FenixOro Extends Known Strike Length of Main Vein Family to 1400m, Intercepts Additional High Grade Gold - Seite 2

Hole P009 was the southernmost area drilled in the program. It was designed to test the southeast extension of the NWC as well as a magnetic anomaly. Twelve veins were intersected, and they appear to represent the extension of the family of veins seen in P001 500 meters to the northwest. Significant intercepts are summarized in Table 1. The 1400 x 400 meter NWC is emerging as the principal exploration area on the part of the property drilled to date (Figure 1). As evidenced by hole P001, it contains the best combination of multiple veins, high grades, and vein widths (see Press Release dated February 24, 2021). The intercept at 701 meters in P005 is the deepest to date on the property, and the multiple veins in P009 extend the strike length significantly. The NWC is considered to be the best area to develop gold resources in the short to medium term and it will be the focus of the majority of the Phase 2 drilling currently in the planning stage. The magnetic anomaly was explained by a relatively magnetic, but unmineralized phase of the diorite complex.

Hole P007 was drilled to the northeast to test a series of smaller veins at the northern limit of the known mineralized system (Figure 1). Two thin veins were intercepted but grades were low and the area is not a high priority for additional drilling.

Figure 1. Drill intersections > 1 g/t gold in holes P001 – P009: https://www.globenewswire.com/NewsRoom/AttachmentNg/61bd8ed4-af4f-4c8e ...

Table 1. Significant intercepts from holes P007 – P009:  https://www.globenewswire.com/NewsRoom/AttachmentNg/f396d128-acb1-4215 ...

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.

Drill core sampling is done in accordance with industry standards. The HQ and NQ diameter core is sawed, and half core samples are submitted to the laboratory. The other half core along with laboratory coarse reject material and sample pulps are stored in secure facilities on site and/or in the sample prep lab. Following strict chain of custody protocols, the samples are driven to the ISO 17025:2017 certified ALS Laboratory sample preparation facility in Medellin and ALS ships the prepared pulps to their assay laboratory in Lima, Peru. Blanks, duplicates, and certified reference standards totaling 15% of the total samples are inserted into the sample stream. To date, no material quality control issues have been detected. Gold is analyzed by fire assay with 50 gram charges for grades in excess of 10 grams per tonne and the additional elements are analyzed by ICP with appropriate follow-up for over- limits.