FenixOro Discovers New, Wider Mineralized Structure and Completes First Hole of Phase 2 Drilling

TORONTO, June 23, 2021 (GLOBE NEWSWIRE) -- FenixOro Gold Corp (CSE:FENX, OTCQB:FDVXF, Frankfurt:8FD) is pleased to announce that Phase 2 drilling is underway as well as results of a detailed mine mapping and sampling program and an updated vein modeling exercise.

• Hole P010, the first hole of the Phase 2 infill and step-out drill program on the northwest vein corridor has been completed at a hole length of 540m. Visual analysis of core shows many intervals of mineralization. Logging and cutting is in process and initial batches of samples have been sent to the lab for assaying.
  
  
• Detailed vein mapping was completed in 76 mines in the area of Phase 1 drilling.  Mapping data and drill results were used to correlate a total of 16 veins which were intersected in more than one drill hole. This is an increase from 4 veins modelled at the completion of Phase 1 drilling and still represents only a small portion of the total number of veins known to exist on the property.
  
  
• 270 samples were taken of veins and adjacent material, 10 of which returned values in excess of 50 g/t gold.  The best new results are from inside old mines and include 5.1m (true width) @ 6.64 g/t Au and 0.8m @ 149 g/t Au on the newly defined Baul 3 vein.
  

FenixOro VP Exploration Stu Moller commented, “The mine mapping and sampling exercise was originally intended to aid in the 3D modeling of the vein systems. A pleasant surprise from this work has been the discovery of the Baul 3 vein, which is demonstrating mineralization of up to five meters wide. Additional crosscut sampling is being conducted on the vein and one of the planned Phase 2 drill holes is being modified to test this new structure at depth. These developments underscore that significant upside remains for new discoveries at Abriaqui, both in terms of the number of new vein structures and wider zones of mineralization.”

Successful Completion of Hole 10
Phase 2 drilling has begun and hole P010 has been completed to a length of 540 meters. As seen in Figure 1, the hole was drilled from the same pad as P001 as part of an infill program to further define the 1400 x 350 meter northwest trending corridor of veins (NWC) intersected in holes P001, P005, and P009. Visually, the hole is similar to P001 which included multiple intercepts including 4.14m @ 5.08 g/t, 2.60m @ 9.09 g/t and 1.30m @ 28.18 g/t Au (see Press Release of March 19, 2021).   Hole P011 is being drilled at a steeper angle than earlier holes as a deep test of economic potential of the mineralized system. It is projected to intersect the last vein at approximately the 1375 meter elevation which would add an additional 165 meters to the currently proven 1200+ meter vertical range of known high grade mineralization at Abriaqui.