesothermal veins and strengthens the conclusion that drilling
will provide similar gold grades at depth. While veins
are spaced meters to tens of meters apart, between the veins there
is lower grade stockwork type mineralization present in several
areas of surface and underground exposure. This mineralization
style is reminiscent of the “Broad Mineral Zones” at the
neighboring 11+ million ounce Buritica deposit (Continental Gold
Press Releases February 12, 21, and March 1, 2019). As previously
reported Stuart Moller led the discovery team at Buritica and
drilled the first 270 holes.
Potential porphyry target: An
additional important target to be drill tested is a large magnetic
anomaly which has been modelled as continuous from surface to a
depth of 700 meters, having an area of one square kilometer (see
Press Release dated August 27, 2020). Small outcrops of magnetic
potassic alteration with veinlets carrying up to 1.1 g/t
gold found in an up-thrown fault block on the north edge
of this anomaly may be indications that the magnetic body is a
buried mineralized porphyry system.
Many new targets generated by soil sampling:
The targets to be drill tested have been defined by surface and
underground mapping and sampling, ground magnetics, and soil
sampling in areas of dense vegetation and soil cover. As seen in
Figure 1, soil samples taken over areas of known vein
mineralization give significant anomalies of 100 - 1000+
ppb gold. Numerous areas between known veins give soil
anomalies of similar magnitude suggesting the possibility that
there is potential for the discovery of additional veins and/or
stockwork mineralization in close proximity to the known vein
families. In the main vein area, the +100 ppb gold contour shown in
Figure 1 encloses an area of 600 x 800 meters.
Program objectives: The program priorities are
to test the depth extension of high gold grades in the principal
vein families, to test as many of the veins as possible in broadly
spaced drilling to a depth of 250-300 meters below surface, to test
areas of intersection of NW and EW trending vein corridors, to test
for lower grade interstitial mineralization, and to test the
magnetic anomaly for possible porphyry style mineralization. The
first ten holes are planned from four platforms at an average depth
of 450 meters. These will be angled at 45-60 degrees from the
horizontal in order to drill across the vein corridors with each
hole intersecting multiple veins and any interstitial stockwork
mineralization. As shown in Figure 1 and Table 1, more than 40 of
the 80+ known veins will be tested in Phase 1 along with several of
the largest soil anomalies. Hole D1 will test the magnetic anomaly
along with the high grade Romperopa vein system. Five of the
planned holes will be angled under the trace of the existing dirt
road along the valley floor where the Municipality of Abriaqui is
planning a road upgrade. As part of its ongoing community
initative, FenixOro will provide geotechnical logging to help
determine rock quality at its own cost in a cooperative program
with local government.
Additional discoveries of
new targets in the
southeast area of the project: The southeast area of the
project is relatively more remote with slightly more challenging
access, however it holds numerous targets with over 30 historical
small mines working 20 known veins. The sampling program has
delineated numerous unexplained soil gold anomalies and ground
magnetometry has identified two unexplained magnetic anomalies that
appear very similar to the large porphyry target in the northwest
area of the project.
A figure accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/1212be26-afc1-4b1f-b68d-0c55b0b95f74
Table 1. Targets for Phase 1
Drilling |
Hole |
Number of |
Additional Targets |
|
Veins Targeted |
|
|
|
|
A1 |
5 |
intersection of NW/EW vein families; 1 g/t soil anomaly |
A2 |
8 |
intersection of NW/EW vein families; 1 g/t soil anomaly |
A3 |
5 |
intersection of NW/EW vein families; soil anomaly |
|
|
|
B1 |
8 |
soil anomaly between NW/SE vein families |
B2 |
4 |
soil anomaly between NW/SE vein families |
|
|
|
C1 |
7 |
NW edge of magnetic anomaly |
C2 |
5 |
250 linear meters of unexplained soil anomalies |
C3 |
2 |
significant soil anomaly |
|
|
|
D1 |
3 |
high grade vein family; main magnetic anomaly |
D2 |
3 |
soil anomalies |
About FenixOro
Gold Corp.
FenixOro Gold Corp is a Canadian company focused
on acquiring gold projects with world class exploration potential
in the most prolific gold producing regions of Colombia. 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 which
has seen multiple large gold discoveries in the past 10 years
including Buritica and Anglo Gold’s 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 very
similar. The report also documents the high gold grade at Abriaqui
with samples taken from 20 of the veins assaying greater than 20
g/t gold. Abriaqui has not yet been drilled but surface and
underground geological mapping and sampling as well as a
preliminary magnetometry survey have been completed.
FenixOro’s VP of Exploration, Stuart Moller, led
the discovery team at Buritica for Continental Gold in 2007-2011.
The Buritica Mine currently contains measured plus indicated
resources of 5.32 million ounces of gold (16.02 Mt grading 10.32
g/t) plus a 6.02 million ounce inferred resource (21.87 Mt grading
8.56 g/t) for a total of 11.34 million ounces of gold resources.
Buritica is scheduled to commence production in 2020 with annual
average production of 250,000 ounces at an all-in sustaining cost
of approximately US$600 per ounce. Resources, cost and production
data are taken from Continental Gold’s “NI 43-101 Buritica Mineral
Resource 2019-01, Antioquia, Colombia, 18 March, 2019”).
Continental Gold was recently the subject of a takeover by Zijin
Mining in an all-cash transaction valued at C$1.4 billion.
FenixOro Gold
Corp350 Bay St. Suite 700Toronto, ONTelephone:
1-833-ORO-GOLDEmail: info@FenixOro.comWebsite: www.FenixOro.com
Technical Information
The comparison between Abriaqui and the nearby
Buritica project is meant only to indicate the similarities between
the two in terms of geological setting. FenixOro does not imply
that exploration results and/or economic characteristics of a
potential future mine at Abriaqui will be similar to those seen at
Buritica. The sampling done at Abriaqui is in the form of rock chip
and channel samples on surface and in shallow underground workings
on vein exposures. The samples were prepared and analyzed at ALS
laboratories in Medellin and Lima respectively. Samples were taken,
prepared, shipped and analyzed following, industry standard QA/QC
protocols and were submitted with certified reference
standards.
Stuart A Moller, P. Geol. (British Colombia)
Vice President of Exploration of FenixOro and a Qualified Person
for the purposes of National Instrument 43-101, has reviewed and
approved the technical information contained within this press
release. Mr, Moller is a geologist with over 40 years of experience
in world-wide mineral exploration including 10 years in
Colombia.
Cautionary Statement on Forward-Looking
Information
This news release contains certain
"forward-looking information" within the meaning of applicable
Canadian securities legislation and may also contain statements
that may constitute "forward-looking statements" within the meaning
of the safe harbor provisions of the United States Private
Securities Litigation Reform Act of 1995. Such forward-looking
information and forward-looking statements are not representative
of historical facts or information or current condition, but
instead represent only the Company's beliefs regarding future
events, plans or objectives, many of which, by their nature, are
inherently uncertain and outside of FenixOro's control. Generally,
such forward-looking information or forward-looking statements can
be identified by the use of forward-looking terminology such as
"will", "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 may contain statements that
certain actions, events or results "may", "could", "would", "might"
or "will be taken", "will continue", "will occur" or "will be
achieved". The forward-looking information and forward-looking
statements contained herein include, but are not limited to
information concerning the Abriaqui. Although FenixOro believes
that the assumptions and factors used in preparing, and the
expectations contained in, the forward-looking information and
statements are reasonable, undue reliance should not be placed on
such information and statements, and no assurance or guarantee can
be given that such forward-looking information and statements will
prove to be accurate, as actual results and future events could
differ materially from those anticipated in such information and
statements. In particular, there is no guarantee that Abriaqui will
be drilled or produce viable quantities of minerals, that the
Company will pursue Abriaqui or that any mineral deposits will be
found.. The forward-looking information and forward-looking
statements contained in this news release are made as of the date
of this press release, and FenixOro does not undertake to update
any forward-looking information and/or forward-looking statements
that are contained or referenced herein, except in accordance with
applicable securities laws.
Neither the Canadian Securities Exchange nor its
Market Regulator (as defined in the policies of the Canadian
Securities Exchange) accept responsibility for the adequacy or
accuracy of this release.
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