FenixOro Intercepts 71 g/t Gold and Discovers Multiple New Gold Bearing Veins at Abriaqui

TORONTO, Dec. 17, 2020 (GLOBE NEWSWIRE) -- FenixOro Gold Corp (CSE:FENX, OTCQB:FDVXF, Frankfurt:8FD) is pleased to announce additional high grade intercepts and the discovery of new, previously unknown gold bearing veins at the early stage Abriaqui Project in Antioquia State, Colombia. These assays represent additional results from hole P001001 and preliminary results from holes P002001, P003002 and P004002. Highlights include:

• A total of nine veins were intersected in P001001 with previously unreported intercepts including:
  °  1.30 meters at 28.18 g/t gold from 381.7 meter depth including
  °  0.50 meters at 71.9 g/t gold and 60.2 g/t silver
• Ten additional veins intersected in holes 002-004 with grades up to 18.55 g/t gold. Four additional zones 7 meters to 10 meters thick intersected lower grade gold
• Six of the veins drilled in holes 002-004 were virgin discoveries targeted by gold-in-soil anomalies. These new discoveries validate the soil sampling technique in this weathering environment and significantly increase the prospectivity of many areas throughout the property that have no known or visible mineralization.
• Drilling to date has tested only about 20% of known mineralization to a depth of only 350 meters below surface. Many high grade vein targets are yet to be tested, along with additional areas of replacement and porphyry style gold potential.

Principal take-aways from the initial drill results to date include:

• The high grades seen in shallow mine sampling throughout the property have been proven at depth and the total vertical extent of high grade in veins has been extended to more than 1000 meters.
• There is no indication that high grade in veins is diminishing at depth as one of the deepest intercepts to date runs 71.9 g/t gold.
• The potential for high grade gold can be estimated from the extensive distribution of small mines (see Figure 1) as the artisanal miners only worked areas of highest grade given their primitive free gold recovery technology.
• The soil sampling technique has been validated by several newly discovered veins in holes 002-004. This puts numerous additional areas into play property-wide (see Figure 2 and Press Releases of August 19 and October 22, 2020).
• The presence of four thicker mineralized zones characterized by intense quartz-carbonate veining and hosted by three different rock types bodes well for future discoveries in multiple environments.