FenixOro Discovers New Zone With Multiple High Grade Veins, Intercepts 124.5 g/t Gold - Seite 2

Hole P005 was drilled to the south at a -45 degree angle to test the 350 meter wide NWC which was intersected in P001. As previously reported, nine veins were cut in P001 including 4.14m @ 5.08 g/t and 1.3m @ 28.18 g/t (summarized in Table 1). A principal goal of P005 was to test the newly named Santa Teresa Vein system in an area of significant historical mining about 450 meters northwest of the original intersection in P001. Due to significant deviation of the 750 meter hole, the intersection missed the original target and the realized vein intercept was modest. However, near the bottom of the hole, a 1.35 meter intercept at 12.28 g/t extends the length of the deepest vein in P001 150 meters to the northwest. This intersection, the deepest to date at Abriaqui, also extends the known vertical range of high grade gold mineralization to over 1200 meters.

In the upper 60 meters of both P005 and P006 multiple open spaces were intersected, some of which were filled with old mining debris (Figure 1 and Table 1). These represent old mined out areas on a set of closely spaced veins at the western end of the EWC. No vein samples were available in the open spaces but the veins obviously had high enough gold grade to attract the efforts of artisanal miners from prior generations. Hole P008 was drilled at a steeper angle to test the veins underneath the old workings but it too intersected open spaces. These particular historical mines were previously unknown and are some of the deepest ever developed in the district. The close vein spacing mirrors that in hole P003 where 24 veins were intersected within the 250 meter wide EWC.

Final results for holes P007 and P008 are expected shortly and will be reported when available. The Phase 1 diamond drilling program has been finished and the drill was demobilized in early February. Final assaying is underway, and all results are expected by the end of February. With the proceeds from the recent financing successfully closed, the Company is well-positioned to commence the next phase of drilling in early March.

Figure 1. Intercepts > 1 g/t gold in holes P001 – P006: https://www.globenewswire.com/NewsRoom/AttachmentNg/29595d03-3ab6-4cbc ...

Table 1. Drill intercepts from holes P001, P005, and P006: https://www.globenewswire.com/NewsRoom/AttachmentNg/e89a408b-70eb-4c3a ...

Technical Information

Stuart Moller, Vice President Exploration and Director of the Company and a Qualified Person for the purposes of NI 43-101 (P.Geo, British Colombia), has prepared or supervised the preparation of the technical information contained in this press release. Mr. Moller has more than 40 years of experience in exploration for precious and other metals including ten in Colombia and is a Fellow of the Society of Exploration Geologists.