FenixOro Announces Startup of Phase 2 Drill Program at Abriaqui - Seite 2

Figure 1: https://www.globenewswire.com/NewsRoom/AttachmentNg/abf7cb01-4539-4cab ...

Table 1: https://www.globenewswire.com/NewsRoom/AttachmentNg/6d7a2c0f-b21f-463d ...

Table 1 summarizes the results of the resource potential calculations (as detailed in the March 17, 2021 Press Release). On these four veins alone there is an estimated 1.6 – 2.4 million ounce minimum resource potential down to the 1500 meter level. There is downside risk to this preliminary form of analysis. Most veins around the world are not homogeneous blocks of ore grade material and there may be low grade spots in some areas. Also the grades and thicknesses assumed are based on relatively few data points. Additionally, time and drilling will be required to convert potential resources into NI 43-101 compliant resources.   The upside potential is excellent however as this analysis includes only four of the 100+ known gold mineralized veins on the property and all veins are open at depth.

The Company also announces that it has granted stock options to acquire a total of 2,300,000 common shares of the Company to certain Officers, Directors and Consultants of the Company. The options are exercisable at a price of $0.30 per share and expire five years from the date of grant.

Figure 2: https://www.globenewswire.com/NewsRoom/AttachmentNg/d5a5aff2-0799-41e5 ...

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 Economic 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.