Abriaqui Overview

Commodity:   Gold (silver-copper)
Target Types:  Mesothermal veins, replacement mantos, porphyry- style mineralization
Location: Western Antioquia Department 100 km northwest of Medellin
Size:  547 ha

Highlights

  • Located just off the Panamerican Hwy, approx. 100 km NW of Medellín in Antioquia, Colombia, in a safe and stable jurisdiction with a rich history of mining.
  • Similar geologic setting to the 11+ million ounce Buritica deposit located 15 kilometres to the west (upper Miocene diorite intruding Cretaceous fine grained sediments).
  • Over 80 closely-spaced gold-bearing veins mapped and sampled with assays up to 146 g/t gold.
  • Three target types: 80+ gold-bearing, mesothermal veins exposed over 800 vertical meters with intervening areas of stockwork mineralization, replacement-style mineralization in float boulders, , and gold-mineralized potassic alteration probably related to a porphyry system.
  • Mapping with surface and underground sampling completed with preliminary magnetometry grid. Expansion of magnetometry and soil sampling underway with maiden drill program scheduled for summer 2020 (Corona virus permitting).

Land Package and Permitting

The 547 ha project area consists of three licenses and an application which cover 90% of known mineralization.  One license is wholly owned and there is an option to earn 90% of two with moderate work commitments. The underlying owners of these two licenses are members of a local mining cooperative.  The project has the full support of the cooperative as well as strong relationships with local and state-level governments.

The project is currently permitted for surface work including mapping, sampling and geophysics but drilling requires further permitting.  The company began a “sustraccion” of the area with Federal authorities in November of 2019 and a decision is expected shortly. Following this, a water use permit must be obtained from the regional environmental authority, Corpouraba. Fenix is optimistic that all permits will be obtained in time for the planned summer 2020 start of drilling (Corona virus permitting).

History

The Abriaqui project area is a stable, secure jurisdiction known for historic mining. It has not been subjected to armed disturbances of past decades. Gold production in the area has been mentioned since colonial times and artisanal-scale gold production can be documented for at least three generations. A local mining cooperative developed numerous small mines which have been in intermittent production during that period along with about 30 small water-driven arrastre mills which recover gold by gravity separation using no mercury or cyanide. The production from the mines/mills is legal and is monitored by the regional environmental authorities.

The great majority of the known veins were discovered by the artisanal miners over an 80-year period.  They developed mines with up to three levels of production with aggregate strike length of at least 2000 meters.  An initial period of geologic mapping, surface and underground sampling, and a preliminary program of ground magnetometry was completed between 2011-2012.  Fenix Oro began field operations in 2019.

Geology and Mineralization

The project area is near the northern end of a more than 200 km long NNW-trending belt of Upper Miocene age, intermediate composition stocks and plutons which hosts numerous gold and gold-copper deposits including sheeted veins (Buritica, Marmato) and porphyries (Nuevo Chaquiro, La Colosa).  This Middle Cauca belt has seen new discoveries totaling in excess of 80 million ounces of gold in the last 15 years.

Abriaqui shares many geological characteristics with the 11+ million ounce Buritica deposit located 15 km to the east.  These include the size and dioritic composition of the intrusive stock, the host sedimentary package, the abundance, close spacing, and +800m vertical extent of the gold-bearing veins, the presence of quartz stockwork between the veins, and alteration and geophysical signature typical of porphyry-style deposits.

At the prospect scale, the geology is characterized by an upper Miocene, diorite to quartz diorite stock of four by two km.  The stock intrudes siltstones and sandstones of the Cretaceous Penderisco Formation. This emplacement created a zone of hornfels characterized by moderate silicification up to 400m outward from the stock margin.

Three types of potentially economic mineralization are present on the property.

  • More than 80 mesothermal veins are present in the stock and hornfels zone in flanking sediments.  The veins range from 20-150 cm in width and crop out over 800 vertical meters.  They are characterized by a semi-massive pyrite-pyrrhotite +/- arsenopyrite-sphalerite-galena assemblage of sulfides.  High gold values are present throughout the entire vertical range of the vein outcrops with many veins assaying >20 g/t Au with a maximum of 146 g/t Au.  A significant portion of the gold is present as free gold as evidenced by the gravity recovery in the arrastre mills. The veins are spaced meters to tens of meters apart and in several areas interstitial outcrops show sulfide-bearing quartz stockwork mineralization with gold grades in the 1-5 g/t Au range.

