Significant New Soil Anomaly Identified in Southeastern Block at Abriaqui, Becomes Major Target For Phase 2 Drilling

TORONTO, May 10, 2021 (GLOBE NEWSWIRE) -- FenixOro Gold Corp (CSE:FENX, OTCQB:FDVXF, Frankfurt:8FD) has completed a second round of soil sampling in the highly prospective Southeast block of its Abriaqui project. The area has historically returned very high grade gold values from multiple veins and includes a magnetic anomaly coincident with one of the best soil areas. FenixOro geologists recently expanded the soil sampling grid to cover more of the known vein and magnetic trends. The results are extremely promising and as a result, this previously undrilled block will receive more attention in the Phase 2 drilling program that is currently being mobilized.

• A significant 600m long anomaly defined by +1 g/t gold-in-soil is open to the east.
  
• Soil sampling has been shown to be an excellent indicator of non-outcropping veins as seen in the area of hole P003 where 24 veins were intersected in an area where only eight were mapped on surface.  
  
• Soil anomalies, vein/mine mapping and sampling, and previously reported magnetic anomalies define additional targets for drill testing during an expanded Phase 2 which is in the mobilization phase.
  
• Results are reported for 180 new soil samples and the program is being expanded to include the entire Southeast block.
  

“This is an exciting development for the Company and highlights yet another positive surprise as we continue to gain a clearer understanding of this undrilled target area at Abriaqui,” stated FenixOro CEO John Carlesso. “With at least 600 meters in length on surface showing greater than 1 g/t gold in soils, the principal anomaly is very significant. In areas drilled to date, most soil anomalies on surface have correlated with new vein discoveries at depth. Given the significant soil anomalies, high grade samples from many historically worked veins of up to 146 g/t gold, and a magnetic anomaly coincident with a soil anomaly not associated with known veins, we believe there is tremendous potential in the Southeast block and we are keen to test this area with the drill in Phase 2.”

Based on drilling to date, soil anomalies are proving to be a significant and reliable indicator of shallowly buried mineralization at Abriaqui. New veins were found in virtually all areas drilled in Phase 1 which were underlain by gold-anomalous soils. The best example was in the area of hole P003 where 24 veins >1 g/t gold were intersected in the area of a large soil anomaly where only eight veins had previously been mapped on surface (see Press release dated February 22, 2021).