FenixOro Discovers New Zone With Multiple High Grade Veins, Intercepts 124.5 g/t Gold

TORONTO, Feb. 24, 2021 (GLOBE NEWSWIRE) -- FenixOro Gold Corp (CSE:FENX, OTCQB:FDVXF, Frankfurt:8FD) is pleased to announce drill results from holes P005 and P006 from its recently completed 4029 meter Phase 1 diamond drilling program at the Abriaqui project in Colombia. Highlights include:

• Hole P006 intersected 7.7 meters at 8.46 g/t gold including 0.45 meters at 124.5 g/t beneath a strong soil anomaly. This is the highest individual assay received from the drilling to date. A second vein in P006 ran 0.75 meters at 14.45 g/t gold
  
• Seven veins were intersected in P005 including 1.35 meters at 12.28 g/t gold.   This intercept is the deepest to date at Abriaqui and it extends the proven vertical range of high grade mineralization to more than 1200 meters.
  
• The deepest intersection in P005 demonstrates a previously unknown connection of mineralization to the intercept at the bottom of Hole P001. This mineralized trend, southwest of and parallel to the main Santa Teresa Vein, connects Holes 1 to 5 with a surface extension of at least 150 meters
  
• The upper 60 meters of both holes had multiple open spaces representing previously unknown historical mining of closely spaced veins.
  

FenixOro CEO John Carlesso stated: “These results are a very positive development as they open several new exciting possibilities for our drilling program. Hole 6 represents an area of previously unknown high grade gold mineralization demonstrating both the highest grades and the widest zones drilled to date. Extensions of the parallel trend to the main Santa Teresa Vein add significant potential to the northwest block, which will be a focus of Phase 2 drilling. We have now extended the known vertical extent of the veins to at least 1200 meters and it’s still wide open at depth. While we are very pleased with the success realized to date, we are truly just beginning to understand the potential of Abriaqui.”

As seen in Figure 1, Hole P006 was drilled to the south from the same platform as P005 to test the area between the northwest trending vein corridor (NWC) and the east-west trending corridor of veins (EWC) described in the press release of February 22, 2021. Two significant veins were intersected: 0.75 meters at 14.45 g/t gold and 7.70 meters of 8.46 g/t gold. The second vein represents the best combination of grade and thickness drilled to date. The core of the intercept is a single sample containing 124.5 g/t over 0.45 meters and it is flanked by several meters of veinlet style mineralization.