  • A zone of gold-mineralized potassic alteration has recently been discovered in the lower elevations of the property.  This is characterized by veins and veinlets of quartz-magnetite and patches of veinlet-controlled secondary biotite. These characteristics are typical of gold-mineralized porphyry systems.  Ground magnetics indicate an anomaly in the area which is opening and strengthening into the area of potassic alteration.
  • Recently discovered replacement mantos developed in Penderisco sediments are currently being evaluated and provide an exciting possibility for future exploration.

Exploration to Date

The entire property has been mapped. Veins, stockwork and areas of potassic alteration have been sampled and assayed for multiple elements.  Over 300 samples have been taken from the veins, 15% of which grade in excess of 20 g/t Au. Significant anomalies also exist in copper and silver.

A four square kilometer grid of ground magnetics has been completed.  Data (reduced to the pole) indicate that the vein areas show no response but that the area of gold-mineralized magnetite-bearing alteration in the west-central part of the property show a significant magnetic anomaly.

Exploration Potential – Mineralization Models

 

The Abriaqui project area has excellent exploration potential for several mineralization types.  The veins crop out over 800 vertical meters with high gold grade and no significant changes in sulfide mineralogy or metal ratios throughout that interval.  There is no reason to believe that grade will lessen with depth. That fact, together with the close spacing of the veins and areas of interstitial gold-bearing stockwork, strengthen the comparison with Buritica where current modelling has identified 25-45 meter potentially underground-minable widths consisting of several veins plus intervening lower grade material (see Continental Gold Press Release on “BMZ4” May, 2019).  In the main EW and NW trending vein corridors at Abriaqui, each drill hole will intersect numerous veins with potential stockwork as shown in the graphic below.

The porphyry potential is significant in the potassic alteration zone.  In the schematic mineralization model we show the potentially economically mineralized porphyry shell as just breaching the current erosion surface as the outcrop area is small and is only exposed in the bottom of the main drainage.  Three- dimensional modeling associated with the upcoming expansion of the magnetics grid will help quantify the porphyry potential and phase one drilling (which is aimed principally at the veins) will test the upper 200+ meters of potential porphyry horizon.

Potential for replacement style mineralization is clearly present and grade and extent of that style are under evaluation.

Work Program

The current exploration campaign, begun in January of 2020, includes detailed alteration mapping, expansion of the area of geophysical coverage to cover the entire property, soil sampling with multi-element analysis on a 25 x 100 meter grid throughout the mineralized area, and detailed channel sampling of the manto outcrops.  A two-phase, 6000-meter diamond drilling program is expected to commence after the permitting exercise in summer 2020. It will concentrate on the main area of vein development in the western part of the prospect. The program will be modified appropriately to test the porphyry potential based on the results of the geophysical program.

References

Continental Gold Inc, 2016, Buriticá Project NI 43-101 Technical Report Feasibility Study Antioquia, Colombia, Continental Gold Website

Continental Gold Inc, 2019,  May 16, 2019 Press Release, “Drilling at Continental Gold’s Buriticá Project Discovers BMZ4, a New High-Grade and Broad Mineralized Zone”

Continental Gold Inc, 2019, September 25 Press Release, “Continental Gold Commences Deepest Drill Hole to Date Targeting High-Grade Vein Extensions and the Porphyry Feeder at Buriticá”

Robinson, S. D., 2019, NI 43-101 Technical Report on the Abriaqui Project, Antioquia State, Colombia

Shaw, R. P.  Leal-Mejia, H., Melgareho i Draper, J. C, 2019, Chapter 6,   Phanerozoic Metallogeny in the Colombian Andes: A Tectono-Magmatic Analysis in Space and Time, in: Cediel, F. and Shaw, R. P., eds., Geology and Tectonics of Northwestern South America, Springer Nature Switzerland

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