FenixOro Provides Progress Update on Phase 1 Drilling at Abriaqui

TORONTO, Jan. 26, 2021 (GLOBE NEWSWIRE) -- FenixOro Gold Corp (CSE:FENX, OTCQB:FDVXF, Frankfurt:8FD) is pleased to provide an update on its Phase 1 diamond drilling program at its Abriaqui project in Antioquia State, Colombia.

Holes P005-P008 have now been completed. Drilling has continued to progress smoothly, and core recovery continues to be excellent. Assay return slowed over the Christmas break and the Company expects to begin receiving results from the lab shortly, continuing for the next several weeks.

FenixOro CEO John Carlesso stated: “The month of January was extremely productive and we anticipate a busy upcoming several weeks receiving and analyzing assay results from Holes 5,6,7 and 8. As we build on the preliminary results received to date, we expect that these new results will provide greater confirmation of the surface extent, depth continuity, and grade of the veins in this initial drill area, which represents less than one-third of the known mineralization of the property package. Our team remains very encouraged with how the program is progressing.

Phase 1 drilling began in early October of 2020 and has been focused on the most accessible part of the property which has over 40 mapped veins developed in northwest and east-west trending corridors 600-1200 meters long and 300-400 meters wide (Figure 1). Press releases dated November 24 and December 17, 2020 presented results from the first four holes which included numerous high grade vein intersections, principally on the northwest trending family of veins, as well as thicker intervals of lower grade gold mineralization on the east-west trend (incl. 7.75m @ 1.53 g/t in hole P004). Intercepts up to 71 g/t gold extended the known vertical range of high grade gold at Abriaqui to over 1000 meters in outcrop and drill holes. The mineralization remains open at depth. Vein mineralization is well developed in all rock types, including the diorite stock and hornfels in sediments up to 400 meters outward from the intrusive contact.

Hole P005 tested the depth extension of the main northwest trend 400 meters northwest of P001. P006, P007, and P008 tested the northern end of the vein system. P008 was drilled at a steeper angle to get underneath unanticipated historical mine workings on four near surface veins which were encountered in the upper parts of P005 and P006. Numerous visually mineralized quartz-carbonate-sulfide veins and breccia zones were intersected in these holes similar to those seen in P001 that assayed high-grade gold.