TORONTO, ON June 3, 2020 FenixOro Gold Corp (FENX:CSE) is pleased to announce the discovery of a potentially significant, new style of mineralization at its Abriaqui Project in Antioquia, Colombia. The Company recently announced that it had commenced its Phase 1 exploration program and received an exemption from COVID work restrictions.
The principal target developed at Abriaqui is a series of over 80 known, closely spaced, “Buritica style” high grade gold veins many of which have assayed greater than 20 g/t gold and as high as 146 g/t gold. These veins are developed in east-west and northwest trending corridors and are spaced meters to tens of meters apart. Several areas of interstitial quartz veinlet and stockwork mineralization grading 1-5 g/t gold have been mapped between the veins. The 6000-meter maiden drill program at Abriaqui, slated to begin in Q3 2020, will test these families of veins and stockwork with each hole targeting multiple veins.
During the course of recent geologic mapping, FenixOro geologists have noticed several areas of float in a different mineralization style characterized by quartz-pyrite replacement of the sedimentary rocks which flank the diorite intrusion which hosts the majority of the veins. Recently, a large outcrop of this mineralization style was found near the intrusive margin. The stratabound mineralization is developed in a sequence of siltstone and sandstone of the Penderisco Formation of Cretaceous age. Certain beds of this sedimentary unit have been selectively replaced with the principal outcrop indicating a mineralized thickness of 15-25 meters (see photos in Gallery section at https://fenixoro.com/abriaqui/.
The outcrop is approximately 50 meters long and is fault bounded at each end. The orientation of the beds with respect to the intrusive margin suggests that this stratigraphic horizon could have multiple occurrences and be present at relatively shallow depth in several other areas of the property .
The area is very steep and difficult to access so rigorous channel sampling of the outcrop has not yet been completed but grab samples of representative material assay up to 4.5 g/t gold with anomalous silver, lead and zinc. Extensions of the mineralization style are expected, and ongoing exploration includes soil sampling and detailed mapping of the margins of the intrusion.
FenixOro VP Exploration Stuart Moller stated: “The discovery of the replacement style mineralization at Abriaqui is potentially very important and, even at this early stage of exploration, we feel this discovery is material given the tonnage and grade potential. The vein areas are clearly the first priority for drilling. While the manto is not currently scheduled for early drill testing. the rigorous channel sampling program soon to begin will characterize the grade and potential economic impact of the body and help to prioritize areas for the next phase of drilling.”
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.
Fenix’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.
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.