FenixOro Identifies Potential Bulk Tonnage Exploration Target at Abriaqui

TORONTO, Feb. 22, 2021 (GLOBE NEWSWIRE) -- FenixOro Gold Corp (CSE:FENX, OTCQB:FDVXF, Frankfurt:8FD) is pleased to announce the recently received results of additional infill sampling of core from drill holes P001 – P004. The eight-hole, 4029 meter Phase 1 drilling program has been finished at Abriaqui and final assays are awaited for holes P005 – P008. Highlights of the new results include:

• New discoveries increase the number of vein structures, and decrease the average spacing of veins underground to outline a potential bulk tonnage exploration target area 400 – 500 meters long and 250 meters wide.
  
• Six additional intercepts in P003 with grades up to 13.2 g/t gold bring the total in that hole to 24 veins within the 250 meter wide East-West Corridor (EWC).
  
• A new 3.85 meter intercept in hole P001 lends additional confirmation that the main northwest trending vein corridor (NWC) is the principal zone of interest in the area drilled to date.
  
• Two additional vein intercepts in hole P002 further validate the use of surface soil sampling as a drill targeting technique and expand the area of potential along the EWC.
  

The Phase 1 diamond drilling program has been finished and the drill was demobilized in early February. Final core logging, sampling, and assaying are underway, and all results are expected by the end of February.

The initial results for holes P001 – P004 were reported in press releases dated November 24 and December 17, 2020. They were based on the initial sampling of the most visually promising core intervals in the holes. The current results, shown in the bold font in Table 1, come from numerous zones with less visually obvious mineralization which were not prioritized the first time through the core.  

FenixOro CEO John Carlesso commented: “Though the high grade veins are clearly the highest priority for Phase 2 drilling, we are pleasantly surprised by the prospect of an additional bulk tonnage target in an area of lower grade but more tightly spaced veins. As additional assay results are received, we continue to gain a more subtle understanding of the mineralization of the project. We remain very encouraged by the potential at Abriaqui.

As seen in Figure 1, mapped veins in the area of P003 and P004 form a corridor of east-west trending structures 400-500 meters long and 250 meters wide (the EWC). Core samples from drilling have significantly tightened the average spacing of veins underground, originally believed to be roughly 40 meters after surface mapping and sampling. The colored dots along the trends of the holes represent individual 1+ g/t gold samples in core projected vertically to the surface. This tighter spacing of veins raises the possibility of a bulk-tonnage exploration target in the area of the EWC, an idea to be tested in future drilling.