Mobilization: Drilling Equipment Arrives at Abriaqui Project
September 25 2020 - 10:39AM
FenixOro Gold
Corp (CSE:FENX, OTC:FDVXF,
Frankfurt:8FD.F) is pleased to announce
that Logan Drilling has mobilized to site for the commencement of
the Phase 1 drill program at the Abriaqui Project in Colombia.
The principal target at Abriaqui is a series of
over 80 high grade, “Buritica-style” gold veins. These veins, which
have been worked for over 80 years by FenixOro’s partner, a local
mining cooperative, will be the primary focus of the drill program.
Many of the vein sets have sampled higher than 20 grams per tonne
gold to a maximum of 146 grams per tonne. Additionally, the
potential for porphyry-style gold mineralization was recognized
earlier this year with the discovery of a small surface outcrop of
magnetite-bearing potassic alteration.
The Company will issue a comprehensive news
release announcing when drilling has officially begun.
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. The property
is drill-ready pending finalization of the government permitting
process.
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
Corp
350 Bay St. Suite 700
Toronto, ON
Telephone: 1-833-ORO-GOLD
Email: info@FenixOro.com
Website: 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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