Fenixoro completes soil sampling, magnetics on Abriaqui

2020-06-25 07:00 ET – News Release

Mr. John Carlesso reports

FENIXORO GOLD CORP PROVIDES EXPLORATION UPDATE AND ANNOUNCES COMPLETION OF FIRST TRANCHE WARRANT EXERCISE

Fenixoro Gold Corp. has provided an update on the phase 1 exploration program at its Abriaqui project in Antioquia, Colombia. The company has completed the preliminary portion of the phase 1 program. Soil sampling and ground magnetics have been completed and samples and data have been delivered for analysis.

Fenixoro’s vice-president, exploration, Stuart Moller, commented: “We are pleased with the swift progress our exploration team made in completing this first portion of the phase 1 program, particularly in the midst of the pandemic. We are particularly grateful for the support we have received from the local community of Abriaqui, the mayor’s office, and the State Secretaria de Minas to allow us to continue the program and provide local employment under safe protocols. Fieldwork during the first phase generated significant discoveries of manto-style mineralization (see press release June 3, 2020) and potential outcropping porphyry mineralization (see press release June 9, 2020) providing us with three distinct mineralization target styles.”

The company is awaiting a final permit to begin the drilling portion of phase 1. After submission in November the company expected the permit to be issued in the March time frame. Permit issuance has been impacted by the government shutdown during the COVID-19 crisis; however, government offices have restarted operations and the company is optimistic that the permit should be received shortly.

The principal target at Abriaqui is a series of over 80 closely spaced, Buritica-style high-grade gold veins, many of which have assayed over 20 grams per tonne gold and as high as 146 g/t gold. These veins occur in distinct corridors and are spaced metres to tens of metres apart. The veins and several areas of intervening stockwork mineralization will be the principal target of the upcoming 6,000-metre maiden drill program slated to begin in the summer of 2020 with each hole targeting multiple families of veins.

The company recently announced the discovery of a second style of mineralization consisting of replacement mantos in the sedimentary rocks flanking the main intrusion. The main occurrence is 15 to 25 metres thick with surface grab samples assaying up to 4.5 g/t gold. Detailed channel sampling will better define the average grade of the body.

A previous historical ground magnetics grid covering a small portion of the property indicated a north-south-trending magnetic anomaly, which could not be explained by known vein and replacement mineralization. Recent mapping, petrographic studies and rock chip sampling in the area of the anomaly have discovered small outcrops of types of gold-mineralized veining and rock alteration that are consistent with a porphyry-style system. The area is soil covered and has dense vegetation and known outcrops of this type cover only a small portion of the magnetic anomaly. The anomaly measures 700 metres north-south and is opening and strengthening beyond the limit of the present grid. The magnetometry program just completed covers a greatly expanded area and, along with additional soil sampling, will help to define relatively shallow drill targets, which could be incorporated into the phase 1 drill program.

Warrant exercise

The company is pleased to announce that all warrants expiring June 14, 2020, have been exercised in addition to nearly 90 per cent of warrants expiring July 10, 2020.

The company has now received proceeds of $1,128,590 from the warrant exercise. Of the 5.4 million warrants that were scheduled to expire July 10, 2020, with an exercise price of 15.5 cents, approximately 800,000 warrants remain unexercised. The company anticipates that these warrants will be exercised prior to their expiry within the next two weeks.

“We are very pleased to receive this vote of confidence from our shareholders and we are eager to continue delivering exploration results,” stated Fenixoro chief executive officer John Carlesso. “The proceeds from the warrants will continue to fund the balance of our phase 1 program, which is already well under way, including the maiden 6,000 m drill program for which approval is expected imminently.”

Technical information

Mr. Moller, a qualified person for the purposes of National Instrument 43-101, has prepared the technical portion of this press release. Mr. Moller is a professional geologist with 40 years of worldwide experience in mineral exploration including 10 years in Colombia.

About Fenixoro Gold Corp.

Fenixoro Gold 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 kilometres 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 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” (Dec. 5, 2019), the geological characteristics of Abriaqui and Buritica are very similar.

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