FenixOro Extends Known Strike Length of Main Vein Family to 1400m, Intercepts Additional High Grade Gold

TORONTO, March 15, 2021 (GLOBE NEWSWIRE) -- FenixOro Gold Corp (CSE:FENX, OTCQB:FDVXF, Frankfurt:8FD) is pleased to announce final drill results from holes P007 – P009 from its recently completed 4029 meter Phase 1 diamond drilling program. These results have some important positive implications for the Company’s understanding of the vein system at its Abriaqui project in Colombia. Highlights include :

• Hole P008 intersected 3.65 meters @ 5.40 g/t gold including 0.25m @ 71 g/t in veins that correlate with mined-out voids in P005 and P006.
• The mined out voids, 4 zones totaling 13.2 meters in Hole P005 and one zone of 1.6 meters in Hole P006, show potential to positively impact the results from these holes in a significant way (Press Release February 24, 2020). The combination of this newly discovered historical mining area with the results already received (7.7 meters @ 8.46 g/t gold incl 0.45 meters at 124.5 g/t in hole P006) confirm this as an exciting new area deserving further exploration.
• P009 was drilled across the northwest trending vein corridor (NWC) 500 meters to the southeast of P001. Veins intersected in P009 are many of the same intersected in P001 and extend the strike length of the NWC to a minimum of 1400 meters
  

FenixOro Vice President of Exploration Stuart Moller commented “These final results cap off a highly successful maiden drill program at Abriaqui. The intercept in P008 indicates that the multiple void spaces in holes P005 and P006 do indeed represent previously unknown old mines developed on closely spaced high grade veins. The extension of the NWC almost 500 meters to the southeast greatly increases resource potential on that entire family of veins and makes that corridor the principal focus of planned Phase 2 drilling. We are currently compiling and interpreting the data generated during Phase 1 drilling and we will report our very positive conclusions as to our view of the resource potential in the coming days.”

Hole P008 was drilled to the south from the same platform as P005 and P006 at a -65 degree angle (Figure 1). Its purpose was to drill underneath four void spaces intersected in those holes which appeared to be old mines developed on closely spaced east-west trending veins. The first two open spaces were also cut in the upper part of P008 but the projection of the deepest one was intersected below the old workings at a depth of 63 meters. The full intercept was 3.65 meters @ 5.40 g/t gold including 0.25 meters at 71 g/t. As noted in the Press Release dated February 22, 2021, the area is at the western end of the 600 x 250 meter east-west trending vein corridor (EWC) defined in part by the 24 closely spaced veins intersected in hole P003. The tight spacing of veins in P005-006 and P008 is similar to that in P003 but the grade is probably significantly higher as verified by the 71 g/t sample and the fact that historically, the artisanal miners only concentrated on the highest grade veins. Future drilling will test the area at greater depth.