FenixOro Launches Drill Program at Abriaqui

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September 30, 2020 TORONTO, ON 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.

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