News
ORIGINAL: FenixOro Gold Corp Receives Environmental Authorization To Drill at Abriaqui
2020-09-08 09:00 ET - News Release
Toronto, Ontario--(Newsfile Corp. - September 8, 2020) - FenixOro Gold Corp (CSE: FENX) (OTC Pink: FDVXF) (FSE: 8FD) is pleased to announce that it has received environmental authorization required to commence its maiden drilling program at the Abriaqui project in Antioquia, Colombia.
As part of the drilling program, FenixOro will also be providing data and geotechnical information to assist with the construction of upgraded roads for local use. Under the umbrella of its ongoing local initiatives, the Company is very pleased be in a position to provide these benefits at no cost to the community.
With the permit in hand the contract with Colombia veteran Logan Drilling has been finalized. The surface owners in all areas to be drilled are members of the local, legal small miner's cooperative that is FenixOro's partner in the venture. Access arrangements have also been finalized. Creating access to the drill pads will not require the felling of any trees and only short intervals of non-mechanized trail preparation. The water used in the drilling will be recycled and the operation will be conducted in a manner that will generate zero fluid discharge. Post-drilling pad and trail reclamation will be closely monitored and approved by environmental authorities.
The principal target of the ongoing and future drill program is a series of over 80 "Buritica-style" high-grade gold veins which are present in northwest and east-west trending corridors up to 400 meters wide and up to 1200 meters in strike length. Each corridor contains numerous semi-parallel, sub-vertical veins and each inclined drill hole will test several veins. The veins crop out over more than 800 vertical meters on the property with high grades (20+ g/t gold) throughout that vertical interval.
In the press release dated August 19, 2020 FenixOro reported broad zones of high quality soil anomalies situated between the outcropping vein sets in many areas. These could represent additional non-outcropping veins and/or areas of interstitial lower grade stockwork type mineralization which has been seen in several areas on the property. This latter is reminiscent of the situation at the nearby, 11+ million ounce Buritica deposit where four "Broad Mineral Zones" (BMZs) consisting of veins plus stockwork mineralization have been modelled for future underground bulk mining (see Continental Gold press release dated May 16, 2019). Phase one drilling at Abriaqui will test several of these anomalous areas.
An additional phase one drill target is the large magnetic anomaly described in the Press Release dated August 27, 2020. The data from a recently completed ground magnetometry survey define a strong, near-surface magnetic anomaly of about one square kilometer to a depth of at least 700 meters. At least one hole will test the idea that it represents the depth continuation of a small area of gold-bearing, porphyry style magnetic, potassic alteration seen on surface. The surface outcrop area of mineralized alteration appears to be in a fault block at the northern end of the body and assays of samples taken returned up to 1.1 g/t gold. This is representative of the better porphyry systems in Colombia and around the world.
FenixOro VP Exploration Stuart Moller, who led the discovery at Buritica for Continental Gold, commented: "The similarities between Abriaqui and Buritica in terms of number of veins, close spacing, and vertical continuity of high-grade gold are striking, and the possibility of a gold porphyry target at a reasonable drill depth is an added bonus."
About FenixOro Gold Corp.
FenixOro Gold Corp is a Canadian company focused on acquiring gold projects with world class exploration potential in the most prolific gold producing regions of Colombia. FenixOro's flagship property, the Abriaqui project, is located 15 km west of Continental Gold's Buritica project in Antioquia State at the northern end of the Mid-Cauca gold belt, a geological trend which has seen multiple large gold discoveries in the past 10 years including Buritica and Anglo Gold's Nuevo Chaquiro and La Colosa. As documented in "NI 43-101 Technical Report on the Abriaqui project Antioquia State, Colombia" (December 5, 2019), the geological characteristics of Abriaqui and Buritica are very similar. The report also documents the high gold grade at Abriaqui with samples taken from 20 of the veins assaying greater than 20 g/t gold. Abriaqui has not yet been drilled but surface and underground geological mapping and sampling as well as a preliminary magnetometry survey have been completed.
Fenix's VP of Exploration, Stuart Moller, led the discovery team at Buritica for Continental Gold in 2007-2011. The Buritica Mine currently contains measured plus indicated resources of 5.32 million ounces of gold (16.02 Mt grading 10.32 g/t) plus a 6.02 million ounce inferred resource (21.87 Mt grading 8.56 g/t) for a total of 11.34 million ounces of gold resources. Buritica is scheduled to commence production in 2020 with annual average production of 250,000 ounces at an all-in sustaining cost of approximately US$600 per ounce. Resources, cost and production data are taken from Continental Gold's "NI 43-101 Buritica Mineral Resource 2019-01, Antioquia, Colombia, 18 March, 2019"). Continental Gold was recently the subject of a takeover by Zijin Mining in an all-cash transaction valued at C$1.4 billion.
FenixOro Gold Corp
350 Bay St. Suite 700
Toronto, ON
Telephone: 1-833-ORO-GOLD
Email: info@FenixOro.com
Website: www.FenixOro.